Serving Low- and Moderate-Income Members Is Credit Union’s Primary Mission
ALEXANDRIA, Va. (Nov. 10, 2022) – The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to New York Episcopal Federal Credit Union in the Bronx, New York.
“The creation of New York Episcopal Federal Credit Union means members, especially those of modest means, will now have greater access to safe, fair, and affordable financial products and services,” NCUA Chairman Todd M. Harper said. “Faith-based credit unions play a vital role in supporting their communities, and this new credit union continues that tradition. Through financial education and savings products, the organizers of New York Episcopal will put their members on a path to financial security and success. I commend the credit union’s sponsors for making their vision a reality.”
New York Episcopal Federal Credit Union will serve members, parishioners, students, and employees of the Episcopal Diocese of New York, including churches, schools, and recognized charitable organizations under the management, control, or sponsorship of the diocese or its parishes. The credit union will focus on meeting the needs of low- and moderate-income members and providing financial education. During its first year of operations, New York Episcopal Federal Credit Union plans to offer its members basic savings and lending services, including:
- Share accounts
- Share draft accounts
- Share certificates
- New and used auto loans
- Unsecured loans
- Direct deposit
- Online access
- Cashier’s Checks
- Money Orders
New York Episcopal Federal Credit Union’s charter became effective November 7, 2022. The credit union will be headquartered at 2500 Jerome Avenue in the Bronx with an additional office located at 76 Trinity Place in New York City. New York Episcopal Federal Credit Union expects to commence operations in early 2023.
The credit union is the third federal credit union chartered in 2022.