ALEXANDRIA, Va.-NCUA announced earlier this month that it granted a federal charter to Faith Based Federal Credit Union in Oceanside, Calif. for people residing, working, worshiping or attending school in Oceanside. Faith Based is the first federal credit union chartered in southern California since 1997 and the first in California since 2000, as the state regulator has very liberal field of membership and chartering regulations. The estimated 2000 population of the community totaled 92,432. The credit union qualifies as a low-income designated credit union, entitled to low-interest loans through the Community Development Revolving Loan Fund, accept non-member deposits, and receive free technical assistance from NCUA. The median household income of the community Faith Based adopted stands at 63.52% of the national median, less than the 80% trigger required to qualify as low-income. "The partnership forged between this newly chartered credit union, other financial institutions, and together with public and private sector partners collectively facilitates people from all walks of life being able to gain access to the American Dream of financial self-sufficiency and homeownership. These efforts clearly demonstrate that Access Across America is well tuned to empowering partnerships and that credit unions are creating economic empowerment in communities across America," Special Assistant to the NCUA Chairman Nicholas Owens said. Faith Based Community Development Corporation, a non-profit community based organization founded in 1998, sponsored the credit union's charter. The credit union has received widespread support, including grants from the city of Oceanside, Boeing Employees Credit Union, and Southwest Community Bank. Point Loma Credit Union ($479.1 million in assets) in San Diego will be mentoring the fledgling credit union. Faith Based Federal Credit Union's grand opening could occur as early as April.

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