New Low-Income FCU Will Serve Hispanics in California

ALEXANDRIA, Va. – Hispanics living in Los Angeles County should be among the groups that benefit the most from a low-income credit union that the agency recently chartered. The Pacoima Development FCU will also serve the members of the Pacoima Chamber of Commerce and nearby development association. “The chartering of Pacoima Development Federal Credit Union will ensure greater access to a financial partner for over 185,000 residents,” said NCUA Chairman JoAnn Johnson. “I commend the credit union organizers for their vision in recognizing the need in their community for affordable financial services.” The credit union has been qualified as a low-income designated credit union, which entitles it to receive low-interest loans through NCUA’s Community Development Revolving Loan Fund, accept non-member deposits, and receive free technical assistance from NCUA. To receive the special designation, the organizers of the credit union had to establish that a majority of its potential members have a median household income less than 80% of the national household income or make less than 80% of the average for all wage earners.