SHIVELY, Ky.–A new credit union has been approved for a federal charter and share insurance coverage.
NCUA said it has approved a charter for Young Community FCU in Shively, Ky., a Louisville suburb.
The credit union is sponsored by the Young Nonprofit Foundation, a local charitable organization focused on providing low-income Kentucky families with access to quality childcare and education.
NCUA said Young Community Federal Credit Union will primarily serve people who live, work, worship, or attend school in Shively. The credit union will initially operate from the foundation’s headquarters at 2200 Greene Way in Louisville.
Initial Services
According to the agency, during its first year of operations, Young Community Federal Credit Union will focus on basic savings and lending services and electronic access, including:
- Share accounts
- Share draft accounts
- New and used auto loans
- Small unsecured loans
- Direct deposit
- Online access
- Debit card access
- ATM access
The credit union expects to commence operations as soon as possible.
‘Deep Roots’
“Young Community will open doors to insured financial services in an area where more than one in four residents do not use a federally insured financial institution regularly,” NCUA Chairman Todd M. Harper said. “The organizers of this new credit union have deep roots in their community, and they will address economic disparities and provide financial education to their members. Thanks to everyone involved for making this credit union a reality.”
The credit union is the third federal credit union chartered in 2023.
Otsuka Nomination Advances
Meanwhile, the Senate Banking Committee has voted to advance Tanya Otsuka’s nomination to the NCUA board. As CUToday.info reported, Otsuka has already had her nomination hearing by the committee and she has been awaiting the confirmation vote. She continues to await a full Senate vote; Otsuka’s nomination will likely be paired with that of a Republican-backed candidate for a separate appointment in order for it to advance.
President Biden nominated Otsuka to serve on the agency’s board to fill the seat currently held by board member Rodney Hood, whose term expired in August.
Otsuka is currently senior counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-OH), where she has handled the committee’s work on banking and credit union issues since March 2020.
If confirmed, Otsuka would be the first Asian American to serve on the board in its 53-year history.
Trade Groups Want Comment Extension
Separately, NAFCU and CUNA are both asking NCUA to extend to the comment period for the agency’s proposed amendments to its regulations governing share insurance coverage for revocable and irrevocable trusts.
“Given the complexity of the issues, as detailed in the proposal, it is critical that the industry have sufficient ability to review, analyze, and comment on the changes contemplated,” wrote the organizations. “While 60 days may ordinarily be adequate for such a proposal, given the upcoming holidays in both November and December, we ask the NCUA to extend the Dec. 26 comment deadline by 30 days. Doing so will ensure stakeholders have the opportunity to provide informed input on the proposed rulemaking.”
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