Cooperative Federal Credit Union

What Cooperative Federal Credit Union does

Cooperative Federal Credit Union (CFCU) is a federally chartered, member-owned cooperative credit union headquartered in a single office at 39 Broadway, Woodridge, New York. It was chartered in 1936 under the Federal Credit Union Law of 1934 by the founders of The Cooperative Fire Insurance Companies of Sullivan and Adjoining Counties, a group originally organized in 1931 by Jewish farmers who faced discrimination from traditional banks and insurers. Membership is restricted to individuals holding an insurance policy with the partner cooperative, employees of Associated Mutual Insurance Cooperative, members of affiliated small-business employment groups, and family members of existing members, with the field of membership originally limited to Sullivan, Orange, Ulster, Delaware, and Greene counties in New York State.

The credit union operates a traditional retail banking product set consisting of Share Accounts (savings with monthly interest payments, minimum $25 balance), Personal Loans (share-secured at 5.50% fixed, unsecured up to $15,000 with co-signers), Vehicle Loans (autos, motorcycles, boats, RVs), Business Loans (collateralized for vehicles and equipment), Alternative Heat Source Loans (wood and pellet stoves), and Home Equity Loans. There is no mobile app, no public API, and no disclosed digital banking infrastructure; member interaction occurs in-person at the Woodridge office and via phone or email. The credit union is governed by a volunteer 9-member Board of Directors plus Credit and Supervisory Committees, with paid staff limited to a CPA Manager and two Tellers.

Revenue is generated primarily from net interest margin on the loan portfolio and from transaction-related fees, with interest paid to members on share-account balances ranging from 0.10% to 2.00% by tier. As of the 2011 75th anniversary, the credit union had originated over $61 million in cumulative loans with a charge-off rate below 0.2%. The institution has no parent company, no subsidiaries, no funding rounds, and no disclosed M&A activity, and operates exclusively within the New York State field of membership under NCUA regulation.

Name

Cooperative Federal Credit Union

Legal name

Cooperative Federal Credit Union

Website

https://coopfederal.com

Company type

Private

Founded year

1936

Operating status

Operating

Short description

Cooperative Federal Credit Union is a federally chartered, member-owned credit union in Woodridge, New York, serving policyholders of the Associated Mutual Insurance Cooperative and small-business groups across five NY counties with savings, personal, vehicle, business, and home-equity loans.

Ownership category

akta.pro rank

Product category

Community Credit Union Banking

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

akta.pro secondary industries

Faith-Based & Affinity Credit Unions (FSABAEAH), Community Credit Unions (Retail/Consumer Focus) (FSABAEAA), Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

Keywords

• Credit union lending
• Consumer savings accounts
• Vehicle loan financing
• Home equity loans
• Small business loans

Headquarters

HQ city

Woodridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Credit union generates revenue primarily through interest earned on loans including auto loans, personal loans, share secured loans, business loans, and home equity loans. In 2011, the credit union reported making over $61,000,000 in loans with less than 0.2% charged off.
2. Deposit/Share Account Interest: Credit union pays interest on share accounts to members. Interest paid monthly on savings. Current rates range from 0.10% to 2.00% depending on balance tier.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Cooperative Federal Credit Union is a member-owned, federally chartered credit union that offers Share Accounts (savings) and a focused lending portfolio including personal loans (secured by share accounts and unsecured up to $15,000), vehicle loans for autos/motorcycles/boats/RVs, collateralized business loans for vehicles and equipment, alternative heat source loans for wood and pellet stoves, and home equity loans. Membership requires a common bond (insurance policy holder of the Cooperative Fire Insurance Companies, employee of Associated Mutual Insurance Cooperative, or member of a qualifying small business employment group) and a minimum $25 deposit.

Product overview

Cooperative Federal Credit Union offers a traditional credit union banking portfolio consisting of Share Accounts (savings with monthly interest payments), Personal Loans (both secured by share accounts and unsecured up to $15,000), Vehicle Loans (for autos, motorcycles, boats, and RVs), Business Loans (collateralized for vehicles and equipment), Alternative Heat Source Loans (for wood and pellet stoves), and Home Equity Loans. The credit union operates with a minimum $25 deposit requirement for membership and savings accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Accounts Savings accounts for credit union members that pay interest monthly on balances, with a $25 minimum opening balance requirement and tiered interest rates from 0.10% to 2.00% depending on balance.
• Personal Loans Personal loans offered as either share-account-secured loans at a fixed 5.50% rate or unsecured loans up to $5,000 without a co-signer, up to $10,000 with one co-signer, or up to $15,000 with two co-signers.
• Vehicle Loans Loans for purchasing vehicles including automobiles, motorcycles, boats, and recreational vehicles, available for both new and used models.
• Business Loans Collateralized loans for business purposes, specifically for vehicles and equipment, available to small business employment groups in the credit union's field of membership.
• Alternative Heat Source Loans Specialized loans for purchasing alternative residential heating solutions such as wood stoves and pellet stoves.
• Home Equity Loans Loans using home equity as collateral, with terms and rates available by contacting credit union staff.

Quantifiable outcome

• Less than 0.2% charge-off rate on over $61 million in loans made historically

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Associated Mutual Insurance CooperativecoreOthers · 1 January 1936Founding and ongoing partnership. The credit union's formation was initiated by members of the Cooperative Fire Insurance Companies. The common bond requirement for membership originally included holding an insurance policy with this company. Field of membership was later expanded to include employees of Associated Mutual Insurance Cooperative.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Self-Help Federal Credit Union: Federally chartered community-development credit union with a mission-oriented, underserved-community focus and CDFI orientation. Closely comparable to CFCU in mission, federal charter, and community-driven member acquisition.
• Neighborhood Trust Federal Credit Union: Small, federally chartered, mission-driven community credit union focused on financial inclusion. Closely comparable to CFCU in scale, federal charter, community-led GTM, and focus on serving members underserved by mainstream banks.
• Affinity Federal Credit Union: New Jersey-based federally chartered credit union originally built on an affinity/employer-group common bond. Compares to CFCU in charter type and common-bond member model, though substantially larger in scale.
• Lower East Side People's Federal Credit Union: Small, federally chartered, community-based credit union serving a defined affinity population in New York City. Highly comparable in scale, federal charter, and community-led GTM to Cooperative Federal Credit Union.

Broad incumbents

• Connexus Credit Union: Large, nationally operating community-based credit union offering full retail and digital banking. Useful as a scaled comparable to illustrate the long-term operating model an ambitious community credit union can evolve toward.
• Bethpage Federal Credit Union: Large New York-area federally chartered credit union offering the full suite of consumer and business banking products. Overlaps with CFCU in geography and federal charter but operates at far greater scale and product breadth.
• Alliant Credit Union: Large, nationally oriented community/affiliation-based credit union operating a primarily digital delivery model. Relevant to CFCU as a contrast point showing how a common-bond credit union can scale through digital channels.

Regional players

• Visions Federal Credit Union: New York-based federal credit union serving the Southern Tier and surrounding areas. Overlaps with CFCU in upstate New York geography and federal charter; a useful regional comparable for member demographics and product mix.
• Hudson Valley Federal Credit Union: Regional federal credit union serving the Hudson Valley of New York, directly adjacent to CFCU's Sullivan/Ulster/Orange county footprint. Comparable in charter and regional focus, though materially larger and more diversified.

Emerging players

• Kinecta Federal Credit Union: California-based federal credit union with origins in an affinity/employer-group common bond. Comparable to CFCU in the common-bond membership model and federal charter, but operates in a very different geography and at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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 Cooperative Federal Credit Union