New Credit Union Will Focus on Wealth-Building Opportunities for the Underserved
ALEXANDRIA, Va. (July 6, 2021) – The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to Community First Fund Federal Credit Union in Lancaster, Pennsylvania.
“Supporting underserved communities and providing capital for community development is at the core of the credit union mission. As our country’s newest federally insured credit union, Community First Fund will fulfill that purpose,” NCUA Chairman Todd M. Harper said. “This credit union is opening in a time when the expansion of safe, fair, and affordable financial services and local investment is essential to the nation’s continued economic recovery from the COVID-19 pandemic.”
“I’d like to congratulate everyone involved, including NCUA staff,” Vice Chairman Kyle S. Hauptman said. “It’s a priority of my office to reform the de novo process. We can’t credibly talk about ‘access’ and ‘inclusion’ unless we’re doing all that we can do to allow new, stable charters. I’m gratified that Community First, a non-profit CDFI, saw the benefits of forming a credit union. I hope other CDFIs will explore the credit union option, which is one reason we are publicizing this latest successful de novo charter.”
According to its mission statement, Community First Fund Federal Credit Union intends to create financial equity through wealth-building opportunities for individuals and families, especially African Americans, Latinos, immigrants, and women. The credit union will serve the community of approximately 550,000 in Lancaster County.
During its first year of operations, Community First Fund Federal Credit Union will provide its membership with:
- Regular share and share draft accounts
- Youth accounts
- Money market accounts
- Share certificates
- Direct deposit
- Vehicle loans
- Personal loans
- Overdraft lines of credit
- Online banking
- ATM access
In the future, Community First Fund Federal Credit Union plans to offer credit cards and first mortgages. Pending the NCUA’s granting the low-income credit union designation, the credit union will offer non-member deposits.
Community First Fund Federal Credit Union’s charter became effective June 30, and the credit union expects to begin operations by the end of this year. The credit union is sponsored by Community First Fund, a non-profit Community Development Financial Institution that provides capital in communities where it otherwise might not be available for small businesses, affordable housing, and community development.
Community First Fund Federal Credit Union is the second federal credit union chartered in 2021.