ALEXANDRIA, Va. (7/8/15)--The third new federal credit union charter granted by the National Credit Union Administration in 2015 goes to ELCA FCU, to be headquartered in Chicago.
The new credit union will serve employees, members, synods and member congregations of the Evangelical Lutheran Church in America (ELCA), which the NCUA said is one of the largest Christian denominations in America, with nearly 10,000 congregations.
“One of the most satisfying things that NCUA does is to charter new credit unions,” NCUA Chair Debbie Matz said announcing the new federally chartered credit union Tuesday. “It’s even more satisfying when the new credit union has the potential to provide access to affordable financial products and services to four million Americans.”
CUNA President/CEO Jim Nussle greeted the announcement with a warm welcome to the newly chartered credit union. "It is always good news when a new credit union extends access to affordable financial services to more Americans," he said.
The charter is the first new consumer federal credit union in Illinois since 2006.
ELCA FCU is expected to open in the first quarter of 2016 and plans to offer regular shares, share drafts, share certificates, money market shares, individual retirement/Keogh accounts, credit cards, auto loans, unsecured loans, online banking, online bill payment, mobile banking, ATM access and direct deposit during its first year of operation.
Matz said in a release that the NCUA stands ready to work with other religious groups interested in chartering new credit unions.