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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

Union Settlement Federal Credit Union, chartered in 1957,

serves Manhattan Community District 11 in East Harlem, and has 4,570 members.
www.unionsettfcu.org