ALBANY, N.Y.–Bill Mellin, president and CEO of the New York Credit Union Association, was among those who testified before the New York State Senate Banks Committee as part of a hearing on barriers that people of color, women, and low-income New Yorkers face when seeking fair mortgage and credit access.
The hearing, "Exploring Unequal Access to Loans in New York's Mortgage Banking and Credit Industry," highlighted “stark findings” from recent investigations, according to Sen. James Sanders, Jr.
In a statement on the hearing, Sanders cited several reports of issues related to disparities in homeownership, including the CNN report that alleges bias against Black borrowers by Navy FCU.
"These reports reveal a disturbing reality that demands immediate action," said Sanders. “This hearing is a critical step in identifying the root causes of this systemic bias and developing solutions that ensure equal opportunity for all New Yorkers seeking to attain the American dream of homeownership."
Sanders has introduced legislation aimed at establishing a New York Public Banking Act, which the senator said would “create a robust framework for public banking institutions across the state, offering an alternative to traditional banking models that often prioritize profit over people.”
Role for NY’s CUs
“I’d like to thank Sen. Sanders and the other members of the Banks Committee for including New York credit unions in the conversation surrounding inequalities in the mortgage banking industry,” the NYCUA’s Mellin said in a statement. “New York credit unions are working to alleviate disparities present in mortgage banking and are actively looking for solutions and developing strategies to bring more New Yorkers into mainstream financial services by providing fair products to improve their lives. Credit unions meet New Yorkers where they are and believe that regardless of location or socioeconomic status, everyone should have access to pro-consumer financial services, and to homeownership. Credit unions are dedicated to their mission of ‘People Helping People’ and will continue to do their part to ensure financial inclusion for all New Yorkers.”
More than a dozen other witnesses also provided testimony.
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