NCUA Charters Capital Federal Credit Union

ALEXANDRIA, Virginia, Oct. 28 -- The National Credit Union Administration issued the following news release on Oct. 27, 2021:

The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to Capital Federal Credit Union in Lubbock, Texas.

"The organizers of Capital Federal Credit Union had the vision of providing much-needed financial services to people of color and underserved communities within Texas. Today, that vision has been realized," NCUA Chairman Todd M. Harper said. "Providing greater access to fair and affordable financial products and services gives members a better foundation for building long-term financial security for themselves, their families, and their communities. I am pleased the NCUA was able to help Capital Federal Credit Union become a reality."

Capital Federal Credit Union's charter became effective Oct. 21, and the credit union expects to begin operations by the end of this year. Capital Federal Credit Union will provide services to a multiple common-bond field of membership that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens -- Lubbock, Texas Council #263, and an underserved portion of Lubbock County consisting of 39 census tracts.

The credit union will work to obtain the low-income credit union designation by focusing on serving the Latin American population in the underserved area.

During its first year of operation, Capital Federal Credit Union will provide its membership with essential credit union products and services, including:

* Regular share (savings) accounts

* Vehicle loans

* Personal loans

* Online banking

* Mobile banking

Capital Federal Credit Union later plans to offer checking accounts and debit card access.

Capital Federal Credit Union is the third federal credit union chartered in 2021.