Generations United Federal Credit Union (Generations), a newly-formed financial ministry of the United Church of Christ (UCC), has been granted a federal charter and Share Insurance Fund participation by the National Credit Union Administration (NCUA), effective April 21, 2023.
“Generations United Federal Credit Union will establish an intersection of faith and financial stability for members of the United Church of Christ,” said NCUA Chairman Todd M. Harper. “Generations United is committed to strengthening its community of faith through tailored, affordable financial products and services to better ensure that community’s vibrancy. Congratulations to everyone involved in making this new credit union a reality.”
Generations will serve employees and members of the UCC and its related entities, including those with which the denomination is in partnership and full communion.
“The issuance of the charter represents the culmination of nearly two years of planning and collaboration with financial services organizations of the United Church of Christ,” said Pension Boards President and CEO Brian R. Bodager, who will serve as Chair of the Generations Board of Directors.
“Generations integrates the UCC’s values of faith, family, stewardship, and compassion with excellence in business practice, innovation, and exceptional service,” said Generations President and CEO John E. Linzey. “The credit union will offer a wide range of products and services. Although our primary focus is on meeting the needs of low- and moderate-income members, especially those who are underserved by the banking industry, all members of the UCC and its related entities are welcome to join.”
The creation of a new credit union grew in part out of a resolution adopted in 2017 by the General Synod of the United Church of Christ that identified “the need for financial services to the historically underbanked or unbanked, as well as to victims of extortionate alternative financial-service industry models.” The resolution identified credit unions as important contributors in the quest for economic justice, and called upon the UCC National Setting “...to explore a community development credit union relationship that can serve UCC settings nationwide.”
Generations Board Chair Bodager noted that a number of United Church of Christ ministries and related entities have been instrumental in bringing the credit union to fruition. “We are grateful to the many sponsoring organizations that have provided expertise and start-up capital for Generations United Federal Credit Union,” he said.
In addition to the Pension Boards-United Church of Christ, Generations’ sponsors include the United Church Board for Ministerial Assistance; Wisconsin Conference of the United Church of Christ; New York Conference of the United Church of Christ; Iglesia Evangélica Unida de Puerto Rico (IEUPR); Ryder Memorial Hospital; Association of Hawai’ian Evangelical Churches (AHEC); and the Congregational Christian Church of American Samoa (CCCAS).
Generations United Federal Credit Union will be administered by the Pension Boards- United Church of Christ. “We expect Generations to be fully operational later this year,” said President and CEO Linzey. “Our team of professionals is working now to develop product offerings and to prepare for opening.” In its first year, services will include share accounts, share draft accounts, share certificates, new and used auto loans, unsecured loans, direct deposit, and online access. Credit union members will also have access to financial education programs.
“As an institution, we will fulfill our duty to act in the best interests of our members, their communities, society as a whole, and the environment,” added Bodager.