NCUA insures Jafari No-Interest Credit Union
More than 23,000 will gain access to affordable financial services in Texas
ALEXANDRIA, VA (February 26, 2016) — The National Credit Union Administration’s Office of Consumer Protection today announced the approval of federal insurance of members’ accounts for a credit union recently chartered by the State of Texas Credit Union Department.
Jafari No-Interest Credit Union will serve approximately 23,191 potential members of three religious associations located in Texas. The credit union expects to open in the spring of this year and plans to offer regular share accounts, unsecured loans, share-secured loans and vehicle loans.
Member accounts will be protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOUGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
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 124 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.
