Schools First Federal Credit Union, OCTFU (Orange County Teachers Federal Credit Union), and KAPFCU are among the growth of credit unions in the nation currently.
Schools First Credit Union and OCTFU covered on TV today have since crashed their servers. But another organization similarly worth considering is Kappa Alpha Psi Federal Credit Union (KAPFCU), also making news today (but their server staying up!).
In a new press release issued today, KAPFCU is making a difference in the “Lives of Children and Youth Credit Union Membership Ages 18 to 24″:
Kappa Alpha Psi Federal Credit Union (KAPFCU), the country’s first “virtual credit union”, was recently awarded a $500 Making a Difference grant from the Texas Credit Union Foundation (TCUF) to provide financial literacy and credit counseling to youth in Plano, Texas. The credit union movement is stagnating with aging baby boomers. Recent, NCUA statistics indicate that the average age of credit union members is currently 55+. In contrast, the median membership age of KAPFCU is 18-24. The use of internet technology, a national fraternal base and efforts to increase our field of membership to include Historically Black Colleges and Universities are all reasons KAPFCU has been abel to defy the trends and invigorate financial literacy and education with high school students and college youth.
Kappa Alpha Psi Federal Credit Union (KAPFCU), the country’s first “virtual credit union”, was recently awarded a $500 Making a Difference grant from the Texas Credit Union Foundation (TCUF). The grant will be used to provide financial literacy and credit counseling to youth in Plano and Richardson, Texas. KAPFCU is certified by the Department of Treasury as a community development financial intuition (CDFI) and a NCUA designated low income credit union (LICU) based in Dallas, Texas. TCUF is a non-profit organization dedicated to progressive professional development of credit union staff and volunteers, financial education programs for youth and adults, and creating valuable resources for Texas credit unions and the communities they serve.”
KAPFCU’s Administrator of Community Development Financial Initiatives Michael McCray says of his CU:
“As a virtual institution, we’ve been an ugly duckling for nearly four years. Our balance sheet and profit/loss profile differs from most community based credit unions. We don’t have a physical office, we operate through a 20 member advisory board and management team. KAPFCU provides service to the entire country – instead of a local geographic market. We just don’t look like the typical low income or community development credit union. Consequently, it has been very difficult for us to successfully receive financial support from credit union or philanthropic communities”
Their website describes their services as the following:
Our Credit Union was approved for organization certificate and application for insurance of member accounts on November 2, 2004. We received our Charter from the Supervisory Examiner on Wednesday November 10, 2004 at 1:00PM. A historical milestone has been reached in the annuals of Kappa Alpha Psi Fraternity, Inc thanks to your committment.
Credit Union membership is open to every member of Kappa Alpha Psi Fraternity , spouses, children, relatives, employees and affiliated organizations. We are a stand alone financial institution owned and operated by each of the members that comprise the depository base of the institution. Your deposits are insured up to $100, 000 by the National Credit Union Share Insurance Fund and will earn competitive interest rates. Click the following link to become a member of Kappa Alpha Psi Federal Credit Union Membership Application