Third 2015 Charter to Provide Services to Evangelical Lutheran Church in America
ALEXANDRIA, Va. (July 7, 2015) – ELCA Federal Credit Union today became the third new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted the charter to ELCA Federal Credit Union to serve employees, members, synods and member congregations of the Evangelical Lutheran Church in America. The charter is the first new consumer federal credit union in Illinois since 2006.
“One of the most satisfying things that NCUA does is to charter new credit unions,” NCUA Board Chairman Debbie Matz said. “It’s even more satisfying when the new credit union has the potential to provide access to affordable financial products and services to four million Americans. I want to congratulate everyone involved for their hard work in establishing ELCA Federal Credit Union. NCUA stands ready to work with other religious groups interested in chartering new credit unions.”
The credit union’s headquarters will be located in Chicago. It expects to open in the first quarter of 2016. During its first year of operations, the credit union plans to offer:
- regular shares
- share drafts
- share certificates
- money market shares
- IRA/Keogh accounts
- credit cards
- auto loans
- unsecured loans
- online banking
- online bill payment
- mobile banking
- ATM access
- direct deposit
The credit union is being supported by the Evangelical Lutheran Church in America which has ministries throughout the United States, Puerto Rico and U.S. Virgin Islands. The Evangelical Lutheran Church in America is headquartered in Chicago. It is one of the largest Christian denominations in the United States, with nearly 10,000 congregations.
NCUA’s Office of Small Credit Union Initiatives provided guidance to the charter group throughout the chartering process and will continue to assist 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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.