NCUA charters New Jersey state PBA Federal Credit Union
Credit union will serve employees and members of the New Jersey State Policemen’s Benevolent Association
ALEXANDRIA, VA (March 4, 2024) — The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to New Jersey State PBA Federal Credit Union in Woodbridge, New Jersey.
“Law enforcement professionals have distinct financial needs, and the New Jersey State PBA Federal Credit Union will develop affordable products and services tailored to meet them,” NCUA Chairman Todd M. Harper said. “In this way, the New Jersey State PBA Federal Credit Union will play a unique role in strengthening its community and supporting those who protect and serve.”
The credit union is sponsored by the New Jersey State Policemen’s Benevolent Association, a self-funded, member-benefit organization that provides legal protection to active members in good standing. The association has 407 chapters and approximately 50,000 members.
New Jersey State PBA Federal Credit Union will primarily serve the association’s employees and members and will be headquartered in the New Jersey State PBA Headquarters Building at 158 Main Street in Woodbridge. 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 year of operation, New Jersey State PBA Federal Credit Union will focus on:
- Share accounts
- Share draft accounts
- Share certificate accounts
- Individual retirement accounts
- Equipment loans
- Vehicle loans
- Personal loans
New Jersey State PBA Federal Credit Union’s charter became effective February 23, 2024, and the credit union expects to commence operations later this year. This is the first federal credit union chartered by the NCUA in 2024.
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.
