HACKENSACK, NJ — The New Jersey Credit Union League hopes the organizers of a new community development credit union (CDCU) will break an 11 year drought in the chartering of new CUs in the state.
Bergen County Community Action Partnership has 40 years of history providing services and education to residents of Bergen County and, as part of its effort, has begun to organize a credit union. The new CU, which will be federally chartered, would be called 1st Bergen Federal Credit Union.
The New Jersey League has been working with the organization with its charter submission to the NCUA and has helped train the new CUs board and provided guidance in strategic planning.
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"We are excited for Bergen County CAP and the potential benefits the new credit union would offer its recipients. The credit union charter is a great vehicle to serve low-and moderate-income individuals. Credit unions are tax-exempt and able to provide better savings rates and lower fees than other financial institutions," said NJCUL CEO Paul Gentile. "Part of the core mission of the credit union movement is to serve the underserved, so we see a great opportunity for Bergen County CAP."
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