NCUA Charters New FCU on Chicago's Southeast Side

CHICAGO-A new low-income federal credit union was recently chartered by NCUA to serve close to one million people in Chicago’s southeast side. South Side Community Federal Credit Union will serve 853,392 residents of 303 census tracts on the southeast side of Chicago. Of those eligible for membership 545,090 live in areas considered underserved. No date has been set for the credit union’s grand opening, but a celebration with the community and community leaders are planned, as well as a future branch opening and satellite offices throughout the community. “This new credit union meets a real need and is positioned to provide much-needed access to lower cost financial services and assisting people who live on the South Side,” NCUA Chairman Dennis Dollar said. “A number of community leaders and local organizations have worked very hard to see their dream come to fruition – a credit union able to provide financial education and services to the low-income residents of the community,” NCUA Regional Director Nick Veghts said. NCUA worked with credit union organizers for more than two years to make sure the credit union would meet the agency’s safety and soundness requirements. South Side Community qualified for a low-income credit union designation, which qualifies it for low-interest loans through the Community Development Revolving Loan Fund, allows it to accept non-member deposits, and receive grants from NCUA. South Side Community demonstrated that the median household income of the area was below 80% of the national statistic.