ALEXANDRIA, Va. (1/8/13)--Shiloh of Alexandria FCU was cited in a Sunday Washington Post article as an example of a trusted financial institution serving a small community in an age dominated by too-big-to-fail debates and Capitol Hill reforms.
Small credit unions are often "lost in the shuffle," in the age of large financial institutions said Bill Cheney, president/CEO of the Credit Union National Association, told the Post. Banking regulations don't take into account the interests of smaller financial institutions, Cheney said.
The 20-year-old, $2.4 million assets credit union, based in Alexandria, Va., is run by volunteers and serves Shiloh Baptist Church of Alexandria, one of the country's oldest African American churches.
It provided more than $700,000 in loans, during 2012 according to the National Credit Union Administration.
The credit union's mission is to combat predatory lending and to promote wealth-building, the John DuPree, the credit union's manager, told the Post.
DuPree gathers with the credit union's president and vice president to review loan applications each Wednesday night. Most applications are to consolidate and pay off other debts, such as payday loans with prohibitively high interest rates.
The credit union also helps members meet their financial goals, such as purchasing a car or making home repairs, DuPree said.
The credit union is open on Saturday and Sunday morning. Many members do their banking when they attend church on Sunday.