wlm4 at cornell.edu (Will
04-18-1995, 05:26 PM
Community development credit unions (CDCUs) enjoyed a year of very strong
growth in 1994. As of the end of the year, the 120 members of the National
Federation of Community Development Credit Unions (NFCDCU) for which data
were available controlled $259 million in assets, and served 149,000 members
who held $155 million in loans from those credit unions. During 1994, these
credit unions granted a total of $96 million in new loans. All of these
figures represent increases of more than 10% from 1993, including increases
of nearly 16% in new loans granted and nearly 17% in loans outstanding.
More than 90% of the assets controlled by NFCDCU's member credit unions come
from the residents of the low- and moderate-income communities served by
these credit unions. Less than 9% of the assets controlled by these credit
unions came (in the form of non-member deposits) from investors from outside
of the communities served.
Loan delinquency at these credit unions was down to nearly 4.5% of
outstanding loans and loan losses were down to nearly 0.8% of outstanding
loans. Due in part to these figures, almost 90% of NFCDCU's member credit
unions had positive net income in 1994, and net capital (or equity) was up to
more than 8.6% of total assets.
CDCUs serve low- and moderate-income communities throughout the United
States, from South Central Los Angeles to Central Appalachia to the Navajo
Nation. CDCUs provide a full range of credit and financial services to
communities that are underserved by conventional financial institutions,
including personal loans, mortgages, small business loans, savings clubs and
accounts, check cashing, and checking accounts.
NFCDCU is the non-profit association for credit unions that serve
predominantly low-income communities. Headquartered in New York City, NFCDCU
has 125 member institutions in 35 states and the District of Columbia. It
provides training and technical assistance, national advocacy, capital
development, and special program development to CDCUs and groups seeking to
form CDCUs.
NFCDCU
120 Wall Street - 10th Floor
New York, NY 10005-3902
(212) 809-1850
(212) 809-3274 - Fax
NFCDCU@aol.com - E-Mail
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growth in 1994. As of the end of the year, the 120 members of the National
Federation of Community Development Credit Unions (NFCDCU) for which data
were available controlled $259 million in assets, and served 149,000 members
who held $155 million in loans from those credit unions. During 1994, these
credit unions granted a total of $96 million in new loans. All of these
figures represent increases of more than 10% from 1993, including increases
of nearly 16% in new loans granted and nearly 17% in loans outstanding.
More than 90% of the assets controlled by NFCDCU's member credit unions come
from the residents of the low- and moderate-income communities served by
these credit unions. Less than 9% of the assets controlled by these credit
unions came (in the form of non-member deposits) from investors from outside
of the communities served.
Loan delinquency at these credit unions was down to nearly 4.5% of
outstanding loans and loan losses were down to nearly 0.8% of outstanding
loans. Due in part to these figures, almost 90% of NFCDCU's member credit
unions had positive net income in 1994, and net capital (or equity) was up to
more than 8.6% of total assets.
CDCUs serve low- and moderate-income communities throughout the United
States, from South Central Los Angeles to Central Appalachia to the Navajo
Nation. CDCUs provide a full range of credit and financial services to
communities that are underserved by conventional financial institutions,
including personal loans, mortgages, small business loans, savings clubs and
accounts, check cashing, and checking accounts.
NFCDCU is the non-profit association for credit unions that serve
predominantly low-income communities. Headquartered in New York City, NFCDCU
has 125 member institutions in 35 states and the District of Columbia. It
provides training and technical assistance, national advocacy, capital
development, and special program development to CDCUs and groups seeking to
form CDCUs.
NFCDCU
120 Wall Street - 10th Floor
New York, NY 10005-3902
(212) 809-1850
(212) 809-3274 - Fax
NFCDCU@aol.com - E-Mail
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