Credit union headquartered in the Bronx is the third de novo institution chartered so far in 2022.
The NCUA announced Thursday that it has granted a federal charter and Share Insurance Fund coverage to the New York Episcopal Federal Credit Union in the Bronx, New York.
The new 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 concentrate its efforts on serving 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.
“Faith-based credit unions play a vital role in supporting their communities, and this new credit union continues that tradition,” NCUA Chairman Todd Harper said, in announcing the charter. “Through financial education and savings products, the organizers of New York Episcopal will put their members on a path to financial security and success.”
The charter became effective this past Monday. The institution 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 FCU expects to begin operations in early 2023 and represents the third federal credit union chartered this year.
The establishment of a diocesan credit union was first called for in a resolution passed at the New York Diocesan Convention in 2004. In 2014, a task force was formed to work on the effort, according to church officials.