HACKENSACK, N.J. — A community organization has been working to establish a new community development credit union in New Jersey. If they succeed, the new CU will be the first in the state in 11 years, according to the New Jersey Credit Union League.
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 on its charter submission to the NCUA and has helped train the new CU's 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 league 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."
In an effort to ensure the new credit union gets all the support it needs to succeed, the New Jersey league board of directors recently voted to waive the league dues for its first two years of membership. The league will continue to work with Bergen County CAP, including reviewing its revised business plan, to successfully obtain its charter from NCUA.
"We are grateful for the help of NJCUL and look forward to completing the final steps pursuant to opening our credit union's doors to those in Bergen County who are anxious to be served by this exciting new entity," said 1st Bergen FCU Board Chairman Dr. DeGiulio. DeGiulio also serves as the chief operating officer of the Bergen County CAP.
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