NEW BRUNSWICK, N.J. – Internet Archive FCU, a New Brunswick, N.J., low-income designated community credit union, became the first new federal credit union of 2012 after the NCUA approved its charter Friday.
The credit union is scheduled to open in October and will offer regular share accounts, share secured loans, and signature loans to members. The credit union also plans to add auto loans, share certificates, share drafts, debit cards, ATM cards, online banking, bill payment services and shared branching in the first year of operation. The credit union will also offer remittance transfers to Mexico through Directo a México, a Federal Reserve/Banco de México payment system.
The credit union will draw members from individuals living, working, worshiping, attending school, or participating in associations headquartered in New Brunswick and Highland Park, N.J. Individuals participating in programs to alleviate poverty or distress in that locale will also be eligible to become members, the NCUA said.
Incorporated and unincorporated organizations located in or maintaining a facility in the approved area, and organizations of such persons, will also be permitted to offer membership in the credit union, the NCUA added.
"It is great to see a new credit union chartered in New Jersey," said NJCUL President/CEO Paul Gentile. "NJCUL has worked side by side with the organizers for the last few years and we quickly learned they were serious about not just charting a new federal credit union, but also about helping serve the low-income people in their field of membership. NJCUL will continue to provide assistance and help this credit union move forward."
The credit union is sponsored by Internet Archive, a nonprofit organization funded in part by the Kahle/Austin Foundation. Internet Archive hosts a growing online library at archive.org.
NCUA Chairman Debbie Matz said the agency's Office of Small Credit Union Initiatives will offer assistance to the new credit union as it grows.