NCUA charters Queens-based Everest FCU to serve Nepalese community

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NCUA announced yesterday that the agency granted a federal charter and Share Insurance Fund coverage to Everest FCU. The credit union, based out of the Jackson Heights neighborhood in Queens, will serve the Nepalese diaspora, including approximately 15,000 members of the Non Resident Nepalis National Coordination Council of USA.

“The first credit union to serve the Nepalese diaspora, Everest Federal Credit Union is ideally situated to provide affordable financial services to the Nepalese community,” said NCUA Chairman J. Mark McWatters in a statement. “I congratulate them on their new charter.”

The New York Credit Union Association assisted the credit union with the chartering process by providing the proposed credit union with policies, procedures and guidance. The Association also helped facilitate dialogue between the proposed Everest FCU other recently chartered New York credit unions.

“On behalf of the New York credit union community, I congratulate the leadership team and steering committee at Everest FCU on their new charter,” said Association President/CEO William J. Mellin. “Jackson Heights and other neighborhoods throughout New York are home to a vibrant and growing Nepalese community that has too often been overlooked by the for-profit financial sector. Fortunately, credit unions provide members of all walks of life with safe, viable and progressive access to the financial system.”

Everest FCU’s charter became effective Aug. 24, and it is the first new NCUA charter this year. The credit union will offer members a range of financial services, including regular shares, share drafts, share certificates, IRAs, unsecured loans, share-secured loans, auto loans, credit card loans, money orders, cashier’s checks, wire transfers and electronic banking.

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