NCUA headquarters, Washington, D.C. Credit/NCUA
Fair Break Federal Credit Union in Memphis, Tenn., has been granted a federal charter and Share Insurance Fund coverage, the NCUA said Thursday.
Fair Break is the second federal credit union to receive a charter under the federal agency's provisional charter pilot initiative, which provides organizers of the credit union 12 months to secure the $600,000 in capital necessary to open its doors for business.
Fair Break is a low-income-designated credit union that will primarily serve people who live, work, worship or attend school in the Memphis-Clarksdale-Forrest City areas in the Tennessee, Mississippi and Arkansas combined statistical area, as well as serving those participating in programs to alleviate poverty or distress within the community. The specific counties include Crittenden and St. Francis in Arkansas; Fayette, Shelby and Tipton in Tennessee; and Benton, Desoto, Marshall, Tat and Tunica in Mississippi.
The organizers include Roy Dozier, who is the founder and board chair. He worked in the IT field for major corporations before starting Employment Training & Technology Centers Inc. and N.A.R.D. Enterprises, a construction clean-up firm. An ordained minister, Rev. Dozier served as a church pastor for 21 years. His LinkedIn page showed he began organizing the credit union in July 2020.
Roy Dozier Other organizers are Luke J. Weathers III, the board's vice chair; Darlene LeSuer, board treasurer; Patricia Lee, board secretary; Andrew "Rome" Withers, board member; Pat Green-Cook, who chairs the supervisory committee; and Annie Weathers, who chairs the credit committee.
On its website, fairbreak.org, the credit union said it acquired a "mentor commitment" from the $124 million Trust Federal Credit Union in Chattanooga, Tenn., to help with implementation and operations.
"In addition to the mentor credit union, our team consists of entrepreneurs, accountants, attorneys and retired credit union employees," Fair Break said. The new credit union also said it is working with the Tennessee Credit Union League and Inclusiv.
Fair Break noted on its website that the pandemic has caused banks to curtail in-person visits at some locations, and there has been some shifting of branch locations away from the inner city and rural communities, which opens opportunities for the new credit union to serve neighbors who have been unbanked and underbanked.
"With low-income designated, community credit union options such as low-interest loans and relaxed credit score rating, free check cashing for members and the National Credit Union Administration's payday alternative loans (PALs), much needed financial relief is now available to low-to-moderate wealth citizens and their communities," Fair Break said. "It is simply cooperative economics."
The credit union said it plans to offer members basic savings and lending services, including share accounts, share draft accounts, online banking, auto loans, personal loans, and credit builder and payday alternative loans.
Fair Break's charter became effective on May 30, and it is the third federal credit union chartered this year.
Last week, the Tribe Federal Credit Union (TFCU) in Minneapolis became the first African American federal credit union to receive a charter and share insurance fund coverage under the NCUA's provisional charter initiative.
In March, the NCUA granted a federal charter and share insurance fund coverage to New Jersey State PBA Federal Credit Union in Woodbridge, N.J.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
