NCUA Approves First Federal Charter in 2022
The Kansas City, Mo.-based WeDevelopment FCU will begin operations later this year.
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.