Give a big, warm welcome to the newest credit union!

Published 7.191.22

On Friday, WeDevelopmentCredit Union (Kansas City, MO) signed their Letter of Understanding with the NCUA, officially confirming them as the first credit union chartered in the United States in 2022. This accomplishment has been 13 years in the making.

WeDevelopment Credit Union is a community credit union serving east Kansas City. Their branch will be located at 3123-25 Prospect Ave., Kansas City, MO and open weekdays approximately 8:30 a.m. to 5 p.m. plus hours on one Saturday per month.

The credit union will be run by their CEO Gwendolyn Washington and two employees. They are approved by the NCUA to offer basic deposits (savings, checking, CDs) and personal and auto loans. Members will have online banking and remote deposit options. 

Gwendolyn shared that they are also looking forward to being able to offer a new home improvement loan product in the coming months. It was a product they specifically developed to serve their member community of east Kansas City. There are homes in this area that people want to remain in that could benefit from some home improvement. The NCUA recognized how this product will serve the community. 

It took a lot of hard work to get to this milestone. “While the process to start a credit union may initially seem straightforward, filling out an application online, it is much more complicated,” shared Gwendolyn. In the thirteen years it took to complete this process, WeDevelopment Credit Union worked through board turnover, raised sufficient capital to be able to responsibly support their financial institution, and managed an extensive workload. It took a lot of time and communication to develop their business plan, gather evidence to support that business plan and communicate with the NCUA. It was hard work, but Gwendolyn especially enjoyed developing their products and services and handling the projections involved.

Three of the initial board members stayed involved and committed to the vision of this credit union from start to finish time and Gwen celebrated all they accomplished, “They never gave up and never doubted. It is a great testament to what people can do if they don’t give up.”

Learn more about WeDevelopment Credit Union’s journey in these articles from The Community Voice (October 2018 and July 2022).

Please join us in congratulating everyone involved in WeDevelopment Credit Union and welcome them to the credit union family!

 

Smiling woman with red lipstick, curly dark hair wearing a leopard shirt and silver circle earrings

 Gwendolyn Washington, CEO