Federation Cheers Chartering New CDCU

ATLANTA — The National Federation of Community Development Credit Unions is cheering NCUA’s chartering of a new CDCU in Georgia even as it highlights the growing difficulty facing groups seeking to found new CUs.

The credit union’s soon-to-be CEO, Paula Diaz-Torres said that that CU would work to “break down the cultural and functional barriers that stand between low-income immigrant residents and mainstream financial services. Our project aims to serve low-income individuals from the Hispanic community who struggle to build assets due to a lack of financial sophistication or access to affordable financial products,” she added.