wfn.org | [ENS] Credit Unions serve Episcopal communities in Los Angeles,

["Matthew Davies" <mdavies@episcopalchurch.org>]

Daybook, from Episcopal News Service

April 15, 2005 -- Friday Forum

Credit Unions serve Episcopal communities in Los Angeles, New York

[ENS, Source: Episcopal New Yorker] -- A credit union can play an
important
part in a family's or a person's life -- sometimes it provides financial
education, sometimes it helps purchase a much needed car.

Several churches in the Diocese of New York have already created credit
unions to serve their people and the diocese itself is well underway in
establishing a credit union. The Diocese of Los Angeles established an
Episcopal Community Federal Credit Union in 1992 after receiving funding
from Episcopal Relief and Development.

St. Martin's Church on Lenox Avenue in Manhattan was the first to open a
credit union in the Diocese of New York in 1937. St. Martin's credit
union
has had 333 members and more than $575,000 in assets.

The largest credit union in the diocese was established by St. Phillip's
Church in Manhattan in 1951. It has had nearly $1.8 million in assets,
and
444 members through the years.

In 1979, the Harlem Heights Credit Union was established at Church of
the
Intercession on 155th Street in Manhattan. It has assets of more than
$155,000 and as had 263 members from the beginning.

It was no accident that three churches in Harlem decided to open credit
unions. It was common practice for commercial banks to ignore the needs
of
African-American communities. This "red-lining," as it was usually
called,
finally drew a response from the federal government in 1977, when the
Community Reinvestment Act was passed.

The proposed Diocesan Credit Union will not replace these three
church-based
credit unions, and the members of the steering committee for the
Diocesan
start-up intend to consult the leaders of the Harlem credit unions for
advice and guidance.

A list of questions and answers -- including Spanish translations --
relating to the Diocese of New York's proposed credit union can be found
online at: http://www.episcopalchurch.org/3577_61344_ENG_HTM.htm.

The Episcopal Community Federal Credit Union in Los Angeles provides
financial services in a professional, personal environment. It is a very
diverse credit union with 40 percent of its membership being Latin
American,
20 percent African American, 20 percent Caucasian, and 10 percent of
other
ethnic groups.

Further information about the Episcopal Community Federal Credit Union
in
Los Angeles can be found online at:
http://www.ladiocese.org/creditunion.

___________________________
To SUBSCRIBE to enslist, send a blank email message, from the address
which
you wish subscribed, to: join-enslist@epicom.org

Send QUESTIONS OR COMMENTS to news@episcopalchurch.org.

The enslist is published by Episcopal News Service:
www.episcopalchurch.org/ens