The National Credit Union Administration has granted its fourth new federal charter of 2021.
Unity of Eatonville Federal Credit Union in Eatonville, Fla., Will be able to serve residents of the Eatonville community who currently do not have a local financial institution, the agency said on Tuesday.
âAs I have said many times, financial inclusion is the civil rights issue of our time,â NCUA board member Rodney E. Hood said in a press release. “By creating the Unity of Eatonville Federal Credit Union, this community is addressing a need in a minority and underserved area, which will ultimately improve financial inclusion and financial access.”
The Eatonville Federal Credit Union Unity charter went into effect on Tuesday, and the credit union plans to begin operations in early 2022.
With its low income designation, the Credit Union will reach out to those who live, work, worship, attend school or participate in programs aimed at alleviating poverty or distress in the community of Eatonville.
In its first year of operation, Unity of Eatonville Federal Credit Union will focus on savings and chequing accounts, as well as auto loans.
“This charter is a landmark event,” NCUA President Todd M. Harper said in the statement. âEatonville was incorporated in 1887 and was one of the first all-black self-governing municipalities in the United States. … I am very proud to say that the NCUA created the first federally insured financial institution in this community.
The NCUA has previously granted federal charters to Capital Federal Credit Union in Lubbock, Texas, Community First Fund Federal Credit Union in Lancaster, Pa., and Maun Federal Credit Union in Kendall Park, New Jersey. The total number of charters approved by the regulator for 2020 is one.