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Community Promise FCU, a low-income designated, community credit union in Kalamazoo, Mich., has become the third federal credit union chartered this year by NCUA, the agency announced this week.

NCUA's Office of Consumer Protection approved the charter. The credit union, which expects to open in November, will serve members who live, work, worship, volunteer, attend school, and transact business in the Kalamazoo, Mich., area. The institution will make financial literacy and membership education initiatives top priorities, NCUA said.

Community Promise FCU plans to offer regular shares, club shares, share certificates, unsecured loans, share secured loans, auto loans, money orders, prepaid cash cards, and check cashing.

In making the announcement, NCUA Board Chairman Debbie Matz noted that the opening of Community Promise FCU means more access to affordable financial services for people living in southwest Michigan. "As a new charter in a market with few other insured financial institutions, this credit union will be well-positioned to make a significant difference in the local community," she said.

As a low-income designated credit union, Community Promise FCU will be allowed to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, accept secondary capital accounts, and qualify for exemptions from statutory limits on member business lending.

The new credit union is being sponsored by Guardian Finance and Advocacy Services, a Kalamazoo, Mich.-based non-profit organization that provides financial and advocacy services. The new credit union will also be assisted by NCUA's Office of Small Credit Union Initiatives.