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Top Headlines
New Jersey Credit Unions Celebrate BEST Internship Program
Partnership Seeks to Expand CU Service to People with Disabilities
(August 30, 2010 - Hightstown, NJ) Credit unions and the disability community are coming together in a unique way that will help members of the disability community gain valuable work experience at credit unions while helping the cooperatively-owned financial institutions learn how to better serve this underserved community. The New Jersey Credit Union League recently hosted a luncheon for credit unions, interns and representatives from the disability community to discuss the experiences of Cycle II of the BEST internship program.
The Building Economic Strength Together (BEST) program is a collaborative project that provides an internship opportunity for people with disabilities. The goal of the program is to strengthen the connection between credit unions and the disability community, a large and widely unbanked or underbanked group. The BEST Internship Program serves as a way to reach out to this large and growing population in a meaningful way, while helping credit unions learn how best to serve this population. The program was developed in partnership between the Federation, the National Disability Institute (NDI), and Allies Inc., a New Jersey-based training group for people with disabilities.
To read the full press release, please click here.
CDCUs Receive $12.7 Million from CDFI Fund in Recent Awards Round
(August 19, 2010 – New York, NY) Low- and moderate-income communities across the nation will soon receive a boost to their local economies thanks to awards made today to 180 community development financial institutions (CDFIs) by the U.S. Department of the Treasury’s CDFI Fund. The announcement was made at El Maguey y La Tuna, a restaurant in New York City’s Lower East Side which was financed by local CDFI, the Lower East Side People’s Federal Credit Union, the largest community development credit union (CDCU) in New York City. On-hand to announce the CDFI Fund’s FY 2010 nationwide round of awards, totaling $104.9 million, were United States Treasurer Rosie Rios, Congresswoman Nydia Velázquez, Congressman José Serrano, and CDFI Fund Director Donna J. Gambrell.
Among the awards announced today, 21 awards totaling more than $12.7 million were made to CDCUs and the Federation itself, and all but three of the CDCU awardees are members of the Federation. A breakdown of the CDCU awards in this round is available by clicking on the link below to view the full press release.
Federation President/CEO Cliff Rosenthal, who accepted the Federation’s award for $750,000, offered praise for the CDFI Fund. “The CDFI Fund is an absolutely unique source of innovative funding, which has enabled us as a national entity to support hundreds of low-income credit unions across the United States,” he said. “We’ve been doing this to help them build their capital during these very difficult times and to allow them to recycle their capital for additional lending… We are very grateful to this indispensable and irreplaceable federal agency.”
“The Federation has fought long and hard to ensure that CDCUs continue to receive their fair share of CDFI awards,” explained Rosenthal. “Today we’ve seen a much more equitable distribution with some of the largest number of awards to CDCUs in recent years, including various credit unions new to the Fund,” he said. “These awards will bring major impact to the communities served by CDCUs and CDFIs generally.”Among the awards announced today, 21 awards totalling more than $12.7 million were made to CDCUs and the Federation itself, and all but three of the CDCU awardees are members of the Federation.
To read the full press release, and for a breakdown of the CDCU awards in this round, click here.
