NEW YORK CITY–NCUA has granted a federal charter and Share Insurance Fund coverage to the sponsors of Generations United FCU here.
The credit union, sponsored by the United Church of Christ, will primarily serve employees and members of the church. The organization has 4,700 churches and approximately 745,230 members, the agency said.
“Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ,” NCUA Chairman Todd M. Harper said. “Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community’s vibrancy. Congratulations to everyone involved in making this new credit union a reality.”
Variety of Services
The credit union will be headquartered in the Interchurch Center located at 475 Riverside Drive in New York City. GUFCU will provide deposit-related products and services as well as consumer loans tailored to its demographic’s unique needs.
During its initial years of operation, NCUA said the start-up CU will focus on basic services that include:
- Share accounts
- Share draft accounts
- Share certificates
- Youth savings
- Money market
- Vehicle loans
- Personal loans
- Education loans for members of the clergy
- Credit cards
- ATM access
Second New Charter of 2023
The credit union expects to commence operations later this year. It is the second federal credit union chartered in 2023, following Chicago-based For Members Only FCU, which was granted a charter in February.