NCUA Grants Second Federal Charter to National Faith-Based Organization

The NCUA said Tuesday it granted a federal charter and share insurance fund coverage to Generations United Federal Credit Union to serve a national faith-based organization, the United Church of Christ, which includes 4,724 congregations and 745,230 members.

Although UCC is headquartered in Cleveland, Ohio, the new credit union will be administered by the Pension Boards-United Church of Christ in New York City.

“Generations integrates the UCC’s values of faith, family, stewardship and compassion with excellence in business practice, innovation and exceptional service,” Generations United President/CEO John E. Linzey said in a prepared statement. “The credit union will offer a wide range of products and services. Although our primary focus is on meeting the needs of low- and moderate-income members, especially those who are underserved by the banking industry, all members of the UCC and its related entities are welcome to join.”

Linzey is EVP of corporate development and growth for the Pension Boards–United Church of Christ, which provides retirement, disability, life and health insurance for the clergy and lay employees of UCC, its predecessor religious denominations and UCC-related organizations.

From 1993 to 2001, he served as executive associate for both the Pension Boards and the United Church Funds. In 2001, Linzey went to work for Computer Science Corporation as a finance manager and returned to PBUCC in 2004, serving in various roles in the finance/accounting department before becoming director of treasury/accounting operations and later being promoted to chief financial and operations officer.

In 2017, the General Synod of the UCC adopted a resolution that identified the need for financial services to the historically underbanked or unbanked, as well as to victims of what the UCC called the “extortionate alternative financial-service industry models.” The resolution identified credit unions as important contributors in the quest for economic justice and called upon the UCC National Setting to explore a community development credit union relationship that can serve UCC settings nationwide.

“Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ,” NCUA Chair Todd Harper said in a prepared statement. “Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community’s vibrancy. Congratulations to everyone involved in making this new credit union a reality.”

The community-focused credit union will provide deposit-related products and services as well as consumer loans tailored to its demographic’s unique needs. During its initial years of operation, Generations United will focus on basic services, including share accounts, share draft accounts, share certificates, youth savings, money market, vehicle loans, personal loans, education loans for clergy members, credit cards and ATM access.

Pension Boards President/CEO Brian R. Bodager, who will serve as chair of Generations United’s board of directors, said the issuance of the charter represents the culmination of nearly two years of planning and collaboration with financial services organizations of the United Church of Christ.

“We are grateful to the many sponsoring organizations that have provided expertise and start-up capital for Generations United Federal Credit Union,” he said.

In addition to the Pension Boards-United Church of Christ, Generations’ sponsors include the United Church Board for Ministerial Assistance; Wisconsin Conference of the United Church of Christ; New York Conference of the United Church of Christ; Iglesia Evangélica Unida de Puerto Rico; Ryder Memorial Hospital; Association of Hawaiian Evangelical Churches and the Congregational Christian Church of American Samoa.

“As an institution, we will fulfill our duty to act in the best interests of our members, their communities, society as a whole and the environment,” Bodager said.

Generations United’s charter became effective April 14 and it expects to begin operations later this year. It is the second federal credit union chartered in 2023.

In February, the NCUA granted a federal charter to For Members Only Federal Credit Union in Chicago, the first black-owned, woman-led and sorority-based digital banking financial institution in the United States.