ALEXANDRIA, Va.—A credit union to serve New York City police officers has finally received its charter—almost seven years after its initial projected launch date.
NCUA’s Office of Consumer Protection granted a charter to The Finest Federal Credit Union to serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in New York City.
The credit union is the first new federal charter in the state of New York since 2009, and the first new federally chartered credit union of 2015.
“It’s always satisfying to see a new credit union launched, and I’m sure the future members of The Finest Federal Credit Union will appreciate the access to affordable financial services,” NCUA Board Chairman Debbie Matz said. “I commend everyone who helped organize this credit union and brought it through the chartering process.”
The credit union’s headquarters will be located in Manhattan, and it expects to hold a grand opening in May, NCUA stated. The Finest will share branches with Greater Metro FCU, located in Queens.
Originally, organizers had set a target date of May 2008 for opening of The Finest, at that time expected to be co-located in Consumers FCU branches in Brooklyn, Manhattan, Queens, and the Bronx.
The Finest, which has received a low-income credit union designation, is being supported by the New York Police Department and received its initial capital from AmTrust Financial Services, Inc., an $11.3-billion entity providing property and casualty insurance to small businesses.
NCUA’s Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to assist the new credit union.