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The National
Federation of Community Development Credit Unions (CDCUs) has released a report on the experience of eight prominent
CDCUs in using multi-part organizational structures to enhance the financial
and related services of credit unions serving the low-income market.
“Community Banking
Partnerships: Legal Structures that
Work” was released through a series of presentations on November 15 and 16 at
meetings of the Debt on our Doorstep Network and the National Association of
Credit Union Workers.
The study examines
the use of affiliate structures to help CDCUs gain access to better resources
and meet their ambitious social agenda without jeopardizing their status as
regulated financial institutions.
The eight CDCUs whose
cases are reported in the study are:
Alternatives FCU (Ithaca, NY)
Appalachian FCU (Berea, KY)
1st Delta FCU (Marks,
MS)
Hope Community FCU (Jackson, MS)
Neighborhood Trust
FCU (New York, NY)
Santa
Cruz
Community CU (Santa
Cruz, CA)
Self-Help CU (Durham, NC)
Opportunities Credit
Union (Burlington, VT)
Since the 1973, the Woodstock Institute has been involved in the formation and
development of credit unions, and has advocated for credit unions to work more
effectively to recruit members from lower- and moderate-income households. This report is another example of how
innovation and flexibility through structural affiliates can help credit unions
provide financial resources for households of all income levels.
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