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NCUA yesterday announced the chartering of The Finest Federal Credit Union, the first new federal credit union chartered in 2015 and the first for the state of New York since 2009.

The credit union was chartered to serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in New York City.

"It's always satisfying to see a new credit union launched, and I'm sure the future members of The Finest Federal Credit Union will appreciate the access to affordable financial services," NCUA Board Chairman Debbie Matz said.

The credit union's headquarters will be located in Manhattan, and it expects to hold a grand opening in May. The Finest will share branches with Greater Metro Federal Credit Union, located in Queens.

The Finest also received a low-income credit union designation, which allows the credit union to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts and qualify for exemptions from certain member business lending limits.

The credit union, supported by the New York Police Department, received its initial capital from AmTrust Financial Services Inc., an $11.3 billion entity providing property and casualty insurance to small businesses.