Congressman Brian Higgins (NY-27) announced the Southern Chautauqua Federal Credit Union has been awarded a $1,126 grant by the National Credit Union Administration. This technical assistance grant under the Staff, Official and Board Member Training Program Grant Initiative is funded through the Community Development Revolving Loan Fund, which provides low-income designated credit unions with grants to improve and enhance services to their members.
“This funding will help provide the Southern Chautauqua Federal Credit Union with the tools to guide local residents toward economic stability, better financial planning and the ultimate American dream of homeownership,” said Congressman Higgins.
The Southern Chautauqua Federal Credit Union, chartered in 1954, has branches in Lakewood, Cherry Creek, Clymer, Westfield and on the Jamestown Community College Campus.
Congressman Higgins is also a co-sponsor on the Credit Union Regulatory Improvement Act of 2007 (HR 1537), legislation which would make it easier for credit unions to expand into underserved areas, modernize credit union standards, and advance credit union efforts to promote economic growth within the communities they serve through low cost small business and consumer loans.
According to the Credit Union National Association (CUNA) there are 55 federally-chartered credit unions in New York’s 27th Congressional District which serve approximately 170,000 members, employ about 400 people, and hold assets of roughly $793 million dollars.
The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, backed of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF) insuring the savings of 80 million account holders in all federal credit unions and many state-chartered credit unions.