The National Credit Union Administration has granted a federal charter and share insurance coverage to New York Episcopal Federal Credit Union in the Bronx, New York.
It is the third federal charter granted this year, the regulator said in a press release Thursday.
"Faith-based credit unions play a vital role in supporting their communities, and this new credit union continues that tradition," NCUA Chairman Todd Harper said in the press release. "Through financial education and savings products, the organizers of New York Episcopal will put their members on a path to financial security and success."
New York Episcopal Federal Credit Union will serve members, parishioners, students and employees of the Episcopal Diocese of New York, including churches, schools and recognized charitable organizations under the management, control or sponsorship of the diocese or its parishes.
The credit union will focus on meeting the needs of low-and moderate-income members and providing financial education, the regulator said.
During its first year of operations, New York Episcopal Federal Credit Union plans to offer its members basic savings and lending services.
New York Episcopal Federal Credit Union's charter went into effect Nov. 7, and it expects to commence operations in early 2023.
The NCUA earlier this year chartered
Last year, the NCUA granted four
