Credit Union Will Serve Low- and Moderate-Income Communities in Central Kentucky
ALEXANDRIA, Va. (Nov. 8, 2023) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Young Community Federal Credit Union of Shively, Kentucky, a Louisville suburb.
“Young Community will open doors to insured financial services in an area where more than one in four residents do not use a federally insured financial institution regularly,” NCUA Chairman Todd M. Harper said. “The organizers of this new credit union have deep roots in their community, and they will address economic disparities and provide financial education to their members. Thanks to everyone involved for making this credit union a reality.”
The credit union is sponsored by the Young Nonprofit Foundation, a local charitable organization focused on providing low-income Kentucky families with access to quality childcare and education.
Young Community Federal Credit Union will primarily serve people who live, work, worship, or attend school in Shively. The credit union will initially operate from the foundation’s headquarters at 2200 Greene Way in Louisville. During its first year of operations, Young Community Federal Credit Union will focus on basic savings and lending services and electronic access, including:
- Share accounts
- Share draft accounts
- New and used auto loans
- Small unsecured loans
- Direct deposit
- Online access
- Debit card access
- ATM access
Young Community Federal Credit Union’s charter became effective November 8, and the credit union expects to commence operations as soon as possible. The credit union is the third federal credit union chartered in 2023.