Actors Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | December 5, 1962 in New York City, United States |
| Founder | Conrad Bain, Anthony Saverino, Robin Craven, Herb Nelson, Theodore Bikel, Angus Duncan, Bill Ross |
| Headquarters | New York City , United States |
Key people | Chuck Brown (CEO) |
| Products | Credit cards, consumer loans, auto financing, mortgage loans, specialized accounts (Coogan Law, UTMA/UGMA) |
Number of employees | 54 |
| Parent | National Credit Union Administration (regulated by) |
| Website | www |
Actors Federal Credit Union (ActorsFCU) is a federally chartered credit union headquartered in New York City. As a member-driven, nonprofit financial cooperative, it operates under the regulation and insurance of the National Credit Union Administration (NCUA), a federal entity comparable to the Federal Deposit Insurance Corporation. ActorsFCU holds the position of the 49th largest credit union within New York State and ranks 993rd across the United States. Its financial standing is robust, reflected by an overall health grade of B and a B+ rating on the Texas ratio as of March 2018.
Under the leadership of CEO Chuck Brown, ActorsFCU supports a membership exceeding 26,000 individuals affiliated with over 190 organizations nationwide. The institution oversees assets surpassing $300 million and employs 54 full-time personnel distributed among its main office and four branch locations.
History
ActorsFCU was established on December 5, 1962, with the mission to meet the distinct financial needs of members belonging to the Actors' Equity Association (AEA), who often encountered difficulties obtaining credit due to inconsistent income patterns typical in acting careers.
The impetus for founding the credit union arose when an AEA member was refused store credit solely based on his profession as an actor. In response, six industry figures—Conrad Bain, Anthony Saverino, Robin Craven, Herb Nelson, Theodore Bikel, Angus Duncan, and Bill Ross—initiated the creation of ActorsFCU with assistance from Leo Schwarz of the New York League of Credit Unions. Conrad Bain served as the inaugural president. This initiative enabled actors to access tailored loan products and banking services aligned with their unique occupational circumstances.
Milestones
- Late 1960s: Issued its inaugural mortgage loan to actor Jerry Orbach
- 1979: Welcomed Angela Lansbury as its ten-thousandth member
- 1986: Completed merger with Local 700 Motion Picture Editors Guild Credit Union
- Late 1980s: Integrated with Writers Guild of America, East Credit Union
- 1991: Merged with American Federation of Television and Radio Artists (AFTRA) Credit Union
- 1998: Played a role in supporting passage of the Credit Union Membership Access Act (HR-1151)
- 1999: Launched its first ATM, becoming a leading ATM deployer among NYC credit unions
- 2002: Earned official recognition from NYC officials and senators; May 7 designated as "Actors Federal Credit Union Day" in New York City
Organization
Actors Federal operates under an NCUA charter and is directed by a volunteer board elected from its membership base. The Credit Committee, responsible for overseeing loan approvals, is also composed of elected volunteer members. The credit union encourages active member involvement through participation in governance activities including committee service, elections, and voting processes.
Services
ActorsFCU provides an extensive range of financial products such as credit cards, consumer loans—including balance transfers, cash advances, personal loans, vacation loans, and share-secured loans—as well as auto financing and loans for musical instruments. It holds state-exempt status that permits servicing mortgage loans in New York without requiring additional registration.
The institution maintains five branch offices: two located in New York City (one being its Times Square headquarters), one in Los Angeles, another in North Hollywood, and one in Chicago—strategically positioned within prominent entertainment hubs.
With a network of 270 ATMs distributed throughout NYC’s five boroughs, Long Island, and New Jersey, ActorsFCU also participates in the CO-OP Network, thereby broadening member access to surcharge-free ATM services.
Uniquely, ActorsFCU offers specialized accounts compliant with the Coogan Law alongside accounts established under the UTMA/UGMA, which protect child performers’ earnings by legally reserving 15% of their gross income until they reach legal adulthood.
Membership
The membership criteria for Actors Federal are governed by the National Credit Union Administration (NCUA) and confined to individuals who share the common bond outlined in its charter. Those eligible to join include employees and members of specified organizations along with their immediate family members, all of whom are entitled to full membership privileges.
Membership eligibility is limited to persons connected with prominent industry groups such as Actors' Equity Association, SAG-AFTRA, American Guild of Musical Artists, American Guild of Variety Artists, among others within the performing arts and entertainment fields. The credit union supports an extensive network comprising unions, theaters, production companies, and affiliated organizations, underscoring its commitment to serving professionals in the entertainment sector.