Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
NY's Bridgeway FCU designated as CDFI
POUGHKEEPSIE, N.Y. (12/31/12)--Bridgeway FCU in Poughkeepsie, N.Y., has received a Community Development Financial Institution (CDFI) Certification from the U.S Treasury.

The designation indicates Bridgeway FCU serves a vital role in its community's development and opens the door for future grant money to create positive changes for its low- to moderate-income "working-class" members, the credit union said.

The certification benefits Bridgeway FCU in three ways. It allows the credit union:

  1. To establish partners in the community, so it can assist with financial services. For example, if non-profits have clients who are struggling to pay their rent, Bridgeway can work with them to provide budget counseling to find ways to reduce their expenses. The credit union also can refer members to local non-profits for services outside the financial scope.
  1. To apply for funding to train all employees to become Community Development Certified Financial Counselors so staff can identify, intervene and coach distressed members.
  1. To apply for funding to develop specific lending products, such as micro-business loans. Bridgeway has already developed a "credit builder" loan and "down payment builder" loan--and has offered personal loans as alternatives to payday loans.
Bridgeway FCU's branch managers and frontline employees will complete financial counseling training, which starts in January. It then will develop additional partnerships with local non-profits to reach underbanked or underserved individuals.

"Since we are the only CDFI-certified financial institution in our area, individuals who need our resources will have greater access that comes along with the capacity building of CDFI certification and U.S. Treasury funding," Bridgeway FCU President/CEO Michelle McCourt said. "As a partner, we can achieve more together than operating individually. By combining our efforts with partners, we will enhance the financial and social well-being of our communities."

CU Strategic Planning assisted the credit union with its application.
RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
14 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
15 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
15 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
16 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
17 hours ago