NCUA charters Generations United Federal Credit Union
Credit Union will serve employees and members of the United Church of Christ
ALEXANDRIA, VA (April 25, 2023) — The National Credit Union Administration granted a federal charter and Share Insurance Fund coverage to Generations United Federal Credit Union in New York City, New York, the agency announced today.
“Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ,” NCUA Chairman Todd M. Harper said. “Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community’s vibrancy. Congratulations to everyone involved in making this new credit union a reality.”
The credit union, sponsored by the United Church of Christ, will primarily serve employees and members of the church. The organization has 4,700 churches and approximately 745,230 members.
The credit union will be headquartered in the Interchurch Center located at 475 Riverside Drive in New York City. The credit union will provide deposit-related products and services as well as consumer loans tailored to its demographic’s unique needs. During its initial years of operation, Generations United Federal Credit Union will focus on basic services, including:
- Share accounts
- Share draft accounts
- Share certificates
- Youth savings
- Money market
- Vehicle loans
- Personal loans
- Education loans for members of the clergy
- Credit cards
- ATM access
Generations United Federal Credit Union’s charter became effective April 14, and the credit union expects to commence operations later this year. The credit union is the second federal credit union chartered in 2023.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
