Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New Jersey New York groups hope to form CUs
MILLVILLE, N.J., and QUEENS, N.Y. (1/14/08)--Community-based nonprofit groups in New Jersey and New York are looking to bring more credit unions to those states in 2008. In New Jersey, Tri-County Community Action Partnership, a Bridgeton-based nonprofit, announced at a news conference Thursday it is combining its efforts with local financial institutions and has requested approval from the state to start a credit union (TheDaily Journal.com Jan. 11). The credit union would provide services such as check cashing, mortgage lending and other fundamental banking services. Colonial Bank was the first contributor with a check for $100,000, said Millville Mayor James Quinn, who also is a bank director. The reason for the contribution is that it is often hard for people with poor credit histories to obtain loans from a regular bank, Quinn added. In New York, Queens Community House, a borough-wide nonprofit group, hopes to open a credit union sometime this year to serve the communities of Corona, Elmhurst, East Elmhurst and Jackson Heights, according to Zoe Sullivan, director of employment and community development for Queens Community House (Queens Chronicle Jan. 10). Rather than draw customers away from banks, the purpose of the credit union would be to provide an alternative for people such as low-income residents and immigrants, who may not have access to financial services, Sullivan said. Currently, Queens Community House is conducting research to determine area residents’ financial needs and how a credit union might help them. The goal of collecting 1,000 surveys almost has been reached--with 845 already collected--Sullivan said.
Other Resources

RSS print
News Now LiveWire
Inflation should remain in check as Consumer Price Index climbed 0.2% in March http://t.co/xBTkGar9OW
1 hours ago
Have #Bankziety about walking down the aisle? @mncreditunions has the cure. http://t.co/xBgtLY3d8r
1 hours ago
"It's crucial you are here and tell your story" Cali #creditunion leaders were told at a league gov relations rally http://t.co/F4Pk2oVqTX
2 hours ago
.@WOCCU's Brian Branch's visit to U.K.'s Pennine Community #CreditUnion makes @BurnleyExpress http://t.co/OEBcVbW4Cy
2 hours ago
#CreditUnions can still register for next week's National #CUYouthWeek. http://t.co/he5jlLNcdx
3 hours ago