NCUA WeDevelopment Federal Credit Union Charters – InsuranceNewsNet

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ALEXANDRIA, Virginia, 5 August — The National Administration of Credit Unions issued the following press release on August 4, 2022:

The National Administration of Credit Unions granted a federal charter and Share insurance fund cover to WeDevelopment Federal Credit Union in Kansas City, Missouri.

“What the organizers of WeDevelopment have accomplished is a clear reminder of the statutory mission of the credit union system to meet the credit and savings needs of members, especially those of modest means,” said the president of the NCUA. Todd M. Harper said. “They will serve a low-income member to provide access to safe, equitable and affordable financial services. In doing so, WeDevelopment will help its members build a more secure future and strengthen their community. I am glad the NCUA has helped this group dedicated to realizing its vision of financial stability and opportunity.”

WeDevelopment will serve a community with a poverty rate of around 30%. In its first year of operation, WeDevelopment plans to offer products and services that include:

* Regular shares

* Share drafts

* Business sharing drafts

* Certificates of deposit

* Individual Retirement Accounts

* New and used car loans

* Signature Loans

* Loans secured by savings

* Home Improvement Loans

* Bank transfers

* Debit/ATM access

* Online and mobile services

* Gift cards

* Bank checks

The WeDevelopment charter has come into force July 22, 2022and the credit union plans to begin operations later this year.

The new credit union will have a low-income designation and will serve people who live, work or regularly do business, worship, attend school, participate in headquartered associations, or participate in programs aimed at reducing poverty or distress in a specific region of Jackson County, Missouri. It will also serve businesses and other legal entities, incorporated and unincorporated organizations located in or maintaining a facility located in this area.

WeDevelopment is the first federal credit union to be licensed in 2022.

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Original text here: https://www.ncua.gov/newsroom/press-release/2022/ncua-charters-wedevelopment-federal-credit-union

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