Brooklyn Cooperative Federal Credit Union
Brooklyn Cooperative Federal Credit Union (Brooklyn Cooperative) is New York City’s fastest growing community development credit union. The credit union is a not-for-profit, cooperative organization in the domestic microfinance field. It is owned by more than 6,000 members: low-income and working class people who live, work, or worship in Bushwick and Bedford Stuyvesant, two of New York City’s poorest neighborhoods. Poverty rates in the two neighborhoods are almost three times the national average, with more than one in three adults living below the federally determined poverty line. Formal sector financial services are extremely scarce.
Brooklyn Cooperative provides its members: 1) saving and loan products - including saving, checking, and ATM accounts, and consumer, micro-enterprise, and housing loans; 2) development services – including consumer financial literacy, tax preparation for the self-employed and small businesses, and foreclosure prevention counseling; and 3) free tax preparation for low-income individuals through the VITA program.