ALEXANDRIA, Va.–NCUA has granted a charter to ELCA Federal Credit Union, the third new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted the charter to ELCA FCU to serve employees, members, synods and member congregations of the Evangelical Lutheran Church in America. The charter is the first new consumer federal credit union in Illinois since 2006.
“One of the most satisfying things that NCUA does is to charter new credit unions,” NCUA Board Chairman Debbie Matz said in a statement. “It’s even more satisfying when the new credit union has the potential to provide access to affordable financial products and services to four-million Americans. I want to congratulate everyone involved for their hard work in establishing ELCA Federal Credit Union. NCUA stands ready to work with other religious groups interested in chartering new credit unions.”
ELCA Federal will be based in Chicago with plans to begin operations in Q1 of 2016. It will launch with a full product and services menu, including regular shares, share drafts, share certificates, MMA, IRAs, credit cards, auto loans, unsecured loans, online banking, online bill payment, mobile banking, ATM access and direct deposit
The credit union is being supported by the Evangelical Lutheran Church in America, which has ministries throughout the United States, Puerto Rico and U.S. Virgin Islands. The Evangelical Lutheran Church in America is also headquartered in Chicago and represents nearly 10,000 congregations.