Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New CDCU in Long Island City thanks federation
LONG ISLAND CITY, N.Y. (12/23/09)--The East River Development Alliance (ERDA) is thanking the National Federation of Community Development Credit Unions for helping the group obtain a federal charter for a community development credit union (CDCU) that will open next year in Long Island City, N.Y. The federation has worked with ERDA for five years to get the CDCU chartered. The CDCU will be the first chartered in the region since 2000. The federation also committed $100,000 to the CDCU. “The launch of our credit union will embed a culture of ownership and savings in public housing neighborhoods in Western Queens,” said ERDA President/CEO Bishop Mitchell E. Taylor. “We believe that this is a replicable model for change in other public housing neighborhoods nationwide.” ERDA--a non profit that supports credit union organizers--targets communities with average incomes below $24,000. The New York City average income is $39,000, and the U.S. average income is $43,600. ERDA organizers plan to hold a press conference about the CDCU soon. First Bergen FCU, Hackensack, N.J., also was chartered this year with help from the federation. “Chartering of new credit unions has unfortunately become a rare event--only two new federal charters this year, both of them CDCUs,” said federation President/CEO Cliff Rosenthal. “This is one of our major areas of concern, and one which we are vigorously advocating with the National Credit Union Administration.”
Other Resources

RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
6 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
14 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
16 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
19 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
19 hours ago