Credit Union With Low-income Designation Will Be First Federally Insured Financial Institution in Its Community
ALEXANDRIA, Va. (Dec. 21, 2021) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Unity of Eatonville Federal Credit Union in Eatonville, Florida.
“This charter is a milestone event,” NCUA Chairman Todd M. Harper said. “Eatonville was incorporated in 1887 and was one of the first self-governing, all-Black municipalities in the United States. I am very proud to say the NCUA has chartered the first federally insured financial institution in this community.”
“Congratulations to all who worked on this groundbreaking charter,” said NCUA Vice Chairman Kyle S. Hauptman. “Your dedication and commitment to the success of Unity of Eatonville Federal Credit Union will not only benefit your community but also inspire others seeking to own and control their financial future through the cooperative model.”
Said NCUA Board Member Rodney E. Hood, “As I have often said, financial inclusion is the civil rights issue of our time. By chartering the Unity of Eatonville Federal Credit Union, this community is responding to a need in a minority and underserved area, which will ultimately improve financial inclusion and financial access. I wish them well and hope that other credit union organizers can learn from the chartering of this institution.”
Sponsored by the Macedonia Missionary Baptist Church Eatonville Florida, Inc., Unity of Eatonville Federal Credit Union will provide financial products and services to a community that currently does not have a local financial institution. The new credit union will have a low-income designation, and will primarily serve people who live, work, worship, attend school, or participate in programs to alleviate poverty or distress in the Eatonville community. The credit union also may qualify as a minority depository institution.
During its first year of operations, Unity of Eatonville Federal Credit Union will focus on basic savings and lending services, including:
- Share (savings) accounts
- Sharedraft (checking) accounts
- Certificates of deposit
- New and used auto loans
- Unsecured loans
- Direct deposit
- Wire transfers
- Debit/ATM access
- Credit counseling
Unity of Eatonville Federal Credit Union’s charter became effective today, and the credit union expects to commence operations in early 2022. This is the fourth federal credit union chartered in 2021.
Added Chairman Harper, “Small, low-income, and minority credit unions are vital to the continued health of the credit union system and are often the only providers of safe, fair, and affordable financial services in communities of color, underserved areas, and rural communities. I applaud the organizers and the NCUA staff who have worked so hard to make this day possible.”