As Treasurer/CEO of a credit union whose Field of Membership is still with a single “sponsor”, that is a church and that our office is in a parish Ministry Center (open on weekends convenient to those attending church), I am often asked. “Why does a church have a credit union?” I also hear, “I never heard of a church with a credit union.”
There are still many hundreds of faith based credit unions in the U.S. Perhaps, a few years ago, there may have been thousands. The first credit union in North America was founded in Quebec, Canada about 1900, based on Catholic Social teaching. The first U.S. credit union was started about ten years later at St.Mary’s Catholic Church in Manchester, NH. The parishioners of St. Mary’s were predominantly French-speaking immigrants from Canada.
Our credit union’s web site has more information about church or faith based credit unions http://qpafcu.com/7439.html