By Amy Tennery
On Friday, Sept. 14, Cambridge Portuguese Credit Union (CPCU) CEO Rui F. Domingos and CFO James Roy came to The Somerville News editorial office to discuss significant changes to the nearly 80-year-old CPCU. Originally founded to assist the Portuguese immigrant population, CPCU now affords membership to non-Portuguese residents.
While some may be concerned that such a change could cost the CPCU its identity, Domingos said the CPCU remains vested in the needs of the Cambridge and Somerville community.
“We’re able to make change a lot faster than other [larger banks]. We’re a lot more reactive to the people’s needs,” said Domingos.
Unlike traditional banks, credit unions are cooperative financial organizations in which the members control every decision made within the institution. Credit unions are non-profit and other banks cannot buy them out — a credit union can only merge with another credit union if the members vote to do so. Additionally, a member-elected Board of Directors set credit union policies regarding interest rates and any profits made are given back to members in the form of interest on deposits.
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