The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to the Heritage Hub Federal Credit Union in Houston. This new credit union will primarily serve individuals residing, working, worshipping, or attending school within an 84-census-tract community in Harris County, Texas.
NCUA Chairman Kyle S. Hauptman expressed his support for the organizers of Heritage Hub, stating, "I want to congratulate the organizers for bringing their vision of a cooperative financial services institution to reality." He emphasized the importance of encouraging new charters and streamlining the chartering process since joining the NCUA Board. Hauptman noted that credit unions have been instrumental in promoting financial inclusion for Americans for over 90 years.
Heritage Hub plans to open its doors by mid-2025 and initially offer basic savings and lending services. These services will include share accounts, share draft accounts, auto loans, and personal loans. The credit union's charter became effective on March 7, 2025, marking it as the first federal credit union chartered this year.
The NCUA is an independent federal agency established by Congress to regulate, charter, and supervise federal credit unions. It manages the National Credit Union Share Insurance Fund with full backing from the U.S. government. This fund insures deposits for more than 135 million account holders across all federal credit unions and most state-chartered credit unions. Additionally, the NCUA plays a role in consumer protection and financial literacy education.