Diamond Lakes Federal Credit Union

What Diamond Lakes Federal Credit Union does

Clearway Federal Credit Union, which rebranded in 2026 from Diamond Lakes Federal Credit Union, is a federally chartered, member-owned, not-for-profit community credit union founded in 1960 and headquartered in Malvern, Arkansas. It serves individual consumers across six Arkansas counties (Garland, Hot Spring, Clark, Grant, Montgomery, and Pike) plus Hot Springs Village through three branch locations in Malvern and Hot Springs, and is CDFI-certified, NCUA-insured, an Equal Housing Lender, and Bank On certified.

The product set is a standard full-service retail banking suite: share savings, Christmas Club, youth, and IRA share accounts; The Good Life Checking, On The Go Checking, and Freedom reloadable debit products; certificates from 6 to 48 months; and a lending book spanning auto loans, mortgages (including a first-time homebuyer program), land loans, VISA credit cards (standard and secured), personal loans, credit-builder loans, and recreational loans for boats, campers, RVs, ATVs, and motorcycles. The technology stack is built on a Fiserv core with digital account opening, online banking, mobile banking for iOS and Android, mobile deposit capture, Zelle P2P within the Bill Pay module, eZCard credit card management, MessagePay text payments, BaZing lifestyle benefits on checking, and shared-branch/ATM access via the Co-Op network alongside dealer-direct auto financing through CUDL Auto Smart.

Revenue is generated primarily through net interest income on loans (auto, mortgage, credit card, unsecured, recreational, credit-builder) plus fee income from checking service fees (up to $5/month), overdraft and NSF items ($32/item), wire transfers, ATM surcharges, loan processing, and ancillary services such as notary, money orders, night deposit, and TruStage-distributed insurance. The credit union does not disclose revenue publicly. Go-to-market is direct-to-consumer across the six-county field of membership, supplemented by the dealer-direct auto channel at participating Arkansas dealerships, with community development, financial education (Reality Fair), and a scholarship program functioning as member-acquisition and retention drivers consistent with its CDFI mission.

Name

Diamond Lakes Federal Credit Union

Legal name

Clearway Federal Credit Union

Website

https://diamondlakesfcu.org

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

11–50 employees

Short description

Clearway Federal Credit Union is a not-for-profit community credit union founded in 1960, serving individual consumers across six central and southeast Arkansas counties through deposit accounts, consumer loans, mortgages, and credit products. CDFI-certified, NCUA-insured, three Arkansas branches.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (522130)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Consumer banking services
• Credit union lending
• Mortgage financing
• Community development finance
• Deposit account products

Headquarters

HQ city

Malvern

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Interest Income from Loans: The primary revenue driver is interest income from lending products including auto loans, home mortgages, personal loans, credit cards, recreational loans, and credit builder loans. Rates vary by product type and creditworthiness.
2. Fee Income: Comprehensive fee income from checking account maintenance ($5/month), overdraft/insufficient funds ($32/item), wire transfers, ATM fees, loan processing fees, account research, notary services, and other miscellaneous service charges as outlined in the fee schedule.
3. Credit Card Interchange: VISA credit card interchange fees from card transactions. The credit union offers unsecured and secured VISA credit cards with rates as low as 9.95% APR.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Diamond Lakes Federal Credit Union (operating as Clearway Federal Credit Union) is a not-for-profit, member-owned financial cooperative providing retail banking and consumer lending products to individuals and families in six Arkansas counties. Its core offering encompasses deposit accounts (share savings, checking, certificates of deposit, IRAs), consumer loans (auto, home, land, personal, recreational, credit builder, VISA credit cards), digital banking (online, mobile, Zelle, bill pay), and ancillary services (insurance, wire transfers, notary, reloadable debit cards).

Product overview

Clearway Federal Credit Union (formerly Diamond Lakes Federal Credit Union) is a full-service financial institution offering a comprehensive suite of banking products through a unified platform. The core product portfolio centers on share savings accounts (Share Savings, Christmas Club, Youth Accounts), checking accounts (On The Go Checking, The Good Life Checking, The Freedom Account reloadable card), certificate accounts and IRAs. Loan offerings include Auto Loans, Home Loans with Heart, Land Loans, VISA Credit Cards (standard and secured), Personal Loans, Credit Builder Loans, and Recreational Loans for boats, campers, RVs, and ATVs. Digital banking services encompass Mobile Banking, Online Banking, Bill Pay, and Zelle P2P payments integrated within the Fiserv-powered platform. Insurance products (TruStage Auto, Home, and Term Life) and reloadable debit cards (Freedom Account, Travel Card, Gift Cards) extend the product ecosystem. The institution operates three branch locations in Arkansas and is CDFI certified.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Savings Account Primary share savings account requiring a $5 minimum deposit, paying 0.05% APY with up to four free withdrawals per month for short-term savings needs of individual members.
• On The Go Checking Checking account designed for individuals who need convenient debit card shopping, integrated with BaZing benefits including identity theft aid, cell phone protection, and roadside assistance.
• The Good Life Checking Checking account paying 0.10% APY that includes BaZing benefits, a free travel card, and free paper statements for members seeking lifestyle perks with their everyday checking.
• The Freedom Account Reloadable prepaid debit card with no credit check, online shopping capability, direct deposit of paycheck, ATM cash access, and spending controls, enabling unbanked or underbanked members to access digital payments.
• Christmas Club Account Special-purpose savings account requiring a $5 minimum deposit that allows members to set aside funds for holiday spending, with one withdrawal per year permitted and a 0.05% APY.
• Youth Accounts Savings account for members 12 years old and younger, designed to encourage early financial education and potentially paired with a reloadable debit card for children.
• Certificate Accounts (CDs) Higher-yield savings accounts with terms ranging from 6 to 48 months, requiring a $500 minimum deposit, paying APYs from 1.00% to 1.51% depending on the term.
• Individual Retirement Accounts (IRAs) Retirement savings options offering both Traditional and ROTH IRA accounts in savings and certificate form, paying 0.10% APY compounded quarterly.
• Auto Loans Competitive-rate financing for new or used vehicle purchases and refinancing with rates as low as 4.35% APR, available through online application or dealer-direct financing at participating car dealers statewide via CUDL Auto Smart.
• Home Loans with Heart Mortgage loans for home purchase or refinance including 15- to 30-year conventional loans and mobile home financing, paired with first-time homebuyer education through Fannie Mae resources and the Prosperity Plus Grant Program for down payment assistance.
• Land Loans Financing for land purchases that complements the credit union's home loan portfolio, originated online via the ZipForHome platform.
• VISA Credit Card Competitive-rate VISA credit card with no annual fee, rates as low as 9.95% APR, a 25-day grace period on new purchases, and a single APR applied to both purchases and cash advances, managed through the Fiserv-powered eZCard portal.
• Secured VISA Credit Card Credit card secured by parental deposits at 9.95% APR, designed for college-bound students to learn responsible credit use, with parental collateral backing.
• Personal Loans Unsecured signature loans for personal needs such as appliances, electronics, lawn equipment, or other consumer purchases, with rates as low as 10.70% APR.
• Credit Builder Loans Loans up to $1,500 at 13.70% APR designed to help members build or rebuild credit through on-time payment reporting, with half of the loan amount deposited into a frozen savings account.
• Recreational Loans Financing for boats, campers, recreational vehicles, ATVs, motor homes, and motorcycles through dedicated recreational loan products.
• Repo Vehicles Currently repossessed vehicles available for purchase by members at competitive prices, listed on the credit union's repos page.
• Mobile Banking Banking access via mobile application for iOS and Android devices that allows account management, transfers, mobile check deposit, and Zelle P2P payments.
• Online Banking Internet-based banking platform that provides account access, transfers, electronic bill payment, eStatements, and online enrollment, powered by Fiserv infrastructure.
• Zelle P2P Payments Fast, safe person-to-person payment service integrated within online and mobile banking that allows members to send and receive money using U.S. mobile numbers or email addresses, typically within minutes.
• TruStage Insurance Products Discounted auto, home, and 100% online term life insurance programs (up to $100,000 coverage, no medical exam, instant decision) offered exclusively to credit union members through the TruStage partnership with CMFG Life Insurance Company (A-rated by A.M. Best).
• Reloadable Debit Cards Prepaid reloadable debit cards including the Freedom Account, Travel Card, and Gift Cards that offer features such as direct deposit, international acceptance, and spending control for member convenience.
• Wire Transfer Services Domestic and international wire transfer services that enable members to move funds to and from other financial institutions.
• Money Orders Sale of money orders as a cash and check alternative payment instrument for member transactions.
• Night Deposit After-hours deposit service available at all office drive-thrus for member deposits and loan payments outside normal business hours.
• Notary Service Free notary service for members, available at all branch offices during normal business hours.
• Overdraft Protection Overdraft protection program that links member accounts to prevent overdrafts and returned items on covered transactions.

Quantifiable outcome

• Auto loans as low as 4.35% APR
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• TruStage (CMFG Life Insurance Company)coreGTM or Marketing PartnerTruStage provides insurance products marketed through Clearway including term life insurance, auto insurance, and home insurance programs. TruStage is underwritten by CMFG Life Insurance Company, rated 'A' (Excellent) by A.M. Best. The partnership enables Clearway to offer members discounted insurance rates and earn referral revenue.
• Zelle / Early Warning Services, LLCcoreTechnology or IntegrationClearway offers Zelle person-to-person payment services integrated within its online and mobile banking Bill Pay platform, enabling members to send and receive money using email addresses or U.S. mobile numbers, typically within minutes. Zelle is operated by Early Warning Services, LLC.
• Co-Op Credit Union ServicescoreChannel Partner/ Reseller/ DistributorCo-Op provides the shared branch and surcharge-free ATM network, giving Clearway members access to nearly 30,000 ATMs and 5,000+ shared branches nationwide at no extra cost.
• eZCard (Fiserv)coreTechnology or IntegrationeZCard is the credit card management portal provided by Fiserv, allowing members to monitor and manage their Clearway VISA credit card transactions online in a secure environment.
• CUDL Auto SmartminorChannel Partner/ Reseller/ DistributorCUDL Auto Smart powers Clearway's Dealer Direct Financing program, enabling members to obtain auto loans at participating car dealers statewide by simply requesting Clearway financing at the dealership.
• FiservcoreTechnology or IntegrationFiserv provides core banking infrastructure including online account opening platform, origination systems for membership and loans, and digital banking back-end. Clearway uses Fiserv apps for account creation and online enrollment.
• Fannie MaeminorGTM or Marketing PartnerClearway directs first-time homebuyers to Fannie Mae's education resources and platforms as part of its homebuyer education program. The credit union participates in conventional mortgage lending with secondary market options.

Scale indicators4 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Unity Health Federal Credit Union: Little Rock-based federal credit union serving Arkansas healthcare and community members. Comparable as a small Arkansas credit union with similar deposit and consumer lending products and CDFI-style community orientation.
• Cornerstone Federal Credit Union: Arkansas-rooted community credit union offering consumer banking and lending products. Comparable to Clearway in mission, scale, and community focus within the Arkansas market.
• Telcoe Federal Credit Union: Arkansas-headquartered federal credit union serving select employee groups and broader community. Comparable as an Arkansas community credit union with similar personal banking, lending, and digital services.
• Arkansas Federal Credit Union: Federally chartered Arkansas credit union offering similar deposit, loan, and digital banking products to Arkansas residents. Most directly comparable peer given overlapping Arkansas geography, federal charter, and similar community-focused product suite.
• Baptist Health Federal Credit Union: Arkansas-based federal credit union serving healthcare employees and surrounding communities. Comparable as a small Arkansas credit union with similar deposit, loan, and community-oriented offerings.

Broad incumbents

• Connexus Credit Union: Large national credit union with strong digital banking platform and broad consumer lending offerings. Comparable as a federally insured credit union but operates at much larger scale with national membership.
• Alliant Credit Union: Large digital-first credit union serving members nationwide with high-yield deposits and consumer lending. Comparable product suite but materially larger scale and broader geographic reach.
• Digital Federal Credit Union (DCU): Large federally chartered credit union with comprehensive digital banking, lending, and deposit products. Comparable as a federally chartered credit union but with significantly greater scale and digital capabilities.

Regional players

• First Security Bank: Arkansas-based community bank operating across central Arkansas including Hot Springs. Directly competes for retail deposits, mortgages, and consumer loans in the same counties Clearway serves.
• Simmons Bank: Arkansas-headquartered regional bank with branches across multiple Arkansas communities. Comparable as an Arkansas-based retail financial institution competing for similar deposit and consumer lending customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCRMuCpSG1k4ErdMB5vu-QZA
• Facebookfacebook.com/diamondlakesfcu
• LinkedInlinkedin.com/company/diamond-lakes-federal-credit-union

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diamond Lakes Federal Credit Union