Brooklyn Cooperative

What Brooklyn Cooperative does

Brooklyn Cooperative Federal Credit Union is a federally chartered, not-for-profit, member-owned community credit union (NCUA Charter #24642) operating since 2001 in central Brooklyn. It serves Brooklyn residents — with a focus on underserved and low-to-moderate income communities — through three branch locations (Bushwick, East New York, Bed-Stuy) and complementary digital channels (online banking and the CardNav mobile app). Its product set spans membership checking and savings accounts (including a 3.75% APY High Yield Savings tier), an APR band of consumer and small business credit products (credit builder at 10.5%, small business at 13.5%+, credit cards at 16.74%, personal loans at 17%, mortgages starting at 4.5%), and specialized offerings such as ITIN services, teen accounts, commercial real estate loans, non-profit lending, and digital investing through EKO.

The credit union operates a member-led governance model with an annually elected board of directors, and revenue is generated through net interest margin on the lending portfolio plus fee income from account services disclosed publicly on its fee schedule. Member acquisition and retention are driven by a community-led go-to-market motion that combines in-person branch service, financial education workshops (Cash IRL series), and partnerships — notably with Trustage Insurance, the Co-Op shared ATM network, HUD-approved housing counseling, the IRS VITA program, and Citi Bike. In 2007, the credit union incorporated Grow Brooklyn, a wholly owned 501(c)(3) affiliate that delivers free VITA tax preparation (top 5% nationally, one of Kings County's largest), foreclosure prevention counseling, and legal services — functions that materially extend the credit union's reach into non-banking financial health services without altering its core deposit-taking and lending franchise.

Operationally, the credit union relies on standard third-party financial technology vendors rather than proprietary platforms: CardNav (cu*Answers) for mobile card controls, Adobe eSign for electronic loan documents, and Acuity Scheduling for member appointments. It is regulated by the NCUA, files quarterly financial statements with the agency, and holds a 2023 CDFI Fund grant of approximately $3.47M to support its lending and community development activities. Management is led by CEO Samira Rajan (since October 2008) alongside a COO, Chief Experience Officer, Chief Risk Officer, and a director-level leadership team spanning lending, business services, and member service.

Name

Brooklyn Cooperative

Legal name

Brooklyn Coop Federal Credit Union

Website

https://brooklyn.coop

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Brooklyn Cooperative Federal Credit Union is a federally chartered, member-owned community credit union serving central Brooklyn since 2001. It offers deposit accounts, consumer and small business loans, and credit-building products through three branches and digital banking, complemented by its nonprofit affiliate Grow Brooklyn.

Ownership category

akta.pro rank

Product category

Community Development Credit Union / Retail Banking

NAICS

Credit Unions (522130), Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Community Development Credit Unions (CDCUs) (FSABAEAC)

Keywords

• Community credit union
• Consumer banking services
• Small business lending
• Community development finance
• Credit builder loans

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Interest earned on loan portfolio including personal loans, mortgages, credit cards, and business loans.
2. Deposit Services: Interest paid on savings accounts, checking accounts, CDs, and high-yield savings. Fee income from account services.
3. Fee Income: Various fees including ATM fees, wire transfer fees, overdraft fees, and other service charges disclosed in their fee schedule.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Brooklyn Cooperative Federal Credit Union is a community-owned, not-for-profit credit union that provides retail banking products (share/checking accounts, savings, CDs, credit-builder and personal loans, credit cards, and home mortgages) to individual members, alongside small business, non-profit, and commercial real estate lending, financial counseling, and free VITA tax preparation through its Grow Brooklyn affiliate. Its services are targeted at low-to-moderate income and immigrant households across central Brooklyn.

Product overview

Brooklyn Cooperative Federal Credit Union operates as a single, unified retail banking platform offering a comprehensive suite of financial products and services to Brooklyn residents. The core offering centers on membership accounts (checking and savings), a diverse loan portfolio spanning consumer credit builder loans (10.5% APR), personal loans (17% APR), credit cards (16.74% APR), small business loans (from 13.50% APR), and residential/commercial real estate mortgages (from 4.5% APR), plus high-yield savings and CDs (3.75% APY). These are complemented by specialized programs including a CardNav mobile banking app for card security, a 501(c)(3) affiliate (Grow Brooklyn) providing free VITA tax preparation and HUD housing counseling, ITIN services for immigrants, youth accounts, Citibike membership, and financial education workshops. The institution serves members through three physical branch locations in Bushwick, East New York, and Bed-Stuy, augmented by full online and mobile banking capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Membership (Share Account)
• Checking Account
• High Yield Savings & Certificates of Deposit (CDs)
• Credit Builder Loan
• Personal Loan
• Credit Card
• Home Mortgage
• Teen & Youth Account
• Business Account
• Small Business Loan
• Loans for Non-Profits
• Commercial Real Estate Loan
• Grow Brooklyn VITA Tax Preparation
• Financial Counseling
• ITIN Banking Services

Quantifiable outcome

• Grow Brooklyn is one of Kings County's largest VITA tax preparers and in the top 5% of all VITA sites in the country

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Trustage InsurancecoreStrategic or Co-development PartnerTrustage Insurance provides insurance products exclusively through credit unions, offering auto, home, and life insurance to Brooklyn Coop members as a member benefit.
• Co-Op Credit Union NetworkcoreTechnology or IntegrationCo-Op Credit Union Network provides shared ATM and branch access services, allowing Brooklyn Coop members to access fee-free ATMs through the shared network.
• Citi BikeminorGTM or Marketing PartnerBrooklyn Coop offers Citi Bike membership as a benefit to members, providing discounted or free bike share access.
• VITA (Volunteer Income Tax Assistance)coreStrategic or Co-development PartnerBrooklyn Coop's affiliate Grow Brooklyn offers free tax preparation through the IRS VITA program, which is one of Kings County's largest tax preparers and top 5% nationally.
• HUD (Housing and Urban Development)coreStrategic or Co-development PartnerGrow Brooklyn is a HUD-approved housing counseling agency offering free foreclosure prevention counseling, homeownership counseling, and first-time buyer workshops.

Scale indicators2 records

Recent moves7 records

Expansion highlights6 records

Others

• Local Initiatives Support Corporation (LISC): A national CDFI and community development financial institution that funds and partners with local credit unions and community lenders. Relevant as a strategic and funding peer given Brooklyn Coop's reliance on CDFI grants (e.g., $3.47M CDFI Fund award in 2023).

Emerging players

• Varo Bank: A national digital-only bank chartered by the OCC with a stated focus on serving everyday Americans including lower-balance consumers. Adjacent competitor for younger and digitally native members in Brooklyn who might otherwise choose a community credit union.
• Neighborhood Trust Financial Partners: A NYC-based nonprofit providing financial counseling, workforce development, and matched savings programs to LMI residents. Comparable mission of financial empowerment in low-income Brooklyn communities, but operates as a CDFI nonprofit rather than a regulated depository.

Direct peers

• Lower East Side People's Federal Credit Union: A federally chartered community credit union serving Lower East Side Manhattan, also targeting low-to-moderate income and immigrant New Yorkers with a similar community development mission, branches, and product set including credit builder loans and small business lending.
• Bethex Federal Credit Union: A Bronx-based community development credit union serving LMI residents of the Bronx with checking, savings, and loan products. Highly comparable in mission, target member, product set, and physical branch-led distribution model.
• Spring Bank: A New York City-based community development commercial bank with branches in the Bronx and Harlem serving LMI and immigrant communities. Comparable mission, urban footprint, and focus on financial inclusion, though structured as a B Corp bank rather than a credit union.
• Alternatives Federal Credit Union: A New York State-chartered community development credit union based in Ithaca serving LMI and immigrant communities with fair lending, financial education, and community banking services—sharing Brooklyn Coop's CDFI-aligned mission and full-service retail banking model.

Broad incumbents

• Self-Help Federal Credit Union: One of the largest CDFI-focused credit unions in the U.S., operating across multiple states with branches in New York, New Jersey, and the Carolinas. Comparable in community development DNA and mission focus, but at substantially larger scale and broader geographic reach.
• OneUnited Bank: The largest Black-owned bank in the U.S., serving urban communities with checking, savings, mortgages, and small business loans. Comparable mission to expand banking access in underserved urban markets, though operates as a commercial bank and at national scale.
• Carver Federal Savings Bank: A NYC-based community development bank serving predominantly minority and LMI communities in Brooklyn, Manhattan, Queens, and the Bronx. Closely comparable geographic and demographic focus to Brooklyn Coop, but operates as a commercial bank rather than a credit union.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/brooklyncoopfcu
• Instagraminstagram.com/brooklyncoopfcu
• Xx.com/BrooklynCoopFCU
• LinkedInlinkedin.com/company/bahrain-bay-development

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Brooklyn Cooperative