Diocesan Credit Union
Start Up Capital Pledges Secured
The following is an updated version of the report of the Credit Union Task Force to the 239th Diocesan Convention in November 2015.
At this time, we have secured pledges for the necessary startup capital of $500,000 to begin the chartering process. We are extremely grateful for the leadership of Bishop Dietsche and the Diocese of New York, as well as the parish of Trinity Church, Wall Street, for their generosity in securing these startup funds. The Credit Union Task Force saw acquiring these funds as the primary challenge, and we are delighted to report that this hurdle has been passed.
Once that capital is in hand, we will have three goals for 2016:
- To begin the technical process of receiving a state or federal charter to create the Credit Union. That process will likely take about one year.
- To approach parishes and individuals about making pledges for initial long-term (three year) deposits upon receiving the credit union charter. These deposits will be federally insured up to $250,000.
- To seek and find additional leadership from around the Diocese of New York to help us through these next steps. We are particularly looking for:
- People with professional ties to Community Reinvestment Act departments in major banks
- Administrators and regulators of financial institutions
- People who have public relations experience and an interest in community banking
- Parishes and individuals with the ability to make significant deposits and invite friends to join the credit union
If you are such a person, or represent such a parish, please send contact information to the Rev. Jennifer Reddall as soon as possible at [email protected], so that she can develop a list of interested parties for the Credit Union Task Force.
When our Credit Union is up and running, we will be able to provide accessible banking services to all the people who come through our doors as part of our ministry, including the up to 30% of New Yorkers who are unbanked. In addition to providing access to banking services for those who are currently priced out of the banking system by high fees and balance requirements, we will be able to help transform the lives of individuals who seek credit, so that they may better realize their human and financial capital.
…to provide accessible banking services to all the people who come through our doors as part of our ministry…