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De novo institution is sponsored by the United Church of Christ and will begin operations later this year.
The NCUA has granted a federal charter and Share Insurance Fund coverage to Generations United Federal Credit Union in New York City.
“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 Harper said, in announcing the charter. “Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community’s vibrancy.”
Field of Membership
The credit union is sponsored by the United Church of Christ and will primarily serve employees and members of the church. The organization has 4,700 churches and about 745,230 members.
The credit union will provide deposit-related products, along with services and consumer loans tailored to its demographic’s unique needs, according to the NCUA.
The charter became effective April 14 and organizers expect to begin operations later this year.
Reaction From Organizers
“The issuance of the charter represents the culmination of nearly two years of planning and collaboration with financial services organizations of the United Church of Christ,” said Brian Bodager, who will serve as chair of the Generations Board of Directors.
“The credit union will offer a wide range of products and services,” explained Generations President and CEO John Linzey. “Although our primary focus is on meeting the needs of low- and moderate-income members, especially those who are underserved by the banking industry, all members of the UCC and its related entities are welcome to join.”
Linzey added that in its first year, the credit union will offer share draft accounts, share certificates, new and used auto loans, unsecured loans, direct deposit, and online access. Credit union members also will have access to financial education programs.
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Federal & State Charters
