NEW YORK/ALBANY, N.Y. —Inclusiv and the New York Credit Union Association said they have formalized a new partnership and have agreed to work closely together to raise awareness about the benefits of credit unions becoming certified community development financial institutions and minority depository institutions.
In additions, Inclusiv and the NYCUA said they will also provide “important resources: to New York credit unions that are interested in obtaining their CDFI certification or MDI designation.
“Through this new partnership, Inclusiv will become the official financial inclusion and community development support center of NYCUA,” the organizations said, adding they will work together to provide training, guidance and assistance to New York credit unions in an effort to increase participation in CDFI, MDI and low-income programs.
NYCUA member credit unions will also be eligible for discounted membership with Inclusiv.
Achieving Financial Independence
Inclusiv noted it is a CDFI intermediary and national network of nearly 400 community development credit unions (CDCUs) dedicated to helping low- and moderate-income people and communities achieve financial independence through credit unions.
The NYCUA said its membership includes 17 CDFI, 42 MDI and 150 Low-Income designated credit unions, and that it is a longtime associate member of Inclusiv, with the two organizations having worked closely together for years on a variety of initiatives, including legislative advocacy; education; and Inclusiv’s Hispanic outreach program, Juntos Avanzamos.
"We are thrilled to expand our long-standing collaboration with the NYCUA," said Cathie Mahon, president and CEO of Inclusiv. "We’ll now be able to provide specialized resources and expertise to credit unions throughout New York State, many of which already serve vulnerable communities and could expand their capacity by accessing external resources. We look forward to working more closely with Bill Mellin and his team to expand the reach and impact of our movement to empower communities across the state."
Partnership ‘Makes Sense’
Added Mellin, president and CEO of NYCUA, “The New York Credit Union Association and Inclusiv have worked closely together for years, and formalizing this partnership now makes sense not just for our respective organizations, but for the New York credit union community as a whole. With the COVID-19 pandemic having a disproportional impact on the individuals, families and communities already marginalized and struggling, the need for fair and equitable access to the financial system could not be more urgent. Credit unions offer consumers a path to financial stability and freedom, and we are excited to partner with Inclusiv to bring the benefits of credit unions to more New Yorkers while expanding the CDFI network in the state.”
One CU’s Experience
In a statement, Bill Carhart, CEO of Oswego County Federal Credit Union in Oswego, N.Y., said becoming a CDFI in late 2019 has been one of the best choices the credit union has made.
“We are the only Oswego County-based CDFI and we have been able to grant an average of 83% of all loans to our CDFI target markets and 70% of all loan dollars to our target markets over the past two years,” said Carhart. “That translates into nearly $35 million for our members residing in either low-income areas or investment areas of Oswego County. Those numbers make a difference to thousands of members. Inclusiv has played an instrumental part in our education and helping us navigate the grant opportunities that exist in the low-income credit union and CDFI worlds. Their dedicated staff has helped lead us down a path that will benefit our members for years to come and will lead to direct success for our organization.”