A Texas credit union that expects to start operations by year’s end is the third to be chartered in 2021 by the federal credit union regulator, the agency said Wednesday.
The National Credit Union Administration (NCUA) said Capital Federal Credit Union (FCU) in Lubbock would provide services to a “multiple common-bond field of membership” (meaning, members of multiple groups who are eligible to become customers) that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens — Lubbock, Texas Council #263, and an underserved portion of Lubbock County consisting of 39 census tracts.
The NCUA said the credit union will also seek the low-income credit union (LICU) designation by focusing on serving the Latin American population in the underserved area.
Although the new credit union will not initially offer checking accounts and debit card access (which it plans to do later, the NCUA said), it will offer such services as savings accounts, vehicle and personal loans, online banking, and mobile banking.
Earlier this year, the agency chartered Maun FCU in Kendall Park, N.J., as an Islamic-faith-based, no-interest credit union; and Community First Fund FCU in Lancaster, Pa., a community development financial institution (CDFI) aimed at serving the approximately 550,000-person community of Lancaster County.