NCUA Charters New Low-Income CU

ALEXANDRIA, Va. – NCUA has chartered the nation’s newest low-income federal credit union in the community of Jamestown, New York. Supporters of the new Community of Hope FCU donated $600 for start-up costs, office equipment, office furniture and made written depository promises to support the new effort, the agency said. Low-income designated credit unions can receive low-interest loans through NCUA’s Community Development Revolving Loan Fund, accept non-member deposits and receive free technical assistance from NCUA. To receive the special designation, Community of Hope demonstrated the median household income of the community is less than 80% of the national household income. The push to found the new credit union came from some of Jamestown’s faith based organizations and churches, the agency said. “I am especially pleased to grant this charter to Community of Hope Federal Credit Union to serve this low-income community. This is a credit union determined to serve a community in need, and I applaud their strong commitment,” said Mark Treichel, NCUA regional director. Treichel was appointed to his post as the director of NCUA’s Northeast regional office in Albany, N.Y. in May. The Community of Hope charter, finalized on June 26, is Treichel’s first since assuming this position.