Credit Unions Serve Episcopal Communities in Los Angeles, New York
Episcopal News Service. April 15, 2005 [041505-1-A]
A credit union can play an important part in a family's or a person's life -- sometimes it provides financial education, sometimes it helps purchase a much needed car.
Several churches in the Diocese of New York have already created credit unions to serve their people and the diocese itself is well underway in establishing a credit union. The Diocese of Los Angeles established an Episcopal Community Federal Credit Union in 1992 after receiving funding from Episcopal Relief and Development.
St. Martin's Church on Lenox Avenue in Manhattan was the first to open a credit union in the Diocese of New York in 1937. St. Martin's credit union has had 333 members and more than $575,000 in assets.
The largest credit union in the diocese was established by St. Phillip's Church in Manhattan in 1951. It has had nearly $1.8 million in assets, and 444 members through the years.
In 1979, the Harlem Heights Credit Union was established at Church of the Intercession on 155th Street in Manhattan. It has assets of more than $155,000 and as had 263 members from the beginning.
It was no accident that three churches in Harlem decided to open credit unions. It was common practice for commercial banks to ignore the needs of African-American communities. This "red-lining," as it was usually called, finally drew a response from the federal government in 1977, when the Community Reinvestment Act was passed.
The proposed Diocesan Credit Union will not replace these three church-based credit unions, and the members of the steering committee for the Diocesan start-up intend to consult the leaders of the Harlem credit unions for advice and guidance.
A list of questions and answers -- including Spanish translations -- relating to the Diocese of New York's proposed credit union can be found online at: http://www.episcopalchurch.org/3577_61344_ENG_HTM.htm.
The Episcopal Community Federal Credit Union in Los Angeles provides financial services in a professional, personal environment. It is a very diverse credit union with 40 percent of its membership being Latin American, 20 percent African American, 20 percent Caucasian, and 10 percent of other ethnic groups.
Further information about the Episcopal Community Federal Credit Union in Los Angeles can be found online at: http://www.ladiocese.org/creditunion.