Diocesan Credit Union

At Diocesan Convention in 2004, the Diocese of New York passed a resolution calling for the establishment of a Credit Union to serve those who participate in the ministries of the Diocese. It was not possible to initiate this important work in that time. The Diocesan Convention meeting in 2014 affirmed the 2004 resolution and a Task Force was appointed to explore the possibilities for chartering a Credit Union for the Diocese. That Task Force is now called the Organizing Committee of the New York Episcopal (Federal) Credit Union.

Completed as of November of 2017

• Decision after research to launch the chartering process.
• Decision to pursue a federal charter rather than a state charter.
• Approval of a name: New York Episcopal (Federal) Credit Union
• Received pledges of $500,000 in founding capital from the Bishop of New York and Trinity Church Wall Street.
• Approval from the National Credit Union Administration (NCUA) of the field of membership of those participating in the ministries of the Diocese of New York.
• A survey of prospective members of the NYEFCU.
• Launch of campaign for pledges for founding, long-term deposits and donations to capital.

Tasks for 2018 include

• Reporting the results of the prospective members survey to the NCUA as required for the chartering process.
• Soliciting at least $2 million in founding long term deposit pledges from institutions and individuals to effectively launch the credit union.
• Organizing and launching the committees required by the NCUA for the next stages of the chartering process.

How you can get involved:

• If you would like to join our email list for updates, please send an email to friends@nyepiscopalcreditunion.org
• If you believe you bring expertise to this next stage of work in the areas of administration, public relations, finance, commercial banking, credit union management, or facilitating working groups, that you contact us at organizers@nyepiscopalcreditunion.org The Committee will take the liberty of appointing the working committees for maximum efficiency and impact, so please do not be offended if you are not appointed to a committee immediately, and know that we do need your prayers.
• If you would like to have representatives from the Credit Union make a presentation to your Vestry or Investment Committee about making a parish pledge of capital or a long-term deposit, please email us at organizers@nyepiscopalcreditunion.org, and if you would like brochures or pledge cards we will be happy to send them to your parish.

We will need all of us, eventually, to build a financial institution worthy of our great legacy as potential as a diocese. We will post updates on this website as we make progress.