NCUA News Release

Office of the Chairman

NCUA Charters Low-Income Designated Faith-Based Credit Union in Bronx, NY

Alexandria, VA-- The National Credit Union Administration (NCUA) announced today that it has approved a charter and low-income designation for the Love Gospel Assembly Federal Credit Union in Bronx, NY.

The Love Gospel Assembly is a community based church that has been a leader in providing essential services to local residents that need access to the soup kitchen; legal services; and referrals to various housing and educational institutions and medical facilities.

“The charter of this credit union is another example of how NCUA is assisting leaders in communities as they strive to empower their members to gain financial stability,” said NCUA Chairman JoAnn Johnson. “I commend the church leaders for recognizing the need to serve their members and working tirelessly to execute and charter this credit union.”

Currently, there are approximately 400 faith based credit union, with assets exceeding $3 billion. 123 of the credit unions have received the low-income designation by NCUA. Qualified as a low-income designated credit union entitles the institution to receive low-interest loans through NCUA’s Community Development Revolving Loan Fund, accept non-member deposits and receive free technical assistance from NCUA. To receive the special designation, the credit union organizers had to establish that a majority of potential members have a median household income less than 80 percent of the national household income or they make less than 80 percent of the average for all wage earners.

NCUA staff facilitated the chartering of Love Gospel Assembly Federal Credit Union Union; working with organizers to ensure the credit union meets NCUA’s safety and soundness requirements. As a federal credit union, Love Gospel Assembly Credit Union will be insured by NCUA, offering its members up to $100,000 in coverage on accounts backed by the full faith and credit of the U.S. government.