Just as it might feel in the beginning stages of any business,making a large investment of time and money to launch a new creditunion can seem like a gamble for everyone involved. The founders ofthese five newbies have made it past that initial nerve-wrackingperiod and are now watching their babies slowly grow, whilecontinuing to work toward their goals for the institution. Clickthrough the slideshow to read the stories of five credit unionschartered in the past five years.
ERDA Federal Credit Union ($700,000, Long Island City,N.Y.)
The East River Development Alliance, a non-profit organizationin Long Island City, N.Y., created ERDA FCU opened in 2010 to serve low-income individuals livingin Queens Districts 1 and 2 in New York City. The founder andpresident of both the credit union and ERDA, Bishop Mitchell G.Taylor, said ERDA FCU helps fulfill four key needs of theseunderserved Queens communities: employment services, financialeducation and counseling, access to a college education andcommunity economic revitalization.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
