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South Central Los Angeles Community Development Federal Credit Union

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BUSINESS
May 6, 1993 | ERIN J. AUBRY, SPECIAL TO THE TIMES
Clyde Johnson, president of the Black Employees Assn. in Los Angeles, has high hopes that his dream is about to come true. He is scheduled to open a credit union later this month to serve South-Central Los Angeles after five years of trying to sell the idea to federal officials. He received his banking charter in November and has been preparing ever since to open for business as the South-Central Los Angeles Community Development Federal Credit Union.
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BUSINESS
May 6, 1993 | ERIN J. AUBRY, SPECIAL TO THE TIMES
Clyde Johnson, president of the Black Employees Assn. in Los Angeles, has high hopes that his dream is about to come true. He is scheduled to open a credit union later this month to serve South-Central Los Angeles after five years of trying to sell the idea to federal officials. He received his banking charter in November and has been preparing ever since to open for business as the South-Central Los Angeles Community Development Federal Credit Union.
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BUSINESS
October 14, 1992 | From Times Staff and Wire Reports
Credit Union Charter Approved: Federal regulators unanimously approved a charter for the South-Central Los Angeles Community Development Federal Credit Union, culminating a three-year effort to form a new credit union covering a 50-square-mile area of southern Los Angeles. Organizers of the credit union, who received approval from the board of the National Credit Union Administration, hope that it will open as early as December, offering consumer loans and small-business loans.
NEWS
December 20, 1992 | ERIN J. AUBRY
The Black Employees Assn. plans to open the South Central Los Angeles Community Development Federal Credit Union next month in the Crenshaw area. After a four-year effort to obtain a federal charter, the credit union was approved last month by the National Credit Union Administration. "The disturbances in April and May had a lot to do with it getting approved," said Clyde Johnson, who has been president of the Black Employees Assn.
CALIFORNIA | LOCAL
December 15, 1992 | HENRY WEINSTEIN, TIMES STAFF WRITER
The James Irvine Foundation announced Monday that it has awarded $2.8 million to 31 community organizations working in riot-affected areas of Los Angeles as part of the Foundation's Rebuilding Community grants program. The contributions mark the largest initiative by a private foundation to inner-city groups since the spring riots.
CALIFORNIA | LOCAL
December 15, 1992 | HENRY WEINSTEIN, TIMES STAFF WRITER
The James Irvine Foundation announced Monday that it has awarded $2.8 million to 31 community organizations working in riot-affected areas of Los Angeles as part of the foundation's Rebuilding Community grants program. The contributions mark the largest initiative by a private foundation to inner-city groups since the spring riots.
BUSINESS
October 13, 1992 | JAMES BATES, TIMES STAFF WRITER
Last January, the federal agency regulating the nation's credit unions rejected with little fanfare an application to charter an unprecedented credit union serving 600,000 residents living in the 50-square-miles of southern Los Angeles. Officials with National Credit Union Administration's regional office in Concord at the time expressed concern over the "the appropriateness of the common bond which defines the community, and the economic vitality of the proposed institution."
NEWS
November 26, 1991 | JUBE SHIVER Jr., TIMES STAFF WRITER
Shortly after Wells Fargo Bank closed a branch office last year on West 43rd Place, joining the exodus of financial institutions out of South Los Angeles, a pawnshop moved onto the site and began doing a brisk business lending money to customers at annual interest rates of 42% and higher. The firm, 43rd Place Collateral Lenders, which sports a sophisticated computer system and a large, modern showroom, now makes an average of 70 loans a day.
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