NEW YORK—America’s newest credit union has opened its doors.
The Finest FCU, chartered to serve New York City’s law enforcement community, is now operating.
It has a potential FOM of more than 74,000 employees of federal, state, county and municipal agencies and departments engaged in police protection. The credit union was issued its charter in February of this year.
NCUA Chairman Debbie Matz was among those issuing a statement of congratulations during a ribbon-cutting at The Finest Federal.
“Credit unions are about community,” Matz said, “and I can’t think of a tighter-knit or more deserving community than those who wear law enforcement uniforms. Credit unions see neighbors, not numbers. They are more concerned with people than profit. Having grown up in the 47th precinct in the Bronx, and as the first New Yorker to chair the NCUA Board, it’s a tremendous honor to be here. The Finest Federal Credit Union has been chartered to specifically serve this city’s law enforcement officials, who often need specific financial services like loans to cover uniforms or equipment or, because their jobs are so dangerous, special insurance products. These are products for which financing is often not easily accessible.”
The ceremony took place on the 170th birthday of the New York City Police Department.
NYPD Detective Steven McDonald, who was shot on July 12, 1986 and remains the most seriously injured NYPD member to survive his injuries, will be the credit union’s first member.
NCUA reported that The Finest FCU received its initial capital from AmTrust Financial Services Inc.