NCUA Grants New Credit Union Charter to Fair Break FCU ​​in Tennessee

NCUA Headquarters, Washington, DC (Source: NCUA). NCUA Headquarters, Washington, DC Credit/NCUA

Fair Break Federal Credit Union in Memphis, Tennessee, has been granted a federal charter and Share Insurance Fund coverage, the NCUA said Thursday.

Fair Break FCU ​​is the second federal credit union to receive a charter under the federal agency’s preliminary pilot initiative, which gives credit union organizers 12 months to secure the $600,000 in capital needed to to open its doors for business.

Fair Break FCU ​​is a low-income credit union that will primarily serve people who live, work, worship or attend school in the Memphis-Clarksdale-Forrest City areas, in the combined statistical area of ​​Tennessee, Mississippi and Arkansas, as well as serving those who participate in programs to alleviate poverty or need within the community. The specific counties include Crittenden and St. Francis in Arkansas, Fayette, Shelby and Tipton in Tennessee and Benton, Desoto, Marshall, Tat and Tunica in Mississippi.

Organizers include Roy Dozier, the founder and chairman of the board. He worked in IT for large companies before joining Employment Training & Technology Centers Inc. and founded NARD Enterprises, a construction cleaning company. Dozier, an ordained minister, was a church pastor for 21 years. His LinkedIn page showed he started organizing the credit union in July 2020.

Roy Dozier Roy Dozier

Other organizers include Luke J. Weathers III, Vice Chairman of the Board, Darlene LeSuer, Treasurer of the Board, Patricia Lee, Board Secretary, Andrew “Rome” Withers, Board Member, Pat Green-Cook, Chairman of the Oversight Committee, and Annie Weathers who is chairman of the credit committee.

On its website,, the credit union said it had received a “mentor commitment” from the $124 million Trust Federal Credit Union in Chattanooga, Tenn., to assist with implementation and operations.

“In addition to the mentor credit union, our team includes entrepreneurs, accountants, attorneys and retired credit union employees,” Fair Break FCU ​​said. The new credit union said it is also working with the Tennessee Credit Union League and Inclusiv.

Fair Break FCU ​​noted on its website that the pandemic has led to banks curtailing in-person visits in some locations, and there has been some shifting of branch locations away from downtown and rural communities, providing opportunities for the new credit union to serve neighbors who have little or no bank account.

“With special options for low-income community credit unions, such as low-interest loans with a relaxed credit score, free check cashing for members and the National Credit Union Administration’s Alternative Payday Loans (PALs), much-needed financial assistance is now available to low incomes. to moderate wealthy citizens and their communities,” according to Fair Break FCU. “It’s just cooperative economics.”

The credit union plans to offer its members basic savings and credit services, including stock accounts, shared exchange accounts, online banking, auto loans, personal loans and credit-building and alternative payday loans.

Fair Break FCU’s charter took effect May 30 and it is the third federal credit union this year.

Last week, Tribe Federal Credit Union (TFCU) in Minneapolis became the first African American federal credit union to receive a charter and share insurance fund coverage under the NCUA’s interim charter initiative.

In March, the NCUA granted a federal charter and stock insurance fund coverage to the New Jersey State PBA Federal Credit Union in Woodbridge, NJ.

Back To Top