NCUA Charters First FCU of 2024
The agency charters the New Jersey State Policemen’s Benevolent Association Federal Credit Union.
The NCUA announced Monday that it had granted a federal charter and Share Insurance Fund coverage to the New Jersey State PBA Federal Credit Union – the first such charter of 2024.
According to the NCUA, the Woodbridge, N.J.-based credit union is sponsored by the New Jersey State Policemen’s Benevolent Association, which is “a self-funded, member-benefit organization that provides legal protection to active members in good standing. The association has 407 chapters and approximately 50,000 members.”
NCUA Chairman Todd Harper said, “Law enforcement professionals have distinct financial needs, and the New Jersey State PBA Federal Credit Union will develop affordable products and services tailored to meet them. In this way, the New Jersey State PBA Federal Credit Union will play a unique role in strengthening its community and supporting those who protect and serve.”
According to the NCUA, the credit union will primarily serve the association’s employees and members and will provide deposit-related products and services as well as consumer loans tailored to its demographic’s unique needs. The credit union will initially focus on the following products and services:
- Share accounts
- Share draft accounts
- Share certificate accounts
- Individual retirement accounts
- Equipment loans
- Vehicle loans
- Personal loans
The charter for New Jersey State PBA Federal Credit Union became effective on Feb. 23 and will begin operations later this year.