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New Faith-Based Credit Union Chartered in Georgia

ALEXANDRIA, Va.-NCUA recently issued a charter for United Neighborhood Federal Credit Union, a faith-based credit union in Augusta, Ga. Beulah Grove Baptist Church and Broadway Baptist Church, both located in Augusta, are sponsoring the credit union, which will serve the two churches' 13,000 members. "Faith-based credit unions are providing their...

By Staff Writer | Updated on December 31, 2002

ALEXANDRIA, Va.-NCUA recently issued a charter for United Neighborhood Federal Credit Union, a faith-based credit union in Augusta, Ga. Beulah Grove Baptist Church and Broadway Baptist Church, both located in Augusta, are sponsoring the credit union, which will serve the two churches’ 13,000 members. “Faith-based credit unions are providing their members, neighborhoods, and communities with greater access to affordable financial services,” NCUA Chairman Dennis Dollar said. “United Neighborhood Federal Credit Union is the newest faith-based credit union and is positioned to be a valuable partner for its members’ financial needs. It is a natural extension of the outreach efforts of the churches to make a positive difference in their communities.” NCUA staff facilitated United Neighborhood’s charter by working to ensure the credit union would meet the agency’s strict safety and soundness standards and be able to serve its members. United Neighborhood also qualifies as a low-income credit union, which entitles it to receive low-interest loans through the Community Development Revolving Loan Fund, accept non-member deposits, and receive free technical assistance from NCUA. Focus on chartering and expanding faith-based credit unions is part of NCUA’s Access Across America initiative, started earlier this year to create economic empowerment opportunities. There are more than 400 federal faith-based credit unions with assets exceeding $2 billion.

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