The NCUA approved a charter for the East River Development Alliance Federal Credit Union in Queens, N.Y.
It will be a low-income credit union and is scheduled to open next April and serve approximately 323,000 people who live, work, worship, volunteer, or attend school in, and businesses and other legal entities located in Queens Districts 1 and 2 in New York City.
Initially, the credit union plans to offer regular shares, club accounts, share certificates, personal loans, credit builder loans, credit repair loans, and share secured loans. It will also provide direct deposit, ACH, money orders and check cashing services.
The credit union was organized by the East River Development Alliance located in Long Island, N.Y.