NCUA awards second federal charter of 2022

The National Credit Union Administration has granted its second federal charter of the year.

The recipient is People Trust Community Federal Credit Union in North Little Rock, Arkansas. The credit union's charter took effect on Sept. 16 with operations expected to begin in early 2023.

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The credit union will provide members of its community with access to deposit-related products and services such as share accounts and auto loans that aren't offered by the People Trust Community Loan Fund, a community development financial institution that sponsors People Trust.

"In the years ahead, we look forward to seeing how People Trust will assist its members in building more secure financial futures with safe, fair and affordable financial products and services," Todd Harper, chairman of the NCUA, said in a press release Tuesday.

Earlier this year, the NCUA began working on simplifying its chartering process as part of an effort to counter decline in the number of small credit unions. The agency is continuing to adapt the regulatory processes that applicants must navigate.

The agency awarded its first federal charter of the year to WeDevelopment Federal Credit Union in Kansas City, Missouri.