1. Geography: New York federal credit unions may accept members in a specific area.
2. Organization: NY federal credit unions may be comprised of employees of specific companies or other civic or religious groups.
3. Occupation: doctors, lawyers and teachers frequently have their own credit union.
   

Action Steps
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Research the laws regarding federal credit unions in New York when looking for a subprime loan

Credit unions are not allowed to make a loan that is not in the best interest of its members. Applying for a subprime loan at a credit union can therefore be one way of determining if a subprime loan is in your best interest.

I recommend: The State of New York Banking Department addresses the risks and concerns associated with some subprime lending practices in New York. The New York Bankers Association discusses the effects of legislation on banking in New York, including the effects of subprime loans.

Determine which federally chartered credit unions in NY your business may be able to join

A credit union specifies its field of membership in its charter, and credit unions that based their field of membership upon geography are generally the easiest to locate. Some business may even form their own credit union.

I recommend: CreditUnionsForYou.com offers an advanced search capability and also has advice in addition to other resources for finding a credit union in New York. Credit Unions Online provides specific information on the credit unions in New York, including financial details, and also provides helpful articles on credit unions.

Select government credit unions in NY by comparing their features

There are many sites that provide reviews and other information on credit unions. Features to consider include branch locations, service hours and self-service options.

I recommend: The Federal Reserve Bank of New York provides a guide that can help identify credit unions that are most likely to provide financing for small businesses. Credit Union Directory provides reviews of credit unions that offer mortgages, with links to credit unions with locations in New York.

Helpful advice for making the most of this Guide

• •  A federal credit union in New York may have a wider field of membership than the one implied by its name. Smaller credit unions may merge together under the name of one of the original credit unions and individuals are generally allowed to remain a member even after they no longer belong to its field of membership. Additionally, corporate credit unions may serve as clearing houses for other credit unions by providing them with operational support, products and other services.

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Learn about the advantages and disadvantages of New York federally chartered credit unions

According to the National Credit Union Administration (NCUA), a federally chartered credit union is a 'financial cooperative chartered by the federal government and owned by its members. Surplus income is returned to members in the form of dividends.' A federal credit union has more protections than 'average' credit unions. Examples include more frequent audits of financial records, mandatory reserves to offset uncollectible loans, control of investments of surpluses and annual exams by the NCUA. The National Credit Union Share Insurance Fund (NCUSIF) bonds accounts in federal credit unions up to $100,000. The main disadvantage of a credit union is that membership is limited to groups of people with a common bond such as the same employer, association or area of residence.

I recommend: Visit the NCUA website (part of the government entity Pueblo). Learn how the NCUSIF protects your credit union deposits.

Meet eligibility requirements to join a New York federally chartered credit union

Visit a prospective credit union's website or call to find out the requirements for joining. Requirements vary greatly based on the credit union's federal charter. For example, the Actors' Federal Credit Union is restricted to actors and actresses from one of 75 member dramatic organizations (and their immediate family members).

I recommend: See if you meet eligibility requirements for the Actors' Federal Credit Union.

Compare and contrast a few players among federally chartered credit unions in NY

Here is a small listing of some other New York federally chartered credit unions. The Alternatives Federal Credit Union allows residents of the city of Ithaca and the following counties to join: Tompkins, Cayuga, Chemung, Cortland, Seneca, Schuyler and Tioga. This organization offers a variety of loans (auto, home, personal and credit cards), checking and savings accounts, savings bonds, credit counseling and online banking. The State Employees' Federal Credit Union is open to employees (current or retired), members or volunteers for the state of New York plus residents of 29 New York cities. This credit union offers a variety of loans, certificates of deposit, checking and saving accounts and insurance policies.

I recommend: Visit the National Credit Union Administration to search for federally chartered credit unions in New York. See if you qualify to join the Alternatives Federal Credit Union or the State Employees' Federal Credit Union.

Helpful advice for making the most of this Guide

• •  Shop around. As a resident or business owner in the state of New York, you may qualify to join more than one federally chartered credit union in New York. Make sure to compare interest rates for loans, savings and checking accounts to get the best deal.

1. Federal credit unions in New York must have a minimum deposit insurance of $250,000 for each member. This insurance is administered by the National Credit Union Administration (NCUA).
2. A federally chartered credit union in New York is exempt from federal and state income taxes because it is a non-profit institution that is owned its members. The members are still subject to paying income taxes on any dividends they earn.
3. Credit unions must restrict their memberships to defined segments of the population known as the credit union’s field of membership. The field of membership can include people who live in a specified geographical area, employees of certain companies or members of a given profession.
   

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Complete the courses needed to work for New York federally chartered credit unions

There are many universities that provide programs in business and finance that will prepare students to work in a credit union. Some also offer a specialization in credit unions.

I recommend: Columbia University offers a masters degree in the mathematics of finance for students wishing to pursue a career in the finance industry. The University of Buffalo has a Master of Science in Finance program for students seeking a graduate level education in finance.

Acquire training specific to a New York federal credit union

Courses that cover material common to all credit unions are frequently taught by third-party companies that specialize in credit union training. Credit unions may also provide their own training that is specific to that credit union.

I recommend: New York Municipal Credit Union offers an internship program that supports the daily operations of a department. The New York Credit Union Foundation has a professional development program that provides training for credit union employees.

Learn the laws regarding a New York federally chartered credit union

Credit union laws vary widely by state and credit union employees will need to be familiar with the financial regulations of New York as well as those of the federal government.

I recommend: The New York State Banking Department provides educational information on organizing a credit union in New York. The State of New York Insurance Department provides guidance on how a credit union in New York may be licensed to sell insurance.

Helpful advice for making the most of this Guide

• •  A federal credit union in New York may also provide financial education led by expert staff members or volunteers that is open to the public. These seminars can help members and other residents in the area to increase their worth and plan for a secure future. Classes are typically free and held on a continuing basis throughout the year.