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Bay Area CDCUs Get Some Media Attention

SAN FRANCISCO - Community Development Credit Unions in the San Francisco Bay area were featured recently in an article in the San Francisco Chronicle, the region's largest newspaper. A recent article on the work being done by area CDCUs focused on the efforts of brand new People's Community Partnership Federal...

By Staff Writer | Updated on September 16, 2003

SAN FRANCISCO – Community Development Credit Unions in the San Francisco Bay area were featured recently in an article in the San Francisco Chronicle, the region’s largest newspaper. A recent article on the work being done by area CDCUs focused on the efforts of brand new People’s Community Partnership Federal Credit Union, a $2.8 million dollar institution based in West Oakland, California with 800 members and the more established $8.5 million Northeast Community Federal Credit Union based in San Francisco, the $54 million Santa Cruz Community Credit Union, and the $8 million Mission Area Federal Credit Union based in San Francisco. The article focused on the credit unions’ work with low income residents in the mostly affluent San Francisco Bay area, and mentioned specifically Northeast’s small business lending. “Our underwriting has been flexible in recognizing nontraditional sources of revenue: The cash economy, tips, people who say they have `mattress money’ and show proof of it,” the paper quoted Northeast CEO Michael Chan.

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