NuVision's tagline is "Enjoy Life, Bank Easier." For the residents of an underserved East Los Angeles community, this just became a tad more difficult.
NuVision Federal Credit Union announced its intention to close its East Los Angeles branch on Mednick Avenue as of October 31.
The article points out that more than a quarter of the households in this community have incomes at or beneath the poverty level.
NuVision concluded that the branch, which opened 5-1/2 years ago, “is not performing at the expected level for a branch of its size and that has been open for this length of time.” In other words, it was not turning a profit.
The article also noted that the credit union just opened a branch in Costa Mesa. According to geocoding software on the FFIEC's website, the median family income of the census tract of the new branch is 114 percent of the core based statistical area's median family income.
Credit unions talk about putting people before profits, this action does not seem to be the case for this credit union.
Read the article.
So let me understand this correctly. Banks can close their branches in the same impacted area, and you won't comment. But you want to criticize a good business decision by a Credit Union to close a branch in a impacted area. CU's, like banks, are not for charity.
ReplyDeleteCredit unions, unlike banks, receive a valuable tax subsidy.
ReplyDelete