In 2009, when the last payday lending storefront in Arkansas closed for business, Washington saw a lot of people coming to the barber college seeking loans. That's when he realized the need for financial services in the community.
The Chicago-based For Members Only Federal Credit Union's mission is "fundamental" to the mission of the industry, according to the National Credit Union Administration.
After years of making loans from his Little Rock barbershop, Arlo Washington has chartered the state’s newest credit union – offering a blueprint for communities to create their own financial institutions.
The Morning Star Federal Credit Union in Montana is expected to begin operations sometime in 2023, according to the National Credit Union Administration.
People Trust Community Federal Credit Union in Arkansas will provide depository services not offered by its sponsoring community development financial institution, the People Trust Community Loan Fund.