NCUA Grants Third Credit Union Charter of 2021

The NCUA granted its third federal charter of the year for the new Capital Federal Credit Union in Lubbock, Texas. As part of the charter approval, Capital will receive coverage from the National Credit Union Share Insurance Fund.

According to the announcement from the NCUA on Wednesday, Capital’s charter became effective on Oct. 21 and the credit union expects to begin operations by the end of the year.

The new credit union will provide services to a multiple common-bond field of membership that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens — Lubbock, Texas Council #263 and an underserved portion of Lubbock County consisting of 39 census tracts, according to the NCUA.

“The organizers of Capital Federal Credit Union had the vision of providing much-needed financial services to people of color and underserved communities within Texas. Today, that vision has been realized,” NCUA Chairman Todd M. Harper said. “Providing greater access to fair and affordable financial products and services gives members a better foundation for building long-term financial security for themselves, their families and their communities. I am pleased the NCUA was able to help Capital Federal Credit Union become a reality.”

The NCUA said Capital plans to obtain a low-income credit union designation with its focus on serving the growing Latin American population as well as the underserved areas.

In July the NCUA granted a federal charter for Community First Fund Federal Credit Union in Lancaster, Pa. Community First Fund’s mission statement appeared to be similar to Capital’s, as it intends to create financial equity through wealth-building opportunities for individuals and families, especially African Americans, Latinos, immigrants and women.

Since 2019, the NCUA has chartered four other new credit unions:

1. Otoe-Missouria Federal Credit Union in Red Rock, Okla., was chartered in May 2019 to serve the 4,200 members and employees of the Otoe-Missouria Tribe as well as 17 tribal-owned businesses.

2. Maine Harvest Federal Credit Union of Unity, Maine was charted Aug. 14, 2019 to serve the employees and 13,000 members of the Maine Organic Farmers and Gardeners Association and the Maine Farmland Trust.

3. Growing Oaks Federal Credit Union of Goldsby, Okla., was chartered Aug. 7, 2020 to serve four counties in the state.

4. Maun Federal Credit Union of Kendall Park, N.J., was chartered on April 26, 2021 to serve a local Islamic community.

Capital will provide the following products and services during its first year of operation:

• Regular share (savings) accounts;
• Vehicle loans;
• Personal loans; and
• Online and mobile banking.

The credit union plans to add checking and debit card services at a later date.