NEW YORK — A community development credit union chartered in 2000 has opened its first branch in a significantly underserved part of New York City.

The now $7.3 million Brooklyn Cooperative Federal Credit Union is the youngest CDCU in New York City and has grown to serve almost 4800 members through its original location in the Bushwick section of Brooklyn. The new branch is located in the famously underserved area of Bedford-Stuyvesant.

The May 17 branch opening drew members of Congress as well as the state legislature and New York City city council. Donna Gambrell, Director of the U.S. Treasury's Community Development Financial Institution's Fund also came to deliver a CDFI grant check for almost $400,000.

Cliff Rosenthal, President and CEO of the National Federation of Community Development Credit Unions, described Brooklyn Cooperative FCU as “one of the most successful start-up credit unions of the last decade anywhere in the country. We were delighted to see the strong support from key legislators both for the CDCU, but also for the CDFI movement in general.”