NCUA Approves First Credit Union Charter Of 2011

NCUA Approves First Credit Union Charter Of 2011 The National Credit Union Administration's (NCUA) Office of Consumer Protection approved its first charter for a new credit union this year.

The newly launched Stepping Stones Federal Credit Union, located in Wilmington, Del., will provide services to the approximately 72,700 members. The NCUA designated Stepping Stones as a ‘low-income’ credit union, which means a majority of its members earn 80% or less than the median family income for its metropolitan area. This special designation allows the credit union the ability to accept non-member deposits, participate in the Community Development Revolving Loan Program, offer secondary capital accounts and qualify for exemptions from aggregate loan limits for member business loans.

‘I'm pleased to see the outstanding work of so many dedicated people result in a newly chartered credit union,’ says Debbie Matz, board chairwoman of the NCUA. ‘It isn't every day we see a new credit union chartered. I congratulate those who made this happen.’

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