January 26, 2017
Contact: Richard Loconte, 212-709-1691
DFS AUTHORIZES CFCU COMMUNITY CREDIT UNION TO EXPAND FIELD OF MEMBERSHIP IN THREE UPSTATE COUNTIES
CFCU Will Now Serve Members in Cayuga, Seneca, and Ontario Counties
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved the application for CFCU Credit Union to expand its field of membership in Cayuga, Seneca, and Ontario Counties. CFCU, which currently has ten locations and more than 60,000 members, is one of the largest credit unions in New York State.
“DFS is committed to fostering and supporting the continued growth of New York regulated financial institutions,” said Financial Services Superintendent Maria T. Vullo. "New York State-chartered banks and credit unions play a vital role in local communities, offering New Yorkers a range of options to meet their financial services needs, and strong consumer protection through regulatory oversight by DFS. In addition, they provide employment opportunities and contribute to economic development. The growth of our state-chartered banking system provides better access to financial services for individuals, families and small businesses in communities across New York State.”
“CFCU Community Credit Union is pleased with the Department of Financial Services’ approval to expand our field of membership into Cayuga, Seneca, and Ontario Counties,” stated Lisa Whitaker, CFCU President and CEO. “Throughout this process, we appreciated the collaboration and feedback received from DFS. This expansion will allow CFCU to increase our support of economic growth of the Finger Lakes Region by providing financial products, services, and community involvement to the 225,000 residents of Cayuga, Seneca, and Ontario Counties. Our 5-year strategic plan includes the establishment of a physical presence in all three of these counties, while continuing to make significant investments within our current field of membership in Tompkins and Cortland Counties.”
In 1996, CFCU converted to a New York State charter, becoming the first federally chartered credit union in New York State to convert from a federal charter to a state charter. In early 2003, CFCU converted to a community charter to serve both Tompkins and Cortland Counties.
CFCU, headquartered in Ithaca, New York, has over $900 million in assets, and currently serves its members through a branch network that includes five large full-service stations/branches, four small branches, administrative offices and automated teller machines.
New York currently has a total of 137 state chartered commercial banks, savings banks and bank holding companies, 16 state chartered credit unions, 85 foreign branches, 10 foreign agencies, and 35 representative offices, with assets totaling more than $2.6 trillion.