Downtown Kansas City, Mo. (Source: AdobeStock).
On Thursday, the NCUA announced its first federal credit union charter of the year for WeDevelopment Federal Credit Union in Kansas City, Mo.
The charter and Share Insurance Fund coverage for WeDevelopment officially became effective on July 22 and officials said they expect the credit union to be operational at some point later in 2022.
WeDevelopment will serve an economically distressed area of Kansas City that has a poverty rate around 30%; the field of membership covers roughly 130,000 people.
According to a statement from the NCUA, WeDevelopment will have a low-income designation "and will serve people who live, work or regularly conduct business in, worship, attend school, participate in associations headquartered in, or participate in programs to alleviate poverty or distress in a specified area in Jackson County, Missouri."
"What the WeDevelopment organizers have accomplished is a clear reminder of the credit union system's statutory mission of meeting the credit and savings needs of members, especially those of modest means," NCUA Chairman Todd Harper said. "They will be serving a low-income membership to provide access to safe, fair and affordable financial services. In doing so, WeDevelopment will help its members build more secure futures and strengthen its community. I am pleased that the NCUA assisted this dedicated group in bringing their vision of financial stability and opportunity to reality."
WeDevelopment will also serve businesses and other legal entities located in its field of membership area.
Within its first year of operations, WeDevelopment is expected to offer produces and services such as:
- Regular shares;
- Savings-secured loans;
- Share and business share drafts;
- Online and mobile banking;
- Auto loans; and
- Home improvement loans.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
