Stepping Stones Community Federal Credit Union to Join FHLBank Pittsburgh
29 Giugno 2015 - 8:00PM
Business Wire
Through Membership with FHLBank Pittsburgh,
Stepping Stones CFCU to provide members with low-cost alternative
financial services, opportunities for affordable housing
Stepping Stones Community Federal Credit Union (Stepping Stones
CFCU) – a Wilmington-based organization committed to providing
access to credit, education and individualized approaches to money
matters – announced today it has become a member of the Federal
Home Loan Bank of Pittsburgh (FHLBank Pittsburgh).
Membership with FHLBank Pittsburgh enables Stepping Stones CFCU
to further meet the needs of its members – those who reside or work
in the city of Wilmington – with access to a number of low-cost
financial tools and sponsorship of applications for FHLBank’s
affordable housing program. Local businesses like Discover Bank,
which contributed funds to the effort, helped Stepping Stones
Community CFCU pursue the application process and meet the
requirements for membership with FHLBank Pittsburgh.
U.S. Senator Tom Carper (D-DE) was joined by representatives
from Stepping Stones CFCU, FHLBank Pittsburgh and Discover Bank at
a ceremony today for the announcement. The event took place at the
offices of the Delaware Community Reinvestment Action Council
(DCRAC), the non-profit organization that founded Stepping Stones
in an effort to combat payday lending and high-cost alternative
financial services for residents on the east side of
Wilmington.
“A key to our economic recovery in Delaware and across the
nation is affordable home ownership,” said U.S. Sen. Tom Carper. “A
home is the cornerstone of family life and the hard-working people
of Wilmington deserve access to affordable financing. FHLBank,
Stepping Stones CFCU and Discover Bank have made these
opportunities possible and that is a critical investment in the
future of our city and state.”
“Joining FHLBank Pittsburgh lays a strong foundation for the
growth and stability of the credit union and Wilmington’s east
side, particularly in our ability to offer financial services and
sponsor applications for affordable housing, which is a significant
need in our community,” said Rashmi Rangan, director, Stepping
Stones CFCU.
Stepping Stones CFCU holds strong partnerships with banks in
Delaware that have helped to capitalize the credit union with
deposits and grants to sustain its operation. SSCFCU was the only
credit union chartered by the NCUA in 2011. Its founding was made
possible through support of businesses like Discover Bank, which
contributed $250,000 in startup funding in addition to an
additional $150,000 in grant funding and technical assistance.
“Discover Bank is invested in the ongoing success of the New
Castle County community and its residents. We’re committed to
helping organizations like the Stepping Stones CFCU meet the needs
of the broader community and to help people achieve a brighter
financial future”, said James J. Roszkowski, president, Discover
Bank.
One of 11 FHLBanks nationwide, FHLBank Pittsburgh provides its
300+ member financial institutions across Delaware, Pennsylvania
and West Virginia with readily available low-cost funding and
opportunities for affordable housing.
“We’re pleased to bring Stepping Stones CFCU aboard as a member
financial institution and provide it with access to our various
Community Investment programs,” said Winthrop Watson, president and
CEO, FHLBank Pittsburgh. “We’re confident our partnership and
programs, like the Affordable Housing program, will make a positive
difference to the community on the east side of Wilmington.”
In joining the FHLBank Pittsburgh, Stepping Stones CFCU furthers
its commitment to the community on the east side of Wilmington. The
credit union also is a member of East Side Rising, a coalition of
charitable organizations devoted to the redevelopment of the area
by improving housing conditions of existing residents,
beautification efforts, creating job opportunities, and improving
recreational opportunities for youth.
About Stepping Stones Community Federal Credit Union
Since its inception in 2011, Stepping Stones Community Federal
Credit Union has been providing financial products to members in
and around Wilmington, Del. The credit union has grown its
membership to more than 297 members, with assets of more than $1.3
million. For more information about Stepping Stones CFCU,
visit www.steppingstonescfcu.org.
About FHLBank Pittsburgh
As an intermediary between global capital markets and local
lenders, FHLBank Pittsburgh provides readily available liquidity,
as well as affordable housing and community development
opportunities, to member financial institutions of all sizes in
Delaware, Pennsylvania and West Virginia. The Bank is part of the
Federal Home Loan Bank System, which was established by Congress in
1932 and serves as a reliable source of funds for housing, jobs and
economic growth in all economic cycles. To learn more, visit
www.fhlb-pgh.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts, certificates of
deposit and money market accounts through its direct banking
business. It operates the Discover Network, with millions of
merchant and cash access locations; PULSE, one of the nation's
leading ATM/debit networks; and Diners Club International, a global
payments network with acceptance in more than 185 countries and
territories. For more information, visit
www.discover.com/company.
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version on businesswire.com: http://www.businesswire.com/news/home/20150629005895/en/
Sen. Carper media inquiries:Katie WilsonDeputy Press
SecretaryKatie_Wilson@carper.senate.gov302-573-6291FHLBank
Pittsburgh should be directed to:Jennifer M. CloonanGovernment
Relations ManagerFHLBank
PittsburghC: 412.627.2094Jennifer.Cloonan@fhlb-pgh.comStepping
Stones Community Federal Credit Union should be directed to:Rashmi
RanganManager302-824-5219Rrangan@dcrac.orgDiscover Financial
ServicesRob WeissC: 224-436-9520robertweiss@discover.com
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