New Low-Income Charter Approved by NCUA in Michigan

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The NCUA has approved the chartering of a new credit union in Kalamazoo, Mich., that will have as its fiscal sponsor the same organization that sponsored one that vanished by merger last month in nearby Battle Creek.

Community Promise FCU will open in November with a low-income designation and as the third credit union chartered by the NCUA this year, the agency’s Office of Consumer Protection announced on Tuesday.

It will serve the approximately 150,000 people who live, work, worship, volunteer, attend school and transact business in the Kalamazoo area, the NCUA said.

Guardian Finance and Advocacy Services, a non-profit organization providing financial and advocacy services through available community resources, is the fiscal sponsor for the credit union, the NCUA said. The group retains and manages the various grant funds received by the credit union, the agency said.

The same organization sponsored a new credit union in Battle Creek in 2010. Inspire Community Development FCU opened its doors in May of that year. With assets of about $431,000 and about 430 members, it was merged last month into the $685 million First Community FCU in Parchment, Mich.

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