NCUA charters Fair Break FCU in Memphis
Credit union is the second to receive provisional charter
The National Credit Union Administration announced Thursday that it has granted a federal charter and Share Insurance Fund coverage to Fair Break Federal Credit Union in Memphis, Tennessee.
The credit union is the second to receive a charter under the NCUA’s provisional charter initiative. That program allows an organization to obtain a credit union charter and then raise the necessary capital to begin operations. The credit union still must raise the needed capital before opening its doors. Normally, a credit union cannot obtain a charter until it has raised the needed capital.
Fair Break Federal Credit Union is a low-income-designated credit institution that will primarily serve people who live, work, worship, or attend school in the Memphis-Clarksdale-Forrest City, Tennessee, Mississippi, and Arkansas Combined Statistical Area as well as serving those participating in anti-poverty programs.
The credit union plans to offer basic member savings and lending services, including share accounts, online banking, auto loans, personal loans and credit builder and payday alternative loans.
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