In Nebraska, a new credit union has opened to reduce the influence of payday lenders in the state's capital city.
The NCUA said Monday it granted a federal charter and share insurance fund coverage to Community HOPE Federal Credit Union. Community Development Resources, a non-profit organization, organized the new cooperative.
The federal agency also said it granted CHFCU a low-income designation, making it eligible for certain benefits including NCUA grants and low-interest loans as well as an exemption from the member-business lending loan limit to help the credit union better serve low-income members. The low-income designation also allows CHFCU to accept non-member deposits, offer secondary capital accounts and participate in the NCUA Community Development Revolving Loan Program, which provides both loans and grants for technical assistance.
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