Actors Federal Credit Union

Actors FCU was incorporated on December 5, 1962. Its initial purpose was to facilitate members of Actors' Equity Association (AEA) in their pursuit of getting approved for credit. Actors often had difficulty obtaining loans or other banking serves due to their unpredictable finances and lack of traditionally defined steady employment.

The specific impetus behind the 1962 movement was an incident at a local department store: an AEA member was denied credit specifically due to the fact that he was an actor. This member proceeded to raise the issue at a union meeting and enlisted six men to take up the challenge of starting a credit union for those in the acting profession. These men—Conrad Bain, Anthony Saverino, Robin Craven, Herb Nelson, Theodore Bikel, Angus Duncan, and Bill Ross—formed the Actors Federal Credit Union in 1962 with the help of Leo Schwarz, Field Representative of the New York League of Credit Unions.

Milestones

Late 1960s: Issued its first mortgage to actor Jerry Orbach

1979: Angela Lansbury was welcomed as the ten-thousandth member

1986: Merged with Local 700 Motion Picture Editors Guild Credit Union

Late 1980s: Merged with Writers Guild of America, East Credit Union

1991: Merged with American Federation of Television and Radio Artists (AFTRA) Credit Union

1998: Helped get the Credit Union Membership Access Act (HR-1151) enacted

Actors FCU offers a range of account services generally offered by typical financial institutions such as credit cards and consumer loans (including balance transfer, cash advances, computer, union initiation fee, income tax, personal, vacation, and share secured), as well as auto loans and musical instrument loans. It has exempt status conferred by the state to engage in the business of mortgage loan servicing in New York without being registered as a mortgage loan servicer.

Currently, Actors FCU has five branch offices—two in New York City, including the main office in Times Square, one in Los Angeles, one in North Hollywood and one in Chicago.

Actors FCU is among the few institutions that offer Coogan Trust (SB 1162; CA) and UTMA/UGMA Accounts, designed to protect the earnings of child performers. By law, fifteen per cent of a young performer's gross earnings must be saved in these accounts, which are locked and are not available for withdrawal until the minor reaches the age of 18.