NCUA issues preliminary approval of FOM for Players Choice Federal Credit Union (Proposed)
DUMFRIES, VA (May 22, 2014) — The organizer of the proposed new Players Choice Federal Credit Union, announced that the National Credit Union Administration (NCUA) has given preliminary approval for the proposed credit union’s field of membership.
According to W. Robert Hall, president of Hall Associates Consulting, LLC, Players Choice FCU will have a multiple common bond including a number of organizations focused primarily on professional and amateur sports. The entities approved for the proposed credit union’s membership include both associations and businesses.
A lead sponsor of the proposed credit union, Stacey Fielder August, said that the idea to charter the credit union arose from her own real life experiences as the spouse of a professional athlete. “Many professional athletes do not manage their new-found wealth with an eye toward their financial needs after their sports careers are over,” said August. “As a result, far too many former professional athletes face major financial hardships within a few years of leaving their teams,” she continued.
She explained that this is one of the reasons she hopes the new credit union will be able to attract both active and retired professional athletes.
August is president of Leagues of Their Own, a 501(c)(3) organization that operates as a wealth empowerment institute focused on women (wives, mothers, daughters), athletes, and their families.
It is anticipated that Players Choice FCU will be located in the Houston, Texas area. Its organizers plan for the new credit union to offer electronic services allowing it to serve members throughout the country.
With its field of membership having received preliminary approval from NCUA, discussions with various professional sports organizations will commence to explore adding their staffs and team members to the proposed credit union’s membership base. The group hopes to complete the charter application by year-end.