CPCU Credit Union’s membership approved of a proposed name change to Naveo Credit Union at its annual meeting on April 29. The credit union is now waiting for final approval from the Division of Banks.

CPCU began the process to change its name in 2013, wanting to become a more inclusive credit union and eliminate the confusion about who can become a member, according to a press release.

CPCU was incorporated as Cambridge Portuguese Credit Union in 1928 by a group of 27 Portuguese-Americans. The Credit Union has since abbreviated its name, now known as CPCU Credit Union. In 2007, CPCU became community-based, serving people in Middlesex and Suffolk counties, and eight municipalities in Essex County, in addition to people of Portuguese descent.

"We see Naveo as a name that identifies the credit union’s heritage and keeps us all moving forward with the tides and enduring the continuous change that is inevitable," Maria L. Santos, chairperson of the board, said In a statement.

CPCU plans to implement its new name in the fall of 2014.