Just days before the consecration of Bishop Coadjutor-elect Matthew Heyd on Ascension Day, Thursday, May 18, the New York Episcopal Federal Credit Union (NYEFCU) was officially launched at the campus of St. James Church in Fordham Manor. A coadjutor is a bishop appointed to assist a diocesan bishop and is also often designated as the bishop’s successor.

The Rt. Rev. Andrew ML Dietsche, the 16th Bishop of New York, and Heyd were present on the day to launch the credit union and ceremonially open the first accounts. They said it marked a major milestone in enhancing financial inclusivity for those who they described as the diocese’s marginalized and unbanked populations, and signified a new chapter in the church’s mission to promote justice and compassion in the world.

 

In the context of the launch, Dietsche said, “It is fitting that on the celebration of Ascension Day, we have gathered to bless the opening of the New York Episcopal Federal Credit Union. This credit union is not just another financial institution; it’s a lighthouse in the storm for those who have been left adrift by conventional banking systems.”

 

According to 2021 analysis by the Brookings Institution of financial institutions in Black majority communities, one example of this is that Black borrowers and depositors face considerable challenges in accessing banking services.

 

Dietsche added, “It’s our shared response, a tangible reflection of our faith in action. Through this credit union, we, the diocese and people of God, are transforming our faith into impactful deeds, providing everyone with the means to financial empowerment, regardless of their economic background. In doing so, we uphold the inherent dignity of each person, manifesting the love of God through our actions.”

 

For his part, Heyd said of the new credit union initiative, “We’re dedicated to economic justice and equity for all New Yorkers. Our faith teaches us that we’re to share our abundance with our neighbors. The new Episcopal Federal Credit Union represents an important way that we dedicate our resources for justice. It represents a heartfelt embrace of the under-banked, offering them not only a place in the financial world, but a fair shot at economic prosperity.”

 

Despite a countrywide underbanked rate of 4.5 percent in 2021, according to NYEFCU, New York State’s underbanked rate was higher at 5.9 percent. NYEFCU representatives said households falling into this category lack access to conventional banking facilities like checking or savings accounts, often resorting to alternatives like payday loans or check cashing services.

 

NYEFCU is governed independently by an elected board of directors, and its representatives said it represents a significant stride towards addressing this financial need. They said it also sets a significant tone for the forthcoming consecration of Heyd, as Bishop-elect.

 

The first branch of the NYEFCU is located next to St. James Church on Jerome Avenue, opposite Monroe College, in a new, mixed-use development, St. James Terrace, which, as reported, will house 102 affordable apartments, half of which are allocated for formerly homeless individuals.

 

In its inaugural year, NYEFCU representatives said the credit union aims to cater to the specific financial needs of its low to moderate-income members by offering an array of services. They said these include basic savings and lending facilities, such as share accounts, unsecured emergency loans, share draft accounts, and share certificates.

 

Additional services like direct deposit, online access, cashier’s checks, and money orders are also part of the plan, which representatives say demonstrates NYEFCU’s commitment to economic inclusivity.

 

NYEFCU’s representatives said the establishment of the credit union is a testament to the collaborative efforts of many dedicated individuals, committees, and activists who they said worked tirelessly to lay the foundation for its creation. They said the Bishop-elect, along with fellow leaders in the diocese, played a significant role in nurturing the credit union from its early stages as a diocesan start-up ministry, to its realization as a fully functioning institution “of service and hope.”

 

Heyd was consecrated on Saturday, May 20, at the Cathedral Church of St. John the Divine, located at 1047 Amsterdam Avenue in Harlem. Church representatives said he will ascend as the 17th Bishop of New York next year with a vision that includes the newly-launched credit union, alongside two other “healing initiatives,” described as “vital.” These are reparations and creation care, and they form the foundation of his episcopacy according to church representatives.

 

The representatives said such priorities “exemplify Heyd’s commitment to addressing systemic challenges, fostering a positive transformation, and embodying the principles of Christian love and justice in a meaningful and community-centric manner.”

Meanwhile, the Rt. Rev. Mary D. Glasspool, bishop assistant, said that as a diocese, members are committed to making a meaningful impact on the lives of those who she said have traditionally been marginalized and underserved. “That’s why the establishment and launch of our diocesan credit union is such a pivotal moment for us,” she said.

 

Glasspool added, “It’s not just about providing financial services; it’s about creating an inclusive space where everyone, irrespective of their financial standing, can feel valued and supported.” Glasspool went on to say that through the Moses Commission, the church’s commitment to reparations for slavery and its aftermath is being carried forward, and through the church’s efforts to reduce its carbon footprint, it is taking a stand on environmental justice.

 

“These initiatives are more than just programs or ideas,” Glasspool said. ‘They are a call to action, a call to embody the love and grace of God in the world.”

 

For his part, the Rev. Matt Oprendek, priest-in-charge of St. James Church and co-chair of the Credit Union Task Force, said that as a member of the inaugural board of trustees and co-chair of the task force, he was thrilled to see NYEFCU open its headquarters and first branch in The Bronx. “It’s a testament to our commitment to the local community and our mission to serve everyone in our field of membership, regardless of their financial circumstances,” Oprendek said.

 

He added, “The existing banking system often neglects the needs of those who are underserved and overlooked, and that’s why we’re excited to offer a financial institution that prioritizes the well-being of all its members. We look forward to empowering our neighbors in Fordham and throughout The Bronx, as well as the entire Diocese of New York, with the tools and resources they need to achieve financial stability, and thrive.”

 

Meanwhile, in his award-winning book, “The Unjust Steward,” featured in a promotional video for the launch of the credit union, Miguel Escobar said stewardship went beyond wealth management. “It is about using our assets to empower and support those in need,” he said.

 

Escobar added, “Through the NYEFCU, the diocese has an incredible opportunity to alleviate debt, walk alongside marginalized communities, and foster economic development. The Bible teaches we all have a moral imperative to help liberate people from poverty and economic bondage. We can use money as a tool for justice, and thus fulfill our calling to be faithful servants of God, not servants of wealth.

 

Part of the worldwide Anglican Communion, the Episcopal Diocese of New York encompasses The Bronx, Manhattan, Staten Island, Westchester, Rockland, Putnam, Dutchess, Orange, Ulster and Sullivan counties according to its representatives, who added that the diocese embraces a lively community of faith, fellowship, service and spiritual commitment across almost 200 congregations and 50,000 members.

 

At its heart stands the Cathedral Church of St. John the Divine, described by church representatives as a house of prayer for all people, an instrument of church unity, a center of intellectual light, and the seat of Dietsche. On Dec. 3, 2022, the diocese elected Heyd as its next bishop.

 

Church representatives said the journey towards establishing the NYEFCU began in 1990 when the Diocese of New York committed 10 percent of donations to its endowment funds to economic justice efforts, and created a task force to recommend projects.

 

Despite initial discussions and resolutions in 2003 and 2004, church representatives explained that the credit union’s development was slow. They said it wasn’t until 2014 when the diocesan convention voted “to authorize the establishment of a task force to prepare a charter and solicit initial grants and deposits to establish the Episcopal Diocese of New York Credit Union.”

 

As reported, the gradual closure of several established bank branches in The Bronx has indeed caused it to become something of a financial services desert, despite the opening of some new banks like Ridgewood which, for example, opened a new branch in Norwood in September 2021.

 

Click here to read our previous story on efforts to improve financial literacy in The Bronx and click here for a separate story which asks, “Will Credit Unions Solve the Affordable Financial Services Crisis?”

 

As reported, at public meeting billed as a “Boroughwide Town Hall on Public Banking,” on May 11, representatives from ten Bronx-based groups joined various elected officials to push for State and City legislators to build upon efforts to promote worker-owned businesses, increase community land trusts, and facilitate access to more local credit unions as an alternative to big commercial banks.

 

Meanwhile, the movie The Bank of Dave is based on the true-life experiences of Englishman Dave Fishwick, and tells the story of how a working-class, Burnley man in the heart of the UK fought the establishment to set up a community bank and become a self-made millionaire.