A second credit union has been chartered this year by the federal regulator, this one in Minneapolis, the agency said Tuesday.
Tribe Federal Credit Union (FCU) was chartered as the first FCU by the National Credit Union Administration (NCUA), to receive a charter under the NCUA’s provisional charter pilot initiative, the agency said. The program, NCUA said, allows a credit union’s organizers to obtain an FCU charter and gives them 12 months to obtain the capital necessary to begin operations.
However, it does not authorize a credit union to accept member deposits or originate loans until the credit union obtains its targeted level of donated capital.
Tribe FCU is a low-income-designated credit union primarily serving people who live, work, worship, or attend school in Minneapolis as well as serving those participating in programs to alleviate poverty or distress within the city, NCUA said.
The new charter took effect May 22. It follows the charter issued in March for New Jersey State PBA FCU of Woodbridge, N.J., to serve the police organization, known as the New Jersey State Policemen’s Benevolent Association.
NCUA Charters Tribe Federal Credit Union