NCUA Charters Generations United Federal Credit Union

ALEXANDRIA, Virginia, April 26 -- The National Credit Union Administration issued the following news release on April 25, 2023:

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Credit Union Will Serve Employees and Members of the United Church of Christ

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The National Credit Union Administration granted a federal charter and Share Insurance Fund coverage to Generations United Federal Credit Union in New York City, New York, the agency announced today.

"Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ," NCUA Chairman Todd M. Harper said. "Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community's vibrancy. Congratulations to everyone involved in making this new credit union a reality."

The credit union, sponsored by the United Church of Christ, will primarily serve employees and members of the church. The organization has 4,700 churches and approximately 745,230 members.

The credit union will be headquartered in the Interchurch Center located at 475 Riverside Drive in New York City. The credit union will provide deposit-related products and services as well as consumer loans tailored to its demographic's unique needs. During its initial years of operation, Generations United Federal Credit Union will focus on basic services, including:

* Share accounts

* Share draft accounts

* Share certificates

* Youth savings

* Money market

* Vehicle loans

* Personal loans

* Education loans for members of the clergy

* Credit cards

* ATM access

Generations United Federal Credit Union's charter became effective April 14, and the credit union expects to commence operations later this year. The credit union is the second federal credit union chartered in 2023.

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Original text here: https://ncua.gov/newsroom/press-release/2023/ncua-charters-generations-united-federal-credit-union