Redeemer Federal Credit Union received a credit union charterFriday from the NCUA. According to a release from the agency, itmarked the fourth new federally chartered credit union of 2015.

The NCUA's Office of Consumer Protection granted a singleassociational common bond charter to Redeemer FCU to serve membersand employees of the Redeemed Christian Church of God NorthAmerica, Inc.

“Congratulations to everyone who worked to make this daypossible,” NCUA Board Chairman Debbie Matz said. “The members andemployees of the Redeemed Christian Church of God North Americawill now have access to affordable financial services through theirnew credit union. This will be a source of affordable credit andfinancial education for potentially 30,000 church members.”

The credit union will be headquartered in Greenville, Texas, andplans to open in December. During its first year ofoperations, the credit union plans to offer plain vanilla productsand services.

The Redeemed Christian Church of God North America committedcapital for the credit union and will provide free space,improvements and utilities. The Redeemed Christian Church of GodNorth America, a Pentecostal and Bible-believing church, opened inDetroit in April 1992. There are nearly 700 parishes throughout thecountry.

The NCUA's Office of Small Credit Union Initiatives providedguidance to the charter group throughout the chartering process andwill continue to assist the new credit union.