NCUA Awards Credit Union Charter to Lancaster, Pa. CDFI

The National Credit Union Administration announced Tuesday that it was awarding a federal charter and share insurance fund coverage to establish the Community First Fund Federal Credit Union in Lancaster, PA.

The credit union will be operated by the Community First Fund, a Community Development Financial Institution. Establishment of the credit union is partially being funded by philanthropist MacKenzie Scott, who has provided $10 million to the group to support its work on racial equity and economic mobility. Scott is the ex-wife of former Amazon CEO Jeff Bezos.

NCUA Board Not Considering Divisive Rule Proposals

The National Credit Union Administration will consider adopting two final rules at its meeting Thursday, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines.

The board will consider rules on the capitalization of interest and implementation of the Current Expected Credit Loss methodology. The board also will discuss the credit union loan interest rate ceiling.