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NCUA approves low-income FCU charter
ALEXANDRIA, Va. (8/27/10)—The 1,400 members and employees of Charlotte, N.C.-based Unity, the Way of Holiness Christian Church may now become members of their own credit union after the National Credit Union Administration (NCUA) approved the charter of Shepherd’s FCU on Thursday. The credit union, which has been granted a low-income designation by the NCUA, expects to open in September. In comments accompanying the release, NCUA Chairman Debbie Matz said that the credit union “will offer hands-on help and long-term hope to a group that is striving to build a more prosperous community.” “With its low-income designation, the credit union will have opportunities to participate in special NCUA programs--including valuable technical assistance grants and low-cost loans to provide needed services and stimulate economic activities,” Matz added. The credit union, which is sponsored by Charlotte’s Neighborhood Church Coalition, will offer share accounts, unsecured loans, and used-vehicle loans at first, and may extend its services to include share certificates of deposit, new-auto loans and check-cashing services in the future. The credit union is the third to be chartered in 2010. For the full release, use the resource link.
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