The National Credit Union Administration (NCUA) has issued a federal charter and provided National Credit Union Share Insurance Fund coverage to the African Diaspora Federal Credit Union located in St. Louis, Missouri. This marks the second federal credit union chartered in 2025.
NCUA Chairman Kyle S. Hauptman remarked on the significance of this development: “Credit unions have been the answer to financial inclusion for more than 90 years. It’s appropriate that a community organization dedicated to self-help, self-determination, and promoting financial security would establish a new federal credit union.” He also extended congratulations to the organizers and appreciation to the NCUA staff involved in guiding them through the chartering process.
The African Diaspora Federal Credit Union will cater primarily to members of the African Diaspora Council, Inc., based in St. Louis. The Council is committed to community self-help and providing education on financial management and wealth building. The credit union aims to start operations later in 2025, offering services such as share accounts, share draft accounts, auto loans, and personal loans.
The NCUA is an independent federal agency established by Congress responsible for regulating, chartering, and supervising federal credit unions. It manages the National Credit Union Share Insurance Fund which insures deposits of over 135 million account holders across all federal credit unions as well as most state-chartered ones. Additionally, it works towards consumer protection and promotes financial literacy among the public.