BRIEFLY: First new FCU of year chartered; will serve local Islamic community …

(May 7, 2021) A new federal credit union chartered late last month in Kendall Park, N.J., to serve a local Islamic community will offer its members non-interest-bearing consumer loans, among other services, NCUA said this week. Maun FCU will be an Islamic-faith-based, no-interest credit union whose not-for-profit, cooperative business model will fill a need for affordable, federally insured financial services among members of its community, the agency said in a release. The new credit union will serve employees and members of the New Brunswick Islamic Center in New Brunswick, N.J., and employees and members of the Islamic Society of Central Jersey in Monmouth Junction, N.J. … the Federal Reserve this week called for comments on proposed guidelines it would use to evaluate requests for accounts and payment services at Federal Reserve Banks presented by “novel types” of banking institutions attempting to leverage new and emerging technologies and techniques. Generally, principles outlined in the guidelines would require the requesting entity to be eligible to receive Fed services, and cannot present “undue risk” to the Fed system or the financial system at large.

NCUA Charters Maun Federal Credit Union

Proposed Guidelines for Evaluating Account and Services Requests (PDF)