NCUA Charters 1st Credit Union of 2010
Inspire Community Development FCU to Open in May In the wake of recent banking failures, a new credit union has emerged.The National Credit Union Administration (NCUA) Board has approved a charter for Inspire Community Development Federal Credit Union, a low income designated community development institution located in Battle Creek, Michigan.
This new credit union will open in May, partially offsetting the five credit unions that have failed so far since Jan. 1.
The NCUA's announcement about the new credit union says Inspire Community Development FCU will offer service to the approximately 50,000 people who live and work in Battle Creek.
The credit union will offer different kinds of savings accounts, including regular shares, club accounts, money market shares and share certificates. It also plans to offer a variety of personal loans, including alternatives to payday lenders and rent-to-own businesses. By 2013, the credit union is expected ton offer share draft accounts, youth savings accounts, vehicle loans and line-of- credit loans.
"This is an encouraging development for consumers in Michigan, and is the latest manifestation of the commitment of credit union leaders across the nation who are working to extend service to those in disadvantaged communities," says NCUA Chairman Debbie Matz in the NCUA announcement.
The credit union is sponsored by Guardian Finance and Advocacy Services, a community organization whose mission is to provide financial stewardship and advocacy services to people in need located throughout 11 counties in southwestern Michigan.