New, Unique CDCU Set to Open Doors

HENDERSON, N.C. – Generations Community Development Credit Union has announced that its grand opening will be held on January 15. Generations was formed out of the reorganized $1.5 million Gateway Community Development Credit Union. Generations is unique in that the credit union has the membership of its sponsor, the North Carolina Minority Assistance Center, as part of its field of membership. That fact means that members of organizations that join the center can possibly have access to credit union services far faster than they would have had if they had to form their own credit union. Tanya Branch, chairman of Generations’ Board of Directors, says this structure offers a national model for the growth of community development credit unions (CDCUs). “By working with Generations, credit union organizing groups around the state can obtain CDCU services without going through an arduous and time-consuming chartering process,” she said. “Instead, Generations CCU can open a branch in their community, bringing a greater range of financial services to low-wealth families who lack access to credit.”