Concord Federal Credit Union is a Brooklyn-based, member-owned credit union founded in 1951 to combat bank redlining, offering savings accounts, loans, and financial education to low- and moderate-income communities.
Data compiled from public sources · Rating from CreditDoc methodology
Concord Federal Credit Union was established in 1951 by The Concord Baptist Church of Christ in response to racial discrimination in lending, when African Americans were systematically denied mortgages and business loans by mainstream banks. Starting with just eight church members, the credit union has grown into a trusted financial institution serving Brooklyn's Bedford-Stuyvesant community for over 74 years. The organization remains deeply rooted in its mission to close the racial wealth gap and build generational wealth in underserved neighborhoods.
Concord FCU offers a range of member-focused financial products including share (savings) accounts, share certificates, signature loans, fully-secured loans, home banking, mobile banking, and savings clubs (Vacation Savings Club and Holiday Club Account). They provide personalized service with limited hours of operation (Tuesday-Thursday, 11 AM-2 PM) and have partnered with Bedford Stuyvesant Restoration Corp to offer free financial planning from certified financial planners. The credit union maintains assets in the millions and serves thousands of members through their single location at 833 Marcy Avenue.
What distinguishes Concord FCU is its explicit commitment to community empowerment and financial literacy as part of its organizational DNA. Rather than profit maximization, the credit union prioritizes affordable loan products, financial education, and closing disparities in wealth-building access. Their values emphasize community service, integrity, and caring—reflected in programs like Financial Literacy Month appointments and resource centers. The organization celebrates its 75-year legacy in October 2026 and positions itself as a counter to historical banking discrimination.
However, prospective members should note significant operational limitations. The credit union maintains extremely limited hours (only 9 hours per week), requiring appointment scheduling for most services. There is no indication of online account opening, and the single physical location creates accessibility barriers for those outside the immediate Brooklyn area. Asset size and member count suggest this is a small institution with potentially limited product sophistication compared to larger credit unions. The website provides minimal detail on loan terms, rates, or membership eligibility requirements.
Yes. Concord is a registered company, headquartered in Brooklyn, NY, founded in 1951.
Membership approval and account opening typically takes 1-3 business days. Loan decisions are usually faster than traditional banks.
CreditDoc Diagnosis
Concord FCU is best for Brooklyn residents seeking community-focused, member-owned banking with a mission to close racial wealth gaps and provide affordable credit. The primary caveat is the extremely limited operational hours (9 hours per week) and single-location structure, which make this impractical for anyone requiring convenient, flexible banking access or living outside the immediate Brooklyn area.
Public data from the Consumer Financial Protection Bureau
Source: consumerfinance.gov | Last checked 2026-05-13
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