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New CDCU in Long Island City thanks federation
LONG ISLAND CITY, N.Y. (12/23/09)--The East River Development Alliance (ERDA) is thanking the National Federation of Community Development Credit Unions for helping the group obtain a federal charter for a community development credit union (CDCU) that will open next year in Long Island City, N.Y. The federation has worked with ERDA for five years to get the CDCU chartered. The CDCU will be the first chartered in the region since 2000. The federation also committed $100,000 to the CDCU. “The launch of our credit union will embed a culture of ownership and savings in public housing neighborhoods in Western Queens,” said ERDA President/CEO Bishop Mitchell E. Taylor. “We believe that this is a replicable model for change in other public housing neighborhoods nationwide.” ERDA--a non profit that supports credit union organizers--targets communities with average incomes below $24,000. The New York City average income is $39,000, and the U.S. average income is $43,600. ERDA organizers plan to hold a press conference about the CDCU soon. First Bergen FCU, Hackensack, N.J., also was chartered this year with help from the federation. “Chartering of new credit unions has unfortunately become a rare event--only two new federal charters this year, both of them CDCUs,” said federation President/CEO Cliff Rosenthal. “This is one of our major areas of concern, and one which we are vigorously advocating with the National Credit Union Administration.”
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