Beulah Federal Credit Union
Encyclopedia
Beulah Federal Credit Union is a faith-based
financial institution
that is owned and operated by the Beulah Church of the Nazarene
in Brooklyn, New York. It received its charter from the National Credit Union Administration
(NCUA) on October 19, 2007, with the mission to serve the church’s 933 members. It also received NCUA low-income designation, which enables it to accept deposits from non-members and to qualify for loans and technical assistance through the NCUA Community Development Revolving Loan Fund Program.
In creating the credit union
, the church leadership noted it would focus primarily on financial counseling, savings programs and loans.
In its first six months of operation, the credit union accumulated US$11,874 in assets.
Faith-based
The term faith-based is a neologism , mostly current in US English, to describe any organization or government idea or plan based on religious beliefs, specifically Christian beliefs....
financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
that is owned and operated by the Beulah Church of the Nazarene
Church of the Nazarene
The Church of the Nazarene is an evangelical Christian denomination that emerged from the 19th century Holiness movement in North America with its members colloquially referred to as Nazarenes. It is the largest Wesleyan-holiness denomination in the world. At the end of 2010, the Church of the...
in Brooklyn, New York. It received its charter from the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) on October 19, 2007, with the mission to serve the church’s 933 members. It also received NCUA low-income designation, which enables it to accept deposits from non-members and to qualify for loans and technical assistance through the NCUA Community Development Revolving Loan Fund Program.
In creating the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
, the church leadership noted it would focus primarily on financial counseling, savings programs and loans.
In its first six months of operation, the credit union accumulated US$11,874 in assets.