BOSTON—A tiny CU here has been criticized by the Massachusetts Division of Banks for not doing more to expand its membership.
As part of the regulator’s review of Pressers Union Local 12 ILGWU Credit Union’s Community Reinvestment Act compliance—state-charters in Massachusetts must demonstrate CRA compliance—the regulator gave the credit union a “needs to improve” CRA rating, according to Banker & Tradesman.
Pressers Union Local 12 ILGWU CU has just 53 members and $118,000 in assets as of its most recent NCUA 5300, with one office in Boston’s Chinatown district. It serves Pressers Union Local 12 International Lady Garment Workers, which now uses the name New England Joint Board UNITE HERE, as well as their immediate family members.
According to Banker & Tradesman, the number of employees within the CUs potential field of membership has grown substantially as the result of a series of mergers with other unions representing textile workers and hotel and restaurant employees, the regulator said in its review. But the credit union has not reflected that growth, the regulator said, and is thereby “not meeting the credit needs of its membership base.”