NCUA Awards the First Credit Union Charter of the Year
The new credit union plans to focus on assisting "the unserved and underserved" population in and around Oklahoma City.
The NCUA granted its first credit union charter of 2020 for Growing Oaks Federal Credit Union.
According to the NCUA’s announcement on Tuesday, the Growing Oaks charter became effective Aug. 7 and operations are expected to begin in December. The credit union will service those who live, work, worship or attend school in Canadian, Cleveland, McClain and Oklahoma counties. According to U.S. census data, more than 1.2 million people live in those areas.
The credit union, located 30 miles south of Oklahoma City in the small town of Goldsby, Okla., stated on its website that it intends to “be a federal credit union that distinctly returns to the cornerstone purpose for which credit unions were created, to assist the unserved and underserved. This credit union would not necessarily compete with mainstream financial institutions, but rather fill the gap between mainstream financial institutions and other financing facilities.”
During its first year of operations, the credit union will focus on consumer signature and used automobile loans. The announcement stated that the credit union will also offer the following: Regular shares, share certificates, retirement accounts, wire transfer services and electronic transaction services.
It’s expected that Growing Oaks will offer home loans by the third year of operations.
NCUA Chairman Rodney Hood said, “It is always inspiring to see people in a community come together to create affordable financial opportunities for their neighbors and their local economy.” Hood added, “I congratulate the organizers whose vision and hard work made Growing Oaks a reality. I share their values of encouraging community participation, promoting financial inclusion, and helping people build greater financial security for themselves and their families.”