New Delaware credit union targets low income residents

Stepping Stones Federal Credit Union is the first new credit union in Delaware for a few decades.

The announcement of the National Credit Union Administration approval of the charter for Stepping Stones FCU came just hours before the Delaware Community Reinvestment Action Council (DCRAC) held its annual awards luncheon at the Queen in Wilmington.  DCRAC is the sponsor and driving force behind the credit union, which will open on North Church Street in Wilmington, next to DCRAC's offices.

DCRAC's Rashmi Rangan says the new credit union offers hope to low income residents frustrated with the big banks.  "We all are feeling so hopeless with the 'take back, occupy' movement.  This is a way we can occupy a space in the banking field that is left open for predators to play around in."  She says "Stepping Stones, as the name suggests, is a stepping stone to a better and brighter future.” 

Theresa Hasson is on the board of the newly formed credit union.  She's also regional director for community development at Citibank.  "We hope to offer financial products as well as some coaching and financial education classes.  We hope to be able to introduce them to other products, not necessarily issued by the credit union, but other bank products that would make it important for them in managing their finances."  

Stepping Stones expects to open its doors sometime this month, initially offering a variety of savings accounts.  Within the next year, the credit union will expand its offerings to include personal loans and other services.