A new federal credit union (FCU) was chartered in Kentucky, its federal regulator said Wednesday, to serve low- and moderate-income communities in the central part of the state.
It is the third FCU chartered in 2023.
The National Credit Union Administration (NCUA) said the new credit union, Young Community FCU of Shively, Ky. (near Louisville) was sponsored by the Young Nonprofit Foundation, a local charitable organization focused on providing low-income Kentucky families with access to quality childcare and education.
The new credit union’s membership base (known as “field of membership” in credit union lingo) is primarily serve people who live, work, worship, or attend school in Shively. NCUA The credit union will initially operate from the foundation’s headquarters at 2200 Greene Way in Louisville.
The new charter became effective Wednesday, the agency said; it expects to commence operations as soon as possible.