Today, Congressman Jim Himes (CT-04) announced that Members Credit Union will receive a $125,000 grant from the U.S. Department of the Treasury, Community Development Financial Institutions (CDFI) Fund. Members Credit Union has received national recognition, including the Juntos Avanzamos (Together We Advance) designation in 2017, for it’s outreach to the Hispanic community. The grant will increase Fairfield County residents’ access to the Members Credit Union by placing an ATM in Stamford.
“Ensuring Connecticut residents have access to their financial institutions will make it easier for constituents to access resources and the financial tools needed during this time.” said Himes. “The pandemic has disproportionately hurt Hispanic Americans across the country, so it is especially important that Members Credit Union will use this grant for essential outreach. I look forward to working with Members Credit Union and other community organizations to combat the economic consequences of COVID-19.”
“Since becoming a Juntos Avanzamos credit union, our outreach in Stamford has exceeded our expectations,” said Kathy Chartier, President of the Members Credit Union. “We offer financial counseling and no cost/low cost financial savings and loan services to Hispanic immigrants, both documented and undocumented. We have learned that while we are meeting their counseling and borrowing needs it is difficult for them to use our transaction services. Many are paid in cash and it is difficult for them to come to our only location in Cos Cob to make their deposits. We received this grant for the purpose of placing a deposit taking ATM in an area of Stamford that is convenient for our immigrant and low income members, to make cash deposits into their Members Credit Union account and take full advantage of our services. We are grateful for this opportunity to better serve our Stamford members who depend on us to improve the quality of their financial lives.”
According to Members Credit Union, the organization was started in Greenwich in 1935 and became a community credit union in 2002. Click here to learn more about Members Credit Union.
According to the Department of Treasury, the CDFI Program Technical Assistance Grant will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation. For the Fiscal Year (FY) 2020 funding round of the CDFI Program, 127 organizations received awards totaling $15.8 million. Click here to learn more about the CDFI Program Technical Assistance Grant.