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CU is the first to be chartered in 2023 and will begin operations this year.
The NCUA has chartered the For Members Only Credit Union, a financial institution that bills itself as “the first, Black-owned, woman-led, sorority-based, digital banking financial institution in the history of the United States.”
The credit union, which will be headquartered in Chicago, was formed by the Alpha Kappa Alpha Sorority, Inc.
“It’s perfectly fitting that an organization whose members pledge to be of ‘Service to All Mankind’ has created a credit union,” NCUA Chairman Todd Harper said. “This charter is also in keeping with AKA’s current initiatives to assist members in building economic wealth, promote social justice, and uplift communities, all of which are fundamental to the statutory mission of credit unions.”
More About the Credit Union
For Members Only will serve sorority members, their families, and the organization’s employees. During the first year of operations, the credit union plans to offer its members basic savings and lending services.
The charter became effective Feb. 3, and the credit union expects to begin operations this year. It is the first federal credit union chartered in 2023.
Alpha Kappa Alpha Sorority, Inc. is an international service organization founded in 1908 at Howard University in Washington, D.C. It comprises more than 355,000 members in over 1,061 graduate and undergraduate chapters in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, and South Korea.
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