It took eight months, but this year has finally seen its first new federal credit union (FCU) charter.
The Office of Consumer Protection at the National Credit Union Administration has approved the charter of Internet Archive FCU as a low-income designated, community credit union headquartered in New Brunswick, N.J. The new credit union, which is scheduled to open in October, is sponsored by Internet Archive, a nonprofit funded in part by the Kahle/Austin Foundation.
Internet Archive FCU plans to offer regular share accounts, share secured loans, signature loans, and fund transfers to banks in Mexico through Directo a Mexico, a payment system established jointly between the Federal Reserve Bank and Banco de Mexico. Internet Archive FCU expects to offer auto loans, share certificates, share drafts, debit cards, ATM cards, online banking, bill payment and shared branching during its first year. However, the credit union has not announced any near-future plans to originate mortgages.