Episcopal diocese establishes credit union to expand access to financial services
St. James’s Episcopal Church in the Bronx borough of New York serves about 500 people through its parish food pantry. Low-income households, like those receiving the pantry’s assistance, also typically use banks less than the general population. Soon, they and others with ties to the Episcopal Diocese of New York will have access to a range of financial services through a new entity called the New York Episcopal Federal Credit Union.
The credit union, a diocesan start-up ministry, received its federal charter in November. Now, its volunteer board is finalizing plans to launch operations and welcome its first members later this year.
Across the United States, federally insured credit unions function as member cooperatives—an alternative to for-profit banks. “The existing banking system is for the benefit of banking shareholders,” said Matt Oprendek, priest-in-charge at St. James’s, who is on the credit union’s inaugural board of trustees and has served as co-chair of the diocese’s credit union task force.
