ALEXANDRIA, Va. – NCUA announced approval yesterday for only the second new credit union charter for 2009, for the East Side Development Alliance FCU, in Queens, N.Y.
The low-income charter will serve the 325,000 people who live in Queens districts one and two and New York City and expects to open for business next April.
The only other credit union chartered by NCUA or state regulators this year was First Bergen FCU, chartered in January in Hackensack, N.J., making 2009 the slowest year for new charters in more than 75 years, since the signing of the Federal CU Act, according to experts.
The new credit union will initially offer regular shares, club accounts, share certificates, personal loans, credit builder loans, credit repair loans, and share secured loans. It will also provide direct deposit, ACH, money orders and check cashing services. By 2013, the credit union plans to offer share draft accounts, ATM services, online banking with bill payment, audio response and wire transfers.
The credit union was organized by the East River Development Alliance located in Long Island, New York. ERDA is a non-profit organization whose mission is to transform and improve New York City public housing neighborhoods by providing residents with the tools and opportunities necessary for self-sufficiency and economic mobility. Established in 2004, ERDA provides educational, support, counseling, and referral services to encourage youth development, workforce development, wealth building, and community revitalization.
