New York City Mayor Bill de Blasio will be recognizing the formation of The Finest Federal Credit Union, the only credit union dedicated to serving New York City’s law enforcement community, at City Hall on Wednesday, May 13, 2015 at 11 am. This event coincides with the 170th anniversary of the NYPD.
Among the Mayor’s invited guests are the Finest Federal Credit Union Board Members and distinguished guests including The Honorable Debbie Matz, Chairman of the National Credit Union Administration, and Steven McDonald, an NYPD Detective who was shot on July 12, 1986. He is the most seriously injured New York City Police officer to survive his injury. McDonald is the credit union’s first member.
The Finest Federal Credit Union will provide its members with financial services tailored to the needs of law enforcement and correction officers from the time they enroll in the Police Academy through retirement.
“The law enforcement community serves and protects our citizens every day, and now The Finest Federal Credit Union will serve and protect the financial needs of law enforcement,” said Board Chairman James Shea, NYPD Chief (retired).
“This is a great day, and a great achievement, for the men and women of the New York City law enforcement community. We have long believed that there is a need for a credit union that would address specific and unique financial needs of the City’s law enforcement community,” commented Shea. “Services like special loans for new recruits that finance police equipment and uniforms, loans for small businesses that may be part of an officer’s retirement planning, overall retirement planning geared to officers from the time they enter the academy through retirement.”
The Finest Federal Credit Union will open their doors after an initial ribbon cutting at 11 am. The credit union will have a 9-member volunteer board of directors who are active or retired law enforcement officers. Its main office will be at 59 Maiden Lane, NYC, and additional member services will be available through a network of branches with support from the Greater Metro Federal Credit Union in Queens.
“The Finest Federal Credit Union gives law enforcement officers and their families’ peace of mind knowing that someone cares for them. Our members will deal with real people who understand the personal and financial burdens that come with our job. It is long overdue and something we are proud to be a part of,” stated The Finest Board member, Norman Seabrook, president of the New York City Correction Officer’s Benevolent Association (COBA).