Question 1

What is New Covenant Dominion Federal Credit Union (NCDCU)?

Accepted Answer

New Covenant Dominion Federal Credit Union (NCDCU) is a faith-based, community development federal credit union serving the Bronx, Brooklyn, and Westchester County in New York. With approximately $4.4 million in assets and 660 members, this mission-driven credit union focuses on developing economic stability and financial literacy within underserved communities. As a certified Community Development Financial Institution (CDFI), minority depository institution, and low-income designated credit union, NCDCU provides financial services to churches, nonprofits, and community-based organizations.

Question 2

When was New Covenant Dominion Federal Credit Union (NCDCU) founded?

Accepted Answer

New Covenant Dominion Federal Credit Union was chartered on March 23, 2007 by the National Credit Union Administration. The credit union was founded by the leadership of New Covenant Faith and Miracle Arena, Inc., a church in the South Bronx. Recognizing the need to address intergenerational cycles of poverty in their community, the church launched a three-pronged approach that included opening schools, developing a community center, and establishing a credit union to promote economic development.

Question 3

Where is New Covenant Dominion Federal Credit Union (NCDCU) headquartered?

Accepted Answer

New Covenant Dominion Federal Credit Union is headquartered in the Bronx, New York. The main office is located at 1185 Boston Road, Bronx, NY 10456. The credit union recently relocated to a new 1,500-square-foot facility featuring two member service desks, a financial counseling conference area, and an attractive facade designed to welcome prospective members.

Question 4

Where does New Covenant Dominion Federal Credit Union (NCDCU) operate?

Accepted Answer

New Covenant Dominion Federal Credit Union operates throughout the Bronx, Brooklyn, and Westchester County in New York. The credit union serves a multiple common bond membership that is primarily faith-based, including members of churches, nonprofits, and other community-based organizations. While it initially served only congregation members of New Covenant Faith, NCDCU has expanded to serve other churches and community organizations throughout its service area.

Question 5

What services does New Covenant Dominion Federal Credit Union (NCDCU) offer?

Accepted Answer

New Covenant Dominion Federal Credit Union offers a comprehensive range of financial services and programs, including:

Checking and Savings Accounts: Basic deposit accounts with free ATM access through Citi ATM locations for members.

Loan Products: Personal consumer loans, small business loans, vehicle loans, and special programs like the NYS ESD Business Loan Program.

Financial Education: Free financial counseling and money-management training to help members make better financial decisions.

Digital Banking: Online and mobile banking services allowing members to access accounts and manage finances from anywhere.

Certificate Accounts: "Invest in Yourself" CD products offering competitive returns on savings.

All services are designed with the goal of teaching wise money-management skills and improving members' overall financial well-being.

Question 6

What makes New Covenant Dominion Federal Credit Union (NCDCU) unique?

Accepted Answer

New Covenant Dominion Federal Credit Union is distinguished by its mission-driven approach to community development. As a CDFI-certified, low-income designated, minority depository institution, NCDCU focuses on serving forgotten and underserved neighborhoods in the South Bronx.

The credit union received its CDFI certification in December 2019, positioning it to access significant federal relief dollars during the COVID-19 pandemic. This funding enabled NCDCU to expand its staff from two employees to four, invest in technology, shift to digital banking, and quadruple its lending volume. Under CEO Rachel Macarthy's leadership since 2021, the credit union has transformed from primarily serving church members to welcoming the broader community, with 80% of new accounts opened in recent months belonging to non-church members.

The credit union's strong return on average assets of 7.76% and net worth ratio of 33.23% demonstrate impressive financial performance while maintaining its community-focused mission. NCDCU exists not to make a profit, but to help people develop economic stability and financial capability.

Question 7

What type of financial institution is New Covenant Dominion Federal Credit Union (NCDCU)?

Accepted Answer

New Covenant Dominion Federal Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). It holds several important designations that reflect its mission:

Community Development Financial Institution (CDFI): Certified in 2019, enabling access to federal funding to serve underserved communities.

Low-Income Designated Credit Union: Recognized for serving predominantly low-income communities.

Minority Depository Institution (MDI): A black-led credit union serving minority communities.

The credit union operates with a multiple common bond membership structure, primarily faith-based, serving churches, nonprofits, and community organizations in the Bronx, Brooklyn, and Westchester County. Members are also part-owners with democratic control through volunteer board leadership.

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