New Credit Union Chartered in South Carolina
The NCUA chartered CommunityWorks Federal Credit Union in Greenville, S.C., the agency announced on Thursday.
The NCUA’s Office of Consumer Protection granted a community charter to the credit union, which will serve individuals who live, work, worship or attend school in Greenville County. Businesses and other legal entities in the county will also be able to join when the credit union opens in June.
“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.”
The agency said the credit union’s potential field of membership is almost 475,000. In its first year of operations, the credit union plans to offer an array of products and services including share certificates, club accounts, unsecured loans, auto loans, cashier’s checks, money orders and 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,” said an NCUA press release.
CommunityWorks, Inc., a non-profit community development financial institution established in January 2008, is sponsoring the credit union along with support from the United Way of Greenville County and the Hollingsworth Fund.
According to its official website, the non-profit financial organization is “committed to building a brighter future for underserved families and communities through financial education, lending, and investing.”
The NCUA said its Office of Small Credit Union Initiatives would continue to provide guidance for the new credit union.