When the Concord Federal Credit Union was chartered in 1951 by the Concord Baptist Church of Christ, it represented the fulfillment of a dream that began in the early 1940’s for Black Brooklynites to have fair access to quality financial services. As reported in The New York Age newspaper (April 26, 1941 “Boro Credit Union Will Hold Meeting at Concord Church”), Concord hosted a community meeting to explore the questions that confronted its membership — “How to beat the high cost of credit on furniture, clothing, automobiles, borrowed money, insurance, and a million and one other things?”
Black people struggled against the pervasive and racist practice that was “policy” for many mainstream financial institutions: redlining. Additionally, Blacks who migrated North were unable to obtain credit and were faced with the financial stress of starting over.
Though a dream in 1941, a decade later the Concord Federal Credit Union was chartered by Concord Church with 8 members. The Credit Union now has well over 1,000 members and provides quality financial products and services to the community. It is chartered under the Federal Credit Union Act, is supervised by the NCUA, and is certified as a CDFI by the United States Treasury Department.
For information about becoming a member of the Concord Federal Credit Union:
Telephone: (718) 622-0623
If you are already a member of the Credit Union and want to access your online account, click here.