In September 1981, neighborhood activists held the first meeting of an organizing committee to form a new Credit Union that would serve our community’s financial needs. The meeting was held at a home on Westcott Street, and members explored the need for a homegrown financial institution to meet needs of residents and organizations that were not being met by conventional, for-profit banks.

Gifford Foundation provides Loan Capital to establish the “Nano Loan” Program

Cooperative Federal is kicking off a new microfinance initiative this week. Through the Step Up Loan Fund, with capital provided by the Gifford Foundation, our credit union will make “nano loans” to foster job readiness and entrepreneurship among low-income and under-employed Syracuse residents.

The Step Up Loan Fund provides low-cost, short-term loans of $2,500 or less in order to help self-employed persons, emerging entrepreneurs, and under-resourced job seekers “step up” their income potential.

Cooperative Federal's 2010 Annual Report is here!

2010 was challenging year. We faced many of the same hurdles as in 2009, but we continually restrategized in order to better withstand fallout from the Great Recession. Meanwhile, we maintained our commitment to providing fair, community-based access to accounts, loans, and financial education & counseling. Get the details -- and hear from some of the people whose lives have been changed by the credit union -- in our 2010 Annual Report .

The Annual Report features beautiful cover art from San Myint, a 10th grade student at Fowler High who won first prize in our first-ever art contest. Read more about the contest on page 18 of the report.

Our first-ever Member Forum was held on January 24th, 2010 at the Westcott Community Center. After experiencing our first ever year-end loss, we wanted to give members the opportunity to ask questions and voice their concerns. Cooperative Federal staff and Board members were in attendance to listen and explain the reasons behind the tough decisions made in 2009. Because members preferred the question and answer format, we’ve decided to hold another Member Forum in Fall 2010.

Vote for 2010 Common Cents awards!

Ballots are available at any office and online (pdf), or, you can email your ballot to info@coopfed.org or fax to 315-476-0567.

Please remember - if you vote for the same organization 3 times (1st, 2nd, and 3rd) - only your 1st vote will count.

Voting ends July 1st!

About Common Cents

Cooperative Federal's 2009 Annual Report is here!

2009 was an extraordinary year. We faced economic challenges, but we also expanded our programs and services and achieved some record-breaking community impacts. Get the details -- and hear from some of the people whose lives have been changed by the credit union -- in our 2009 Annual Report.

And to get a "bigger picture" look at the difference our credit union is making, take a look at our new 2006-2009 Community Impact Report!

A Special Message from the Board and Management

2009 was a difficult year for many people, businesses and nonprofits, including your credit union. We were not able to escape the effects of the recession and global economic meltdown. While the credit union remains strong and well capitalized, we have had to make some very difficult changes. In this article, we will discuss the challenges we have faced this year, and our plans to move ahead.

"The Perfect Storm"

Filing your taxes can be a very confusing process. The IRS doesn’t make it very easy! That means that many of us end up looking for help. However, not everyone knows that the help offered by some private companies isn’t as nice as it seems.

You can get your taxes prepared for you for FREE at many VITA sites around Syracuse.
There is a site right outside our office at 800 North Salina Street that will be offering this free service on the following Saturdays: February 6th, 13th, 20th, 27th; March 6th, 20th, 27th, and April 10th. These Saturday sessions go from 9am-1pm. No appointment is required.
There are also free tax prep sites at many libraries and PEACE, Inc. Family Resource Centers. You can contact PEACE Inc. at 634-3756 to set up an appointment at a PEACE center near you.

That’s right. Cooperative Federal has joined the social networking community with a Facebook Page, and we want you to become a fan. You can use the page to stay updated on Credit Union and community happenings, find out about workshops and RSVP to them, leave comments and suggestions and connect with other Credit Union members. We can’t wait to see you there.

On Wednesday, December 10, Cooperative Federal was one of just six community development financial institutions (CDFI) from across the nation to be honored with a 2008 Wachovia NEXT Award. The awards, announced at the 2008 Opportunity Finance Network (OFN) Conference in Albuquerque, New Mexico, are among the most prestigious awards for responsible lending in the U.S.