New York Episcopal FCU Plans 2023 Opening

The NCUA said Thursday it granted a federal charter and Share Insurance Fund coverage to New York Episcopal Federal Credit Union in the New York City borough of Bronx.

The new cooperative was the third federal credit union to be chartered this year. In 2021, the federal agency granted four federal charters.

New York Episcopal will be led by President/CEO Robert Jacobs, serving members, parishioners, students and employees of the Episcopal Diocese of New York, including churches, schools and recognized charitable organizations under the management or sponsorship of the diocese or its parishes.

The diocese was founded in 1785 and currently encompasses 193 congregations and 50,000 members throughout the Bronx, Manhattan, Staten Island and seven New York state counties.

The NCUA said the credit union will focus on meeting the needs of low- and moderate-income members and provide financial education.

“The creation of New York Episcopal Federal Credit Union means members, especially those of modest means, will now have greater access to safe, fair and affordable financial products and services,” NCUA Chairman Todd M. Harper said in a prepared statement. “Faith-based credit unions play a vital role in supporting their communities, and this new credit union continues that tradition. Through financial education and savings products, the organizers of New York Episcopal will put their members on a path to financial security and success. I commend the credit union’s sponsors for making their vision a reality.”

Though the credit union’s charter became effective on Nov. 7, its doors won’t open for business until early 2023, according to the NCUA.

In addition to its main office in the Bronx, New York Episcopal plans to operate an office in the Financial District of Lower Manhattan.

When the credit union opens next year, it plans to offer members basic savings and lending products, and online banking access.