Proposed De Novo Credit Unions
Proposed African Diaspora Federal Credit Union
The purpose of our existence is for members to pull our resources together for economic employment, build generational wealth, and heal our community members from the circle of poverty that was brought upon them by the "Pay Day Loan" system of exploitation.
We are at the last phase of the process of creating our credit union. We are currently raising funds for our startup expenses.
Proposed Field of Membership
Our preliminarily approved associational common bond field of membership for the proposed credit union reads as follows:
"Members of the African Diaspora Council, Inc. who qualify for membership in accordance with the bylaws in effect on December 19, 2015; Spouses of persons who died while within the field of membership of this credit union; employees of this credit union; members of their immediate families or household; and organizations of such persons.”
Proposed Diverge Federal Credit Union
The National Credit Union Administration (NCUA) has extended its approval for a new charter application for Diverge, a Proposed Federal Credit Union (PFCU). Diverge PFCU is a groundbreaking initiative that will expand financial access for historically unbanked individuals and their families.
The initial focus of the proposed credit union is to provide a financial home for marginalized people in the justice-involved and LGBTQI+ communities. An estimated 2 million people in these populations are unbanked.
Proposed George Washington University Credit Union Initiative
Our mission here at the GWUCUI is to strengthen the GW community by helping students bank affordably, build credit, better manage their finances and develop valuable skill sets that they can bring to their careers. We seek to accomplish this goal by chartering a student-run Credit Union.
Proposed C3 Federal Credit Union
C3 Proposed Federal Credit Union will be established to cater to the underrepresented businesses and individuals in the Southern Maryland communities. Our mission is to financially strengthen the Southern Maryland community by providing financial literacy workshops, entrepreneurship training, and investment education seminars while ensuring access to responsible credit, savings, and compassion.
This credit union will support the local business community by providing business services, education, and loan products to keep the business community at the cutting edge of information and technology. We will educate our members on consumer laws and their economic rights.
The NCUA is currently reviewing our Proof of Concept submission. Once the NCUA approves our FOM and name, we will begin working on Phase 2 of the three-phase process.
Proposed Field of Membership
We will serve the following counties in Southern Maryland
- Charles County
- Calvert County
- St. Mary's County
- Prince George's County
- Anne Arundel County