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News Now

Washington
NCUA approves first new CU of 2010
WASHINGTON (3/17/10)--The National Credit Union Administration (NCUA) on Tuesday approved the charter of Battle Creek, Mich.-based Inspire Community Development FCU, the first federal credit union to be chartered in 2010. Inspire, which is a community development credit union, will be available to 50,000 potential members that live, work, worship, volunteer, attend school and transact business within Battle Creek once it opens this May. The credit union is backed by Guardian Finance and Advocacy Services, a community organization that provides “financial stewardship and advocacy services” in 11 counties within southwestern Michigan, the NCUA said. According to the NCUA, Inspire will offer share accounts, club accounts, money market accounts, share certificates, and both conventional and payday loan alternatives at first. The credit union expects to offer “share draft accounts, youth savings accounts, vehicle loans, and line-of-credit loans” by 2013, the NCUA release added. The establishment of this new credit union 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,” NCUA Chairman Debbie Matz said.


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