ALEXANDRIA, VA (May 19, 2025) |
The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to African Diaspora Federal Credit Union in St. Louis, Missouri.
“Credit unions have been the answer to financial inclusion for more than 90 years. It’s appropriate that a community organization dedicated to self-help, self-determination, and promoting financial security would establish a new federal credit union,” NCUA Chairman Kyle S. Hauptman said. “Congratulations to the organizers who took this important step and thank you to the NCUA staff who guided them through the chartering process.”
African Diaspora Federal Credit Union will primarily serve members of the African Diaspora Council, Inc., headquartered in St. Louis. The Council’s mission includes promoting community self-help and financial and wealth-management education. The credit union plans to open its doors later in 2025 and begin by offering members basic savings and lending services, including:
- Share accounts
- Share draft accounts
- Auto loans
- Personal loans
African Diaspora Federal Credit Union’s charter became effective on May 15, 2025. It is the second federal credit union chartered in 2025.