A new federal credit union intended to provide members of a New Jersey police member organization with financial services is now chartered by the federal credit union regulator, the agency announced Monday.
The National Credit Union Administration (NCUA) said the New Jersey State PBA Federal Credit Union (FCU) of Woodbridge, N.J., has been chartered to serve the police organization, known as the New Jersey State Policemen’s Benevolent Association.
NCUA described the association as a self-funded, member-benefit organization providing legal protection to active members in good standing. The NCUA said the association has 407 chapters and approximately 50,000 members.
The new FCU is the first chartered by the NCUA in 2024.
Among the initial services of the new FCU, the NCUA said, are: savings (share) accounts, checking (share draft) accounts, certificates of deposit (share certificates), individual retirement accounts (IRAs), and various loans.
Although NJSPBA FCU’s charter became effective Feb. 23, the agency said, the credit union expects to start operations later this year. Last year, the agency chartered at least three new credit unions.