If everything goes according to their plans, organizers of the ERDA Federal Credit Union will open the doors April 26 on the first credit union chartered under the Obama administration.
But in order for that to happen, the organizers have mounted a campaign to get 90 people or institutions in a 90-day period to donate $1,000 to the effort. The credit union has already raised $44,000 from 26 donors and has 46 days to raise the remaining $46,000 to meet the self-imposed deadline.
Sponsored by the East River Development Alliance, the ERDA FCU will be the first CU founded with a majority of founding members from ethnic minorities ever in the New York City Borough of Queens, according to the organization.
Donors to the 90-day campaign effort include United Nations FCU, Bethpage FCU, Melrose Credit Union, First American FCU, AmeriCU, Sperry Associates FCU, University of Wisconsin Oshkosh Credit Union, Delaware Police FCU, Visions FCU and the New York Credit Union Foundation.