BRONX, N.Y.  New Covenant Dominion Credit Union, a minority-owned financial institution founded in 2007 by the National Credit Union Administration that services underserved individuals in the Bronx and surrounding areas, announces its grand reopening after extensive renovations and an expansion. The grand reopening will consist of a ribbon cutting on August 6th, 2022, to kick off a week’s worth of events and special promotions.

New Covenant Dominion is a low-income designated financial institution committed to providing services not currently available to members of this community, encouraging better financial management and developing economic stability within the community.

Funding from the U.S. Department of Treasury and other organizations helped accelerate New Covenant Dominion’s growth. The credit union was among the first to go through a newly streamlined certification process as a community development financial institution (CDFI). This certification opened doors to federal grants, allowing New Covenant Dominion to nearly double the number of loans and value offered to its members.

Renovations began in March 2022 to expand the brand located at 1185 Boston Road in Bronx, New York. Exterior renovations include moving the entrance, painting the building a bright blue, and adding new signage. Interior upgrades include creating a wheelchair accessible teller window, adding a member service area for financial advising and more. The credit union is also increasing staff.

“Our team is very eager to start utilizing new systems to better increase customer service and announce our member rewards program,” said Rachel Macarthy, CEO, New Covenant Dominion Credit Union. “The program allows members to receive rewards for account referrals or loan referrals, debit card use and more.”

In the digital world, the website and mobile app are getting a facelift. On the website, users can get information on opening a new account and will have access to a wealth of information to assist those in meeting financial goals. In partnership with Balance, members also have access to online financial courses.

“Our mission is to serve all of our members well, especially those of modest means,” said Macarthy. “We hope these improvements allow us to further expand our reach to provide banking services that are not currently available in the community.”

The ribbon cutting will take place in front of the new entrance on Saturday, August 6th at 1 p.m. and Deputy Borough President Janet Peguero will be in attendance.

The credit union plans to promote the re-opening August 8 – August 12 by setting up shop in front of the building where community members are welcome to learn more about the financial services provided. There will also be events for adults, seniors and families.

About New Covenant Dominion Federal Credit Union: Chartered in 2007, New Covenant Dominion Federal Credit Union is a member-driven financial institution whose goal is to develop economic stability within the community and its membership. To learn more, visit


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