First 2015 Charter Will Provide Affordable Financial Services to Law Enforcement Agencies in New York City
ALEXANDRIA, Va. (Feb. 18, 2015)
– The Finest Federal Credit Union is the first new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted a charter to The Finest Federal Credit Union to serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in New York City. The credit union is the first new federal charter in the state of New York since 2009.
“It’s always satisfying to see a new credit union launched, and I’m sure the future members of The Finest Federal Credit Union will appreciate the access to affordable financial services,” NCUA Board Chairman Debbie Matz said. “I commend everyone who helped organize this credit union and brought it through the chartering process.”
The credit union’s headquarters will be located in Manhattan, and it expects to hold a grand opening in May. The Finest will share branches with Greater Metro Federal Credit Union, located in Queens.
The Finest also received a low-income credit union designation, which allows the credit union to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts and qualify for certain exemptions from statutory limits on member business lending.
The credit union is being supported by the New York Police Department and received its initial capital from AmTrust Financial Services, Inc., an $11.3 billion entity providing property and casualty insurance to small businesses.
NCUA’s Office of Small Credit Union Initiatives
, which provided guidance to the charter group throughout the chartering process, will continue to assist the new credit union.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.