MCU Seminars Marked Credit Union Festival

MCU Seminars Marked Credit Union Festival


The city's Municipal Credit Union celebrated International Credit Union Day Oct. 19 by holding various seminars in its eight branches on financial planning and saving-incentive programs meant to help members build more wealth.

MCU was one of 42,000 credit unions that participated in the event worldwide. There are an estimated 9,000 credit unions in the nation, and MCU, founded in 1916 with 19 members, is now one of the oldest and most stable, with assets exceeding $1.3 billion. Current members include city, state and Federal employees who live or work in the five boroughs, and health-care professionals. "International Credit Union Day gives us an opportunity to remember our rich history as we promote understanding and support for the credit union difference," said William Porter, CEO of MCU. He noted that because credit unions are not-for profit financial co-operatives, members receive higher rates on savings accounts, lower loan rates, lower service rates and myriad other benefits.