Credit Union Will Offer Services to a Low-Income Community
ALEXANDRIA, Va. (August 4, 2022) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to WeDevelopment Federal Credit Union in Kansas City, Missouri.
“What the WeDevelopment organizers have accomplished is a clear reminder of the credit union system’s statutory mission of meeting the credit and savings needs of members, especially those of modest means,” NCUA Chairman Todd M. Harper said. “They will be serving a low-income membership to provide access to safe, fair, and affordable financial services. In doing so, WeDevelopment will help its members build more secure futures, and strengthen its community. I am pleased that the NCUA assisted this dedicated group in bringing their vision of financial stability and opportunity to reality.”
WeDevelopment will serve a community with a poverty rate of approximately 30 percent. During its first year of operations, WeDevelopment plans to offer products and services that include:
- Regular shares
- Share drafts
- Business share drafts
- Certificates of deposit
- Individual retirement accounts
- New and used auto loans
- Signature loans
- Savings-secured loans
- Home improvement loans
- Wire transfers
- Debit/ATM access
- Online and mobile services
- Gift cards
- Cashier’s checks
WeDevelopment’s charter became effective July 22, 2022, and the credit union expects to commence operations later this year.
The new credit union will have a low-income designation and will serve people who live, work or regularly conduct business in, worship, attend school, participate in associations headquartered in, or participate in programs to alleviate poverty or distress in a specified area in Jackson County, Missouri. It will also serve businesses and other legal entities, incorporated and unincorporated organizations located in, or maintaining a facility located within that area.
WeDevelopment is the first federal credit union chartered in 2022.