First new federal credit union of year chartered; low-income designated institution will serve Kansas City, MO, area

A Kansas City, Mo., credit union became the first federal credit union charter issued this year by the federal credit union regulator, the agency announced Thursday.

The charter was officially issued July 22; operations are expected to commence later this year, according to the National Credit Union Administration (NCUA).

WeDevelopment Federal Credit Union will serve a community with a poverty rate of approximately 30%, the agency said. It will have a low-income designation and will serve people who live, work or regularly conduct business in, worship, attend school, participate in associations headquartered in, or participate in programs to alleviate poverty or distress in a specified area in Jackson County, Missouri.

The new financial institution will also serve businesses and other legal entities, incorporated and unincorporated organizations located in, or maintaining a facility located within that area.

Among the planned services to be offered are: savings (regular shares), checking (share drafts), business checking, certificates of deposit (CDs), individual retirement accounts (IRAs), new and used auto loans, signature loans, savings-secured loans, home improvement loans, cashier’s checks and more, according to NCUA.

NCUA Charters WeDevelopment Federal Credit Union

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