Redeemer Federal Credit Union received a credit union charter Friday from the NCUA. According to a release from the agency, it marked the fourth new federally chartered credit union of 2015.
The NCUA's Office of Consumer Protection granted a single associational common bond charter to Redeemer FCU to serve members and employees of the Redeemed Christian Church of God North America, Inc.
“Congratulations to everyone who worked to make this day possible,” NCUA Board Chairman Debbie Matz said. “The members and employees of the Redeemed Christian Church of God North America will now have access to affordable financial services through their new credit union. This will be a source of affordable credit and financial education for potentially 30,000 church members.”
The credit union will be headquartered in Greenville, Texas, and plans to open in December. During its first year of operations, the credit union plans to offer plain vanilla products and services.
The Redeemed Christian Church of God North America committed capital for the credit union and will provide free space, improvements and utilities. The Redeemed Christian Church of God North America, a Pentecostal and Bible-believing church, opened in Detroit in April 1992. There are nearly 700 parishes throughout the country.
The NCUA's Office of Small Credit Union Initiatives provided guidance to the charter group throughout the chartering process and will continue to assist the new credit union.
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