First Charter of 2014 Will Expand Access in South Carolina’s Greenville County
ALEXANDRIA, Va. (April 3, 2014) – Residents of South Carolina’s Greenville County will soon have a new source for affordable financial products and services, CommunityWorks Federal Credit Union, the National Credit Union Administration announced today.
NCUA’s Office of Consumer Protection granted a community charter to CommunityWorks Federal Credit Union, which will serve people who live, work, worship or attend school in Greenville County, as well as businesses and other legal entities in the county. The credit union’s potential field of membership is nearly 475,000 people. The credit union plans to offer affordable financial services to individuals who currently are limited to high-cost alternatives.
“Everyone needs and deserves to have access to financial products and services they can afford,” NCUA Board Chairman Debbie Matz said. “CommunityWorks will serve a real need among people who live in Greenville County. I commend everyone who worked hard to establish this credit union and made a commitment to the future of their community.”
CommunityWorks expects to open in June, and the credit union’s main office will be in Greenville, S.C. During its first year of operations, the credit union plans to offer:
- regular shares
- share certificates
- club accounts
- direct deposit
- unsecured loans
- share-secured loans
- auto loans
- money orders
- traveler’s checks
- cashier’s checks
- savings bonds
CommunityWorks will serve a low-income community and intends to seek a low-income credit union designation at a later date. If that designation is obtained, the credit union plans to offer non-member deposits.
CommunityWorks, Inc., a non-profit community development financial institution, is sponsoring the credit union with support from the United Way of Greenville County and the Hollingsworth Fund. Established in January 2008, the non-profit focuses on promoting affordable housing, financial wellness, and community economic development to empower low-wealth families and break the cycle of poverty. Using the knowledge and experience gained in its work, CommunityWorks, Inc., will provide back office support to the new federal credit union.
NCUA’s Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to provide assistance to the new credit union.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.