First new FCU of year chartered; will serve Nepali American community, NCUA says

NCUA headquarters, Alexandria, Va.

A federal charter and share insurance fund coverage for the new Everest Federal Credit Union (Jackson Heights, N.Y.), a credit union serving Nepali Americans, has been granted by the National Credit Union Administration, the agency announced Tuesday.

Everest Federal Credit Union, the first federal credit union chartered this year, will serve the approximately 15,000 members of the Non Resident Nepalis National Coordination Council of USA, the agency said. NCUA data shows the charter was issued and coverage by the National Credit Union Share Insurance Fund (NCUSIF) went into effect Aug. 23.

“The first credit union to serve the Nepalese diaspora, Everest Federal Credit Union is ideally situated to provide affordable financial services to the Nepalese community.” NCUA Chairman J. Mark McWatters said. “I congratulate them on their new charter.”

NCUA says that Everest FCU, during its first year of operations, plans to offer regular shares, share drafts, share certificates, individual retirement accounts, unsecured loans, share-secured loans, auto loans, credit card loans, money orders, cashier’s checks, wire transfers, and electronic banking.

The Non Resident Nepalis National Coordination Council preserves the cultural heritage of the Nepalese community while advocating for the welfare and rights of its members, NCUA said in Tuesday’s announcement. The council is part of the Non Resident Nepali Association, it noted, which helps Nepalese community organizations and members foster friendship and understanding in the United States.

NCUA Charters Everest Federal Credit Union