Fourth 2015 Charter Will Support a Growing Religious Community
ALEXANDRIA, Va. (Aug. 28, 2015) – Redeemer Federal Credit Union today became the fourth new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted a single associational common bond charter to Redeemer Federal Credit Union to serve members and employees of the Redeemed Christian Church of God North America, Inc.
“Congratulations to everyone who worked to make this day possible,” NCUA Board Chairman Debbie Matz said. “The members and employees of the Redeemed Christian Church of God North America will now have access to affordable financial services through their new credit union. This will be a source of affordable credit and financial education for potentially 30,000 church members.”
The credit union will be headquartered in Greenville, Texas, and plans to open in December. During its first year of operations, the credit union plans to offer:
- regular shares,
- share certificates,
- club accounts,
- direct deposit
- money orders, and
- cashier's checks
- unsecured loans,
- share-secured loans,
- vehicle loans,
The Redeemed Christian Church of God North America committed capital for the credit union and is providing free space, improvements and utilities. The Redeemed Christian Church of God North America, a Pentecostal and Bible-believing church, opened in Detroit, Michigan, in April 1992. There are nearly 700 parishes throughout the country today, with an estimated membership of 30,000 people.
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.