Monday, January 23, 2012 12:24:00 PM
HACKENSACK, N.J. – 1st Bergen Federal Credit Union recently received notification from the U.S. Department of the Treasury that it has met the requirements for Community Development Financial Institutions (CDFI) certification by that organization. This is a significant designation since 1st Bergen is currently one of only 16 financial institutions in New Jersey to attain that status. It was among only three in the nation to receive certification in January 2012.
A CDFI is a specialized financial institution that fosters community development and provides a variety of financial products and services to populations that are underserved by traditional financial institutions.
Products and services currently available through 1st Bergen include Savings, Club Accounts, Certificates of Deposit, Loans, Money Orders, Direct Deposit, Financial Education, and Volunteer Income Tax Assistance (VITA). ATM services are coming soon.
1st Bergen also offers credit counseling for those who lack credit or have poor credit. Without these services, many adults would go without key resources to help improve their lives. For many unbanked individuals who have been declined loans and/or access to financial services, 1st Bergen has opened the door to new opportunities.
The credit union’s CDFI certification positions 1st Bergen to continue making a difference for people who live, work, worship, attend school or volunteer in Bergen County. With CDFI designation, the credit union is well positioned to seek additional support to enhance services for its membership.