What
Differentiates a Credit Union
from
Other Financial Institutions?
Credit unions are cooperative,
tax-exempt financial institutions that are owned and governed
by their members. Their members share a "common bond," which relates
to where they live, work, worship or associate. Because credit
unions observe the "one member, one vote" principal, they are
truly democratic financial institutions. More broadly, they adhere
to the following nine basic tenets:
- Open and voluntary
membership
- Democratic control
- Non-discrimination
- Service to members
- Distribution to
members
- Building financial
stability
- Ongoing education
- Cooperation among
cooperatives
- Social responsibility
Like other depository institutions, credit unions offer various
savings, checking and loan products. They are also closely regulated
and the deposits of their members are insured up to $100,000 by
the National Credit Union Share Insurance Fund.
The spirit of mutual self-help is integral to community development
credit unions, which consciously promote the economic and community
development of low-income communities. This commitment is formally
recognized by their designation by the National Credit Union Administration
as "low-income credit unions" and by the U.S. Department of the
Treasury as Community Development Financial Institutions.
NYCfNAC
Serves a Special Group of
Credit
Unions in New York City
NYCfNAC presently serves four Participating Credit Unions that
have an aggregate of 18,900 members and $41.4 million in total
combined assets:
Bushwick
Cooperative Federal Credit Union, chartered in 2000, serves Bushwick
in Brooklyn Community District 4 and Bedford-Stuyvesant in District
3, and
has 3,920 members.
www.brooklyn.coop
Lower East Side People's
Federal Credit Union, chartered in 1986, serves Manhattan Community
District 3, as well as residents and employees of Housing Development Fund Corporation (HDFC) buildings in all 5 boroughs. LESPFCU has 5,150 members.
www.lespeoples.org
Neighborhood
Trust Federal Credit Union, chartered in 1997, serves Manhattan
Community District 12 in Washington Heights and Inwood and West
Harlem, and has 5,300 members.
www.cwcid.org
Union Settlement Federal
Credit Union, chartered in 1957,
serves Manhattan Community District 11 in East Harlem, and has
4,570 members.
www.unionsettfcu.org
