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Not-for-profit credit union serving low-income members and employees of University Settlement and The Door in NYC with basic banking and loan services.
Data compiled from public sources
University Settlement Federal Credit Union (USFCU) was established as a member-owned financial cooperative with a mission to provide accessible financial services, particularly to low-income individuals who face barriers to traditional banking. The organization is housed and supported by University Settlement, a social service organization in New York City, though USFCU operates as an independent corporation. The credit union currently serves approximately 200 members and is governed by a volunteer Board of Directors comprised of current and former University Settlement and The Door employees.
USFCU offers standard credit union services including savings plans, checking accounts, and various loan products. Members can access these services on-site at two locations: 184 Eldridge Street and 121 6th Avenue in Manhattan. Primary membership eligibility includes employees of University Settlement and The Door organizations, their family members, and program participants.
The credit union emphasizes member financial education alongside product offerings to help members achieve long-term financial goals. What distinguishes USFCU is its explicit focus on serving low-income populations and those underserved by mainstream financial institutions. As a member-owned cooperative, the credit union's sole purpose is meeting member financial needs rather than generating profits for external shareholders.
S. Government Agency, providing regulatory oversight and deposit insurance. The volunteer board structure and non-profit status demonstrate commitment to community service.
As a very small credit union with only 200 members, USFCU has significant operational limitations compared to larger institutions. The limited membership base restricts available services and technology infrastructure. Very small credit unions often have higher operational costs per member and may offer fewer product variations or digital banking capabilities.
Prospective members should verify current service offerings and eligibility requirements directly with the organization.
This is state-level context for Credit Unions consumers in New York, NY. It does not confirm that university settlement federal credit union or this specific location is licensed.
State regulator
New York Department of Financial Services
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
university settlement federal credit union offers 8 services including Savings accounts and savings plans, Checking accounts, Personal loans, On-site account access at 184 Eldridge Street location, On-site account access at 121 6th Avenue location, and 3 more.
university settlement federal credit union has profile signals associated with Low-income individuals seeking accessible financial services and lending alternatives to traditional banks, University Settlement and The Door employees and their family members needing credit union membership, Community members in Lower East Side Manhattan seeking local, member-owned financial institutions, Individuals interested in credit unions with explicit community development and financial education missions.
Key strengths: Member-owned cooperative structure ensures sole focus on member financial needs rather than profit maximization; Explicit mission to serve low-income members who face barriers accessing traditional banking services; Licensed and insured by NCUA, providing federal regulatory oversight and deposit protection. Areas to consider: Very small membership base of approximately 200 members limits service breadth and technology investment; Restricted membership eligibility limited to University Settlement/The Door employees, family members, and participants.
In the Credit Unions category, comparable providers include Elektra Federal Credit Union, Justice Federal Credit Union Quantico, NBC (NY) Employees Federal Credit Union. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
USFCU is profile signals for low-income individuals and employees of University Settlement/The Door organizations seeking accessible banking and lending from a member-owned, mission-driven credit union. The main caveat is that membership is restricted to specific employee groups and participants, and the organization's very small size (200 members) limits service offerings and technological capabilities compared to larger financial institutions.
Elektra Federal Credit Union is a New York-based credit union established in 1940, serving over 6,200 members with $35.9M in assets and listed financial services for manufacturing sectors.
Profile signals: Manufacturing sector employees seeking industry-specific financial solutions, New York-based professionals with local community ties to the institution
Justice Federal Credit Union is a federally chartered credit union serving military-connected members with branch locations including Quantico, Virginia.
Profile signals: Active duty military personnel stationed at or near Marine Corps Base Quantico, Military families seeking financial institutions with military-focused services
NBC (NY) Employees FCU now operates as XCEL Federal Credit Union, serving members in New York, New Jersey, and nationwide with banking and loan products.
Profile signals: Current or former NBC (NY) employees or affiliates eligible for XCEL FCU membership, NY/NJ residents seeking a credit union alternative to traditional banks with a long track record
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