Community Good Episcopal Federal Credit Union
Background
Overview
Community Good Episcopal Federal Credit Union, formerly known as New York Episcopal Federal Credit Union, is a member-owned, federally insured financial institution established by the Episcopal Diocese of New York. Chartered in November 2022 and officially launched in February 2024, the credit union is dedicated to providing fair and affordable financial services to the Diocese of New York and its extended community.
Mission and Vision
The credit union's mission is to help low- and moderate-income members improve their economic and social conditions by offering inclusive financial services. It is committed to financial inclusion, providing tools and services that assist individuals and families in achieving their goals and building lasting stability. Guided by compassion, accountability, and shared values, Community Good Episcopal Federal Credit Union aims to create pathways to economic opportunity for its members.
Primary Area of Focus
The credit union focuses on serving members, parishioners, students, and employees of the Episcopal Diocese of New York, including churches, schools, and recognized charitable organizations under the management, control, or sponsorship of the diocese or its parishes. It emphasizes meeting the needs of low- and moderate-income members and providing financial education.
Industry Significance
As a faith-based financial institution, Community Good Episcopal Federal Credit Union plays a vital role in supporting its community by offering an alternative to traditional banking systems. It aims to address financial inequality and promote economic justice, particularly for those who have been traditionally marginalized or underserved.
Key Strategic Focus
Core Objectives
- Financial Inclusion: Provide accessible and affordable financial services to low- and moderate-income individuals.
- Financial Education: Offer resources and programs to enhance financial literacy among members.
- Community Empowerment: Support economic development and stability within the Episcopal Diocese of New York and its affiliated communities.
Specific Areas of Specialization
- Affordable Banking Services: Offer no-minimum checking accounts, savings accounts with low minimum balances, and share certificates.
- Personal Loans: Provide unsecured emergency loans and share-secured loans tailored to members' needs.
- Financial Education Programs: Conduct seminars and workshops to improve financial literacy and empower members to make informed financial decisions.
Key Technologies Utilized
- Online and Mobile Banking Platforms: Enable members to access accounts, transfer funds, and manage finances conveniently.
- Shared Branching Networks: Partner with Xtend Shared Branching and Co-op/Velera Shared Branching to offer nationwide access to accounts.
Primary Markets or Conditions Targeted
- Low- and Moderate-Income Individuals: Focus on providing financial services to those who may not have access to traditional banking.
- Members of the Episcopal Diocese of New York: Serve parishioners, clergy, staff, and affiliated organizations.
- Underserved Communities: Address the needs of marginalized groups, including asylum seekers and migrants.
Financials and Funding
Funding History
- Initial Capitalization: The credit union was established with an initial investment of $500,000, comprising $250,000 from the Diocese of New York and $250,000 from Trinity Church Wall Street.
- Additional Fundraising: An ongoing fundraising drive aims to secure an additional $300,000 to cover the first five years of operating expenses, including staffing, office supplies, and computer technology.
Financial Performance
- Assets: As of June 30, 2025, the credit union reported total assets of approximately $531,887.
- Membership: The credit union serves approximately 374 members.
- Net Income: For the period ending June 30, 2025, the credit union reported a net loss of $35,187.
Pipeline Development
Key Pipeline Candidates
As a newly established credit union, Community Good Episcopal Federal Credit Union is in the early stages of developing its service offerings. The initial focus is on providing basic savings and lending services, including:
- Share Accounts: Basic savings accounts for members.
- Share Draft Accounts: Checking accounts with no minimum balance requirements.
- Share Certificates: Fixed-term deposit accounts with competitive interest rates.
- Personal Loans: Unsecured emergency loans and share-secured loans.
- Auto Loans: Loans for purchasing new and used vehicles.
- Financial Education Programs: Seminars and workshops to enhance financial literacy.
Stages of Development
- Charter Approval: Received federal charter and Share Insurance Fund coverage from the National Credit Union Administration (NCUA) in November 2022.
- Operational Launch: Commenced operations in early 2023, with plans to expand services and membership.
Target Conditions
The credit union aims to address financial needs within the Episcopal Diocese of New York, focusing on low- and moderate-income individuals and underserved communities.
Anticipated Milestones
- Service Expansion: Gradual introduction of additional financial products and services based on member needs and financial sustainability.
- Membership Growth: Increase in membership through outreach and community engagement efforts.
- Financial Sustainability: Achieve operational self-sufficiency within the first five years of operation.
Technological Platform and Innovation
Proprietary Technologies
The credit union utilizes online and mobile banking platforms to provide members with convenient access to their accounts and financial services.
Significant Scientific Methods
While specific scientific methodologies are not detailed, the credit union employs data-driven approaches to assess member needs and tailor financial products accordingly.
AI-Driven Capabilities
There is no specific information available regarding the use of AI-driven capabilities within the credit union's operations.
Leadership Team
Key Executives
- Steven Lee: Chief Executive Officer (CEO).
- Winnie S. Varghese: Chairperson of the Board.
Professional Backgrounds and Key Contributions
- Steven Lee: Serves as the CEO, overseeing the credit union's operations and strategic direction. He leads the credit union in its mission to provide inclusive financial services to the community.
- Winnie S. Varghese: As Chairperson, provides leadership and governance to the credit union's board, guiding it to ensure alignment with its mission and values.
Leadership Changes
No significant leadership changes have been reported since the credit union's establishment.
Competitor Profile
Market Insights and Dynamics
The credit union operates in a competitive financial services market in New York, with numerous institutions offering similar services. The market is characterized by a mix of large, established credit unions and smaller, community-focused institutions.
Competitor Analysis
- Hudson Valley Credit Union: One of the largest credit unions in New York, with over $7 billion in assets and more than 300,000 members.
- FourLeaf Federal Credit Union: A large credit union with over 480,000 members and assets exceeding $13 billion.
- AmeriCU Credit Union: Serves over 160,000 members with assets over $2 billion.
Strategic Collaborations and Partnerships
Community Good Episcopal Federal Credit Union has partnered with Xtend Shared Branching and Co-op/Velera Shared Branching to offer nationwide access to accounts, enhancing convenience for members.
