Actors Federal Credit Union (ActorsFCU) is an American federally chartered
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
—a cooperatively run, not-for-profit financial institution, owned and controlled by its members. Based in New York City, New York, ActorsFCU is regulated and insured by the
National Credit Union Administration
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federa ...
(NCUA), an agency of the U.S. Federal Government comparable to the
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
. It is the 49th largest credit union in the state of New York and the 993rd largest credit union in the nation. It has an overall health score a
DepositAccounts.comof a B, with a B+
Texas ratio The Texas ratio is a measure of a bank's credit troubles. The higher the Texas ratio, the more severe the credit troubles.
Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non- ...
.
Currently led by Daniel Czerniawski, ActorsFCU serves over 22,000 members of more than 190 organizations nationwide with assets of more than $180,000,000. ActorsFCU has 44 full-time employees and 4 part-time employees with a main office and 4 branch offices.
History
ActorsFCU was incorporated on December 5, 1962. Its initial purpose was to facilitate members of
Actors’ Equity Association
The Actors' Equity Association (AEA), commonly referred to as Actors' Equity or simply Equity, is an American trade union, labor union representing those who work in live theater, live theatrical performance. Performers appearing in live stage ...
(AEA) in their pursuit of getting approved for credit. Due to their unpredictable finances and lack of traditionally defined steady employment, actors had regularly been denied this basic, modern necessity.
The specific impetus behind the 1962 movement was an incident at a local department store: an AEA member was denied credit specifically due to the fact that he was an actor. This member proceeded to raise the issue at a union meeting and enlisted six men to take up the challenge of starting a credit union for those in the acting profession. These men—
Conrad Bain, Anthony Saverino, Robin Craven, Herb Nelson,
Theodore Bikel, Angus Duncan, and
Bill Ross—formed the Actors Federal Credit Union in 1962 with the help of Leo Schwarz, Field Representative of th
New York League of Credit Unions
In the late 1960s, the credit union issued its first mortgage to actor
Jerry Orbach.
1979:
Angela Lansbury
Dame Angela Brigid Lansbury (October 16, 1925 – October 11, 2022) was an Irish-British and American film, stage, and television actress. Her career spanned eight decades, much of it in the United States, and her work received a great deal ...
was welcomed as the ten-thousandth member
1986: merged with Local 700
Motion Picture Editors Guild Credit Union
In the late 1980s: merged with
Writers Guild of America, East Credit Union
1991: merged with
American Federation of Television and Radio Artists(AFTRA) Credit Union
1998: helped get the
Credit Union Membership Access Act (HR-1151) enacted
1999: placed its first
ATM and became NYC's number one credit union deployer of ATMs.
In 2002, NYC Council Speaker
Gifford Miller
Alan Gifford Miller (born November 6, 1969) is the former Speaker of the New York City Council who represented the 5th district. Barred from seeking reelection due to term limits, the Democrat ran unsuccessfully in the Democratic primary for the ...
and Third District Council member
Christine Quinn along with Torrence Allen, delivered proclamations of congratulations to the ActorsFCU. Letters were also presented from New York State Senator
Tom Duane
Tom or TOM may refer to:
* Tom (given name), a diminutive of Thomas or Tomás or an independent Aramaic given name (and a list of people with the name)
Characters
* Tom Anderson, a character in ''Beavis and Butt-Head''
* Tom Beck, a character ...
and U.S. Senator
Hillary Clinton
Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, diplomat, and former lawyer who served as the 67th United States Secretary of State for President Barack Obama from 2009 to 2013, as a United States sen ...
. Public Advocate
Betsy Gotbaum
Elisabeth A. Gotbaum (née Flower; born June 11, 1938) is an American civil servant, politician and a former New York City Public Advocate. She was elected Public Advocate for New York City in 2001 and reelected in 2005. She was the third woman el ...
issued a proclamation declaring May 7 "Actors Federal Credit Union Day" in New York City, in perpetuity.
Organization
Actors Federal is chartered by the NCUA and governed by a board of volunteers, elected by and from its membership. The Credit Committee, which oversees the issuance of loans to the membership, is also composed of volunteers elected by the membership. Members are encouraged to serve on committees, run for office, and vote at the annual meeting.
Services
ActorsFCU offers a range of account services generally offered by typical financial institutions such as credit cards and consumer loans (including balance transfer, cash advances, computer, union initiation fee, income tax, personal, vacation, and share secured), as well as auto loans and musical instrument loans. It has exempt status conferred by the state to engage in the business of mortgage loan servicing in New York without being registered as a mortgage loan servicer.
Currently, ActorsFCU has five branch offices—two in New York City, including the main office in
Times Square
Times Square is a major commercial intersection, tourist destination, entertainment hub, and neighborhood in Midtown Manhattan, New York City. It is formed by the junction of Broadway, Seventh Avenue, and 42nd Street. Together with adjacent ...
, one in Los Angeles, one in North Hollywood and one in Chicago.
ActorsFCU owns and operates 270 ATMs in NYC’s five boroughs, Long Island, and New Jersey and is part of
CO-OP Network
CU Cooperative Systems, Inc. doing business as Co-op Solutions (formerly d.b.a. CO-OP Financial Services), is a company that operates an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada ...
.
Actors Federal is among the few institutions that offer
Coogan Trust (SB 1162; CA) and
UTMA/
UGMA Accounts, designed to protect the earnings of child performers. By law, fifteen per cent of a young performer’s gross earnings must be saved in these accounts, which are locked and are not available for withdrawal until the minor reaches the age of 18.
Membership
Actors Federal’s field of membership is designated by the National Credit Union Administration (NCUA). Membership is limited to individuals who share the common bond defined in the credit union’s charter. Members and employees of specified organizations and their immediate family members are eligible to join ActorsFCU. The definition of “Immediate family members” includes, but is not limited to: spouse/significant other, children, grandchildren, siblings, parents, and grandparents. Any individual who joins the credit union as a family member is entitled to the same membership benefits available to the sponsoring member.
Membership in Actors FCU is limited to members of the following organizations:
References
{{Co-operative banking
Credit unions based in New York (state)
Banks established in 1962
Financial services companies based in New York City
Actors' Equity Association
1962 establishments in New York City
American companies established in 1962