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News Now

Washington
New low-income FCU chartered in New York
ALEXANDRIA, Va. (12/11/09)--The National Credit Union Administration (NCUA) on Thursday announced that it has approved the charter of Queens, New York’s East River Development Alliance FCU, a credit union that will serve the citizens of Queens Districts 1 and 2. East River, which will open in April 2010, will offer regular shares, club accounts, share certificates, personal loans, credit builder loans, credit repair loans, and share secured loans, according to the release. The credit union will also provide direct deposit, money orders, and check cashing services, and will offer share draft accounts, ATM services, online banking with bill payment, audio response and wire transfers by 2013, the NCUA said. East River, which is the second new federal credit union chartered this year, was organized by the East River Development Alliance, a Long Island, New York-based non-profit that seeks to improve public housing neighborhoods within New York City through “educational, support, counseling, and referral services to encourage youth development, workforce development, wealth building, and community revitalization.” In a statement accompanying the release, NCUA Chairman Debbie Matz said that the credit union, which is “clearly well-positioned to reach out, to serve and to fill a need for fairly priced alternative financial services,” will “serve a vital role in assisting low- and moderate-income consumers in an area that has been unfortunately overlooked by traditional financial institutions.”


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