The National Federation of Community Development Credit Unions is celebrating the inauguration of a new CDCU, this one on Long Island, N.Y.
The NCUA announced earlier in December it will issue a low-income charter to the East River Development Alliance organizing group that is building support for the CDCU.
The National Federation said it has been working with ERDA organizers since the project began, providing market analyses and feasibility studies; developing educational and marketing materials to secure deposit pledges; facilitating strategic planning and business plan development; and guiding organizers through NCUA's extensive chartering process.
Recommended For You
From start to finish, the National Federation said, the organizing process took more than five years.
"ERDA is extremely grateful to Cliff Rosenthal and the Federation staff, with special thanks to Director of Technical Assistance Brian Gately, for the support and expertise they have provided to us as we advanced through our organizing journey," said ERDA CEO Bishop Mitchell E. Taylor. "We are proud to be the first CDCU chartered in our region since 2000, and to be able to bring affordable and relevant financial services to the public housing neighborhoods where ERDA currently operates. We are very much looking forward to officially joining the ranks of CDCUs doing amazing work across the country."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
