More than 23,000 Will Gain Access to Affordable Financial Services in Texas
ALEXANDRIA, Va. (Feb. 26, 2016) – The National Credit Union Administration’s Office of Consumer Protection today announced the approval of federal insurance of member’s 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 members' 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.