A new credit union will soon be offering financial services – including mortgages and home equity loans — to its membership in the Bay Area of California, its federal regulator said Monday.
The charter for Haven Federal Credit Union(FCU) – the third FCU chartered this year, according to the National Credit Union Administration (NCUA) – officially became effective Monday.
The agency said it is a multiple common bond FCU, with a potential membership of more than 300,000. It intends to serve associational and occupational groups and people who live, work, worship, or attend school in and businesses and other legal entities located in an underserved community in the San Jose-San Francisco-Oakland area.
The agency said Haven FCU will provide, in addition to home lending, “high-yield” share accounts (similar to certificates of deposit, CDs), share draft accounts (checking) and auto loans.
The agency also noted the new credit union will also work to improve “financial knowledge” among its members.
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