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A New Jersey based non-profit organization, First Step Alliance, said Wednesday its “proof of concept” to open a credit union that will serve the financial needs of millions of formerly incarcerated men and women has been approved by the NCUA.

The NCUA’s approval means First Step Alliance will be allowed to continue its application process with the goal of eventually securing a federal charter for Diverge, a Proposed Federal Credit Union. The proof of concept chartering tool is an option that has been in place since 2019 for federal charter applicants to streamline and digitize phase one of the chartering process. In April, the federal agency released a new guide to simplify and clarify the federal credit union charter application process.

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Peter Strozniak

 

Credit Union Times

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