NCUA Charters New Low-Income CU

ALEXANDRIA, VA. – The second new low-income federal credit union in less than a month has been chartered by NCUA. The new Choices FCU will initially serve the employees of eight community organizations and the members of one low-income association in the city of St. Louis, Missouri. The new CU will be headquartered in St. Louis. “Chartering Choices Federal Credit Union is consistent with the missions of the sponsor organizations to improve the lives of their clients and neighbors. Choices will provide over 94,000 residents in the St. Louis metropolitan area a low-cost alternative to the nontraditional financial services currently offered in their neighborhoods,” said NCUA Chairman JoAnn Johnson. “I commend the credit union organizers for their hard work and dedication to bring this new credit union to fruition.” Qualified as a low-income designated credit union entitles the institution to 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, the credit union organizers had to establish that a majority of potential members have a median household income less than 80% of the national household income or they make less than 80% of the average for all wage earners On January 1, the agency chartered the Pacoima Development Credit Union which is headquartered in Pacoima, California.