CHICAGO–A new credit union has received its charter.
NCUA granted the charter and NCUSIF deposit coverage to For Members Only FCU, which will serve the Alpha Kappa Alpha Sorority (AKA), an international service organization founded in 1908 at Howard University in Washington. Alpha Kappa Alpha comprises 350,000 members in more than 1,061 graduate and undergraduate chapters in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, and South Korea.
The membership is open to families and the organization’s employees. During the first year of operations, NCUA said the credit union plans to offer its members savings and lending services, including:
- Share accounts
- Share draft accounts
- Online banking
- Direct deposit
- Debit cards
- Personal loans
For Members Only Federal Credit Union is the first federal credit union chartered in 2023.
‘Perfectly Fitting’
“It’s perfectly fitting that an organization whose members pledge to be of ‘Service to All Mankind’ has created a credit union,” NCUA Chairman Todd M. Harper said in a statement. “This charter is also in keeping with AKA’s current initiatives to assist members in building economic wealth, promote social justice, and uplift communities, all of which are fundamental to the statutory mission of credit unions. Congratulations to AKA’s leadership for bringing this effort to fruition. I look forward to watching their credit union grow and thrive.”
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