The NCUA has approved the chartering of a new credit union inKalamazoo, Mich., that will have as its fiscal sponsor the sameorganization that sponsored one that vanished by merger last monthin nearby Battle Creek.

Community Promise FCU will open in November with a low-incomedesignation and as the third credit union chartered by the NCUAthis year, the agency's Office of Consumer Protection announced onTuesday.

It will serve the approximately 150,000 people who live, work,worship, volunteer, attend school and transact business in theKalamazoo area, the NCUA said.

Guardian Finance and Advocacy Services, a non-profitorganization providing financial and advocacy services throughavailable community resources, is the fiscal sponsor for the creditunion, the NCUA said. The group retains and manages the variousgrant funds received by the credit union, the agency said.

The same organization sponsored a new credit union in BattleCreek in 2010. Inspire Community Development FCU opened its doors in May ofthat year. With assets of about $431,000 and about 430 members, itwas merged last month into the $685 million First Community FCU inParchment, Mich.

“The chartering of Community Promise means more people insouthwest Michigan will have access to affordable financialservices,” said NCUA Board Chairman Debbie Matz.

“As a new charter in a market with few other insured financialinstitutions, this credit union will be well-positioned to make asignificant difference in the local community. I applaud everyonewho organized and supported this chartering effort,” Matz said.

The NCUA said its Office of Small Credit Union Initiatives willassist the new credit union, which as a low-income credit unionwill be able to accept non-member deposits, receive grants andloans from the Community Development Revolving Loan Fund, acceptsecondary capital accounts and be exempt from the member businesslending cap.

The NCUA said financial literacy and membership education willbe top priorities for the credit union and that it will begin byoffering regular shares, club shares, share certificates, unsecuredloans, share secured loans, auto loans, money orders, prepaid cashcards, and check cashing.

The other two credit union charters approved by the NCUA thisyear were for Internet Archive FCU in New Jersey and Lakota FCU at the Pine Ridge Reservation in South Dakota.