Q: When was People Trust Community Federal Credit Union founded?

People Trust Community Federal Credit Union received its federal charter from the National Credit Union Administration (NCUA) on September 16, 2022, making it the second federal credit union chartered that year and the first new credit union chartered in Arkansas since 1996. The credit union commenced operations in early 2023, with its grand opening celebration held on December 14, 2022. The credit union was founded by Arlo Washington, who established it as an extension of the People Trust Community Loan Fund, a nonprofit CDFI that he created in 2016. Washington's journey into community financial services began with his ownership of Washington Barber College, where he recognized that his students and community members faced significant barriers to accessing traditional banking services. The credit union was created to provide deposit-related products and basic financial services that the loan fund could not offer.

Q: What makes People Trust Community Federal Credit Union unique?

People Trust Community Federal Credit Union stands out as Arkansas' first Black-owned and operated financial institution, addressing a critical gap in financial services for minority and underserved communities. The credit union was founded by Arlo Washington, whose work was featured in the Oscar-nominated documentary short film "The Barber of Little Rock", which explores the racial wealth gap and solutions that CDFIs provide. The credit union operates in close partnership with the People Trust Community Loan Fund, creating a unique dual-structure model. While the credit union handles consumer deposits and smaller loans, the loan fund focuses on larger small business loans and economic development projects. This structure allows the organization to serve a broader range of financial needs. People Trust's mission centers on economic justice and financial inclusion, specifically targeting individuals who face barriers at traditional financial institutions due to location, credit history, or income level. The credit union uses alternative credit underwriting methods, considering factors like utility bill payments and cell phone payments for members who are "credit invisible" or lack traditional credit scores. The institution's startup capital came from an innovative source: the loan fund earned approximately $4 million in fees from making Paycheck Protection Program (PPP) loans during the COVID-19 pandemic, distributing around $50 million in PPP loans to over 2,600 small businesses nationwide. These proceeds funded the credit union's launch and enabled the purchase of its building.

Question 1

What is People Trust Community Federal Credit Union?

Accepted Answer

People Trust Community Federal Credit Union is a Community Development Financial Institution (CDFI) based in North Little Rock, Arkansas. As Arkansas' first Black-owned and operated financial institution, the credit union serves low- and moderate-income communities in central Arkansas.

With approximately 1,800 members and over $3.2 million in total assets, People Trust focuses on providing accessible financial services to underbanked and underserved populations. The credit union operates as a federal credit union with low-income designation, working to eliminate economic barriers and close the racial wealth gap.

Question 2

When was People Trust Community Federal Credit Union founded?

Accepted Answer

People Trust Community Federal Credit Union is a Community Development Financial Institution (CDFI) based in North Little Rock, Arkansas. As Arkansas' first Black-owned and operated financial institution, the credit union serves low- and moderate-income communities in central Arkansas.

With approximately 1,800 members and over $3.2 million in total assets, People Trust focuses on providing accessible financial services to underbanked and underserved populations. The credit union operates as a federal credit union with low-income designation, working to eliminate economic barriers and close the racial wealth gap.

The credit union was founded by Arlo Washington, who established it as an extension of the People Trust Community Loan Fund, a nonprofit CDFI that he created in 2016. Washington's journey into community financial services began with his ownership of Washington Barber College, where he recognized that his students and community members faced significant barriers to accessing traditional banking services. The credit union was created to provide deposit-related products and basic financial services that the loan fund could not offer.

Question 3

Where is People Trust Community Federal Credit Union headquartered?

Accepted Answer

People Trust Community Federal Credit Union is headquartered at 4103 East Broadway Street in North Little Rock, Arkansas. The credit union operates in the Rose City neighborhood, a predominantly Black community that historically lacked access to traditional banking services.

Prior to People Trust's establishment, this community of approximately 30,000 residents had no banks, while a predominantly white community of 8,000 residents located across a nearby interstate had 14 banks.

Question 4

Where does People Trust Community Federal Credit Union operate?

Accepted Answer

People Trust Community Federal Credit Union primarily serves individuals who live, work, worship, or attend school in Pulaski County and Saline County in central Arkansas. The credit union's field of membership is designed to reach underbanked and underserved communities throughout the central Arkansas region.

The credit union maintains its main office in North Little Rock's Rose City neighborhood, providing convenient access to residents in this historically underserved area.

Question 5

What services does People Trust Community Federal Credit Union offer?

Accepted Answer

People Trust Community Federal Credit Union offers a comprehensive range of financial products and services, including:

Deposit Accounts: Share accounts (savings), share draft accounts (checking), share certificates (CDs), and certificates of deposit.

Lending Products: New and used auto loans, personal unsecured loans, and consumer loans designed as alternatives to predatory payday lending.

Card Services: Debit cards, credit cards, and ATM access for convenient cash withdrawals and purchases.

Digital Banking: Online banking access and direct deposit services, allowing members to manage their finances remotely. The credit union operates Monday through Friday from 9 a.m. to 4 p.m. (5 p.m. on Fridays) and Saturday from 9 a.m. to 12 p.m.

The credit union also provides financial education and literacy programs to help members build credit, manage money, and achieve long-term financial stability.

Question 6

What makes People Trust Community Federal Credit Union unique?

Accepted Answer

People Trust Community Federal Credit Union is a Community Development Financial Institution (CDFI) based in North Little Rock, Arkansas. As Arkansas' first Black-owned and operated financial institution, the credit union serves low- and moderate-income communities in central Arkansas.

With approximately 1,800 members and over $3.2 million in total assets, People Trust focuses on providing accessible financial services to underbanked and underserved populations. The credit union operates as a federal credit union with low-income designation, working to eliminate economic barriers and close the racial wealth gap.

The credit union operates in close partnership with the People Trust Community Loan Fund, creating a unique dual-structure model. While the credit union handles consumer deposits and smaller loans, the loan fund focuses on larger small business loans and economic development projects. This structure allows the organization to serve a broader range of financial needs.

People Trust's mission centers on economic justice and financial inclusion, specifically targeting individuals who face barriers at traditional financial institutions due to location, credit history, or income level. The credit union uses alternative credit underwriting methods, considering factors like utility bill payments and cell phone payments for members who are "credit invisible" or lack traditional credit scores.

The institution's startup capital came from an innovative source: the loan fund earned approximately $4 million in fees from making Paycheck Protection Program (PPP) loans during the COVID-19 pandemic, distributing around $50 million in PPP loans to over 2,600 small businesses nationwide. These proceeds funded the credit union's launch and enabled the purchase of its building.

Question 7

What type of financial institution is People Trust Community Federal Credit Union?

Accepted Answer

People Trust Community Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA). It holds federal deposit insurance through the NCUA's Share Insurance Fund, which protects member deposits up to $250,000.

The credit union operates as a member-owned cooperative financial institution, meaning members are both customers and owners with voting rights. Membership requires living, working, worshiping, or attending school in Pulaski or Saline counties in Arkansas.

As a designated Community Development Financial Institution (CDFI), People Trust receives federal funding and support through the U.S. Department of the Treasury's CDFI Fund. This certification enables the credit union to access resources specifically designed to help financial institutions serve low- and moderate-income communities. The NCUA has also designated People Trust with low-income designation status, recognizing its focus on serving economically disadvantaged populations.

The credit union's board of directors serves in unpaid, volunteer positions, maintaining the cooperative's community-focused mission and ensuring policies align with member needs rather than profit maximization.

Question 8

Who founded People Trust Community Federal Credit Union?

Accepted Answer

People Trust Community Federal Credit Union was founded by Arlo Washington, an entrepreneur, barber, and community advocate based in Little Rock, Arkansas. Washington's journey began when he experienced homelessness after losing his mother, leading him to pursue barbering as a career.

He opened his own barbershop at age 20 and later founded Washington Barber College, which has graduated over 1,100 barbers and created more than 1,450 jobs in Arkansas. Through his work at the barber college, Washington recognized that his students and community members faced significant financial barriers, including lack of access to credit and banking services.

This realization led him to establish the People Trust Community Loan Fund in 2016, which eventually grew into the federal credit union in 2022. Washington's inspiring work has been recognized nationally, including through the Oscar-nominated documentary "The Barber of Little Rock," executive produced by NBA Hall of Famer Dwyane Wade. Washington serves as President of People Trust Community Federal Credit Union and CEO of the People Trust Community Loan Fund, and he was recently appointed to the Board of Directors of Opportunity Finance Network (OFN).

Question 9

What impact has People Trust Community Federal Credit Union had on its community?

Accepted Answer

People Trust Community Federal Credit Union has made a significant impact on financial inclusion in central Arkansas since opening its doors. The credit union has experienced remarkable growth, with membership increasing by over 92% in the year ending September 2025, and total loans growing by more than 96% during the same period.

The credit union addresses a critical need in North Little Rock's Rose City neighborhood, where residents previously had no local banking options. By providing checking accounts, savings accounts, and affordable loan products, People Trust enables community members to avoid predatory lenders and build credit histories.

The broader People Trust organization (including both the credit union and loan fund) has demonstrated strong repayment performance, with approximately 95% of borrowers paying their loans back on time. This statistic challenges the misconception that low-income borrowers are not creditworthy when given fair access to financial services.

Through its alternative credit underwriting approach, People Trust has opened doors for individuals who are "credit invisible" or have been denied by traditional banks. The organization's holistic approach—combining lending with financial literacy education and personalized coaching—helps members achieve long-term financial stability and break cycles of poverty. The credit union's presence has created a trusted, culturally responsive financial institution that understands the specific needs of the communities it serves.

People Trust Community Federal Credit Union

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About People Trust Community Federal Credit Union in the United States