This might become a trend: for the third time in two months, the Office of Consumer Protection at the National Credit Union Administration (NCUA) has approved a new federal credit union (FCU) charter.
Community Promise FCU, a community credit union with a low-income designation, will serve the approximately 150,000 people in the Kalamazoo, Mich., area. The credit union, which is slated to open next month, plans to offer regular shares, club shares, share certificates, unsecured loans, share secured loans, auto loans, money orders, prepaid cash cards and check cashing. However, home loans are not part of its initial product line-up.
Community Promise FCU follows Internet Archive FCU of New Brunswick, N.J., and Lakota FCU on South Dakota's Pine Ridge Reservation as the year's de novo credit unions.