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.


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Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.




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