The National Credit Union Administration (NCUA) has issued a federal charter and National Credit Union Share Insurance Fund coverage to Soul Community Federal Credit Union, located in Austell, Georgia. This credit union aims to serve the low-income residents of Austell by providing access to safe and affordable financial products and services.
NCUA Chairman Todd M. Harper stated, "The organizers of Soul Community Federal Credit Union have sought to make their community a better place by bringing residents of their city greater access to safe, fair, and affordable financial products and services." He emphasized the importance of having a local institution like this one in Austell, which currently lacks mainstream financial providers. Harper added that it is satisfying for the NCUA to help bring visions of greater financial security to life.
Soul Community will primarily cater to individuals who live, work, worship, or attend school in Austell. It is designated as a low-income credit union and may qualify for the minority depository institution designation based on its membership field.
The credit union plans to begin operations in early 2025, offering basic savings and lending services such as share accounts, share draft accounts, online banking, auto loans, and personal loans. The charter for Soul Community Federal Credit Union became effective on December 9, 2024. It marks the fourth federal credit union chartered in 2024.
The NCUA is an independent federal agency established by Congress to regulate and supervise federal credit unions. It operates the National Credit Union Share Insurance Fund with the backing of the U.S. government, insuring deposits for over 135 million account holders across federal and most state-chartered credit unions. The NCUA also focuses on consumer protection and financial literacy education.
For media inquiries, contact Joe Adamoli at JAdamoli@ncua.gov or call 703-518-6572.