Credit union strives to reach underserved communities
Aug. 2—WINDHAM — The locally owned, co- operative Northeast Family Federal Credit Union has been working hard this year to reach underserved communities.
Through its first- time car buyer program, ITIN lending program, and Hispanic and Latinx community outreach efforts, the Northeast Family Federal Credit Union is staying true to its motto of " people helping people."
The Northeast Family Federal Credit Union does everything from savings and checking accounts to remote deposits, loans, refinancing and more.
It is part of a national program called Juntos Avanzamos, meaning " together, we advance" in Spanish.
" It's a program where we offer services to the Spanishspeaking and Latinx communities," Northeast Family Federal Credit Union President Joanne Todd said.
According to the website, Juntos Avanzamos credit unions work to serve and empower Hispanic communities.
" Hispanic and immigrant consumers are a large and vibrant part of the U. S. economy, but many avoid financial institutions because they've had a bad experience in the past," the website reads.
The Northeast Family Federal Credit Union is going to be celebrating its commitment to Juntos Avanzamos and signing a proclamation Aug. 20 at 4 p.m. at CLiCK Willimantic on 41 Club Road in Windham in conjunction with CLiCK's " Eats and Beats" event.
The credit union was founded on April 19, 1938, by a group of Manchesterarea teachers.
It was originally known as the Manchester Teachers Federal Credit Union and the name changed multiple times.
Now, there are branches at 361 Boston Post Road in North Windham and 233 Main St. in Manchester, as well as an office staffed by students at Manchester High School.
The credit union has 6,100 member-owners and is governed by a board of directors, according to Todd.
Over the last year, Todd said the credit union has grown by $ 23 billion in assets.
" It's mostly because people weren't spending money during the pandemic and, at first, they were getting stimulus payments, so it's a little bit of both," Todd explained.
Many locals have been refinancing their home and auto loans with Northeast Family Federal Credit Union, according to Todd.
" It's a pretty good time for people to refinance their mortgage with us. We have really low fees for refinance and, of course, the market rates are really low," Todd said.
Over at the North Windham branch, auto loans have been exceptionally popular, according to Northeast Family Federal Credit Union North Windham Manager Betsy De Jesus.
" Our rates are really, really good right now so a lot of people are refinancing more because they could get a lower rate and also because they're looking to extend their payments," De Jesus said.
The credit union is continuing to work with members whose financial situation is affected by COVID-19.
" We'll work with them to get them a payment that's affordable for their household," Todd said.
Follow Lisa Massicotte on Twitter — @LMassicotteTC.
Northeast Family Federal Credit Union
Address: 361 Boston Post Road, North Windham
Hours: Monday-Wednesday, 9 a.m. to 4:30 p.m.; Thursday, 9 a.m. to 6 p.m.; Friday, 9 a.m. to 4:30 p.m.; Saturday, 9 a.m. to noon Information: 860-646- 8870, nefamily.coop
