NCUA Board Member Hyland Visits
Low-Income Credit Unions
New York, New York, March 23, 2006 – National Credit Union Administration (NCUA) Board Member Gigi Hyland spoke to the New York State Credit Union League’s Metropolitan Chapter of Credit Unions in Manhattan, and in conjunction with her speech, visited Lower East Side People’s Federal Credit Union (LESPFCU) in Manhattan, and Bethex Federal Credit Union in the Bronx. Hyland also visited the offices of the National Federation of Community Development Credit Unions (NFCDCU), where Federation staff explained its latest efforts to provide more tools to benefit their low-income members and communities.
Hyland met with LESPFCU board member, Pablo DeFilippi and staff while learning about the services provided to the credit union’s membership. “This credit union has filled an unparalleled need to serve people who live or work in this primarily Hispanic area on the Lower East Side of Manhattan,” said Board Member Hyland. “I’m particularly impressed by the credit union’s efforts to combine products and services with financial education that is successfully helping members achieve ownership of homes and small businesses which will help the community thrive.”
In her visit to Bethex Federal Credit Union, Board Member Hyland met with the credit union’s President and CEO, Joy Cousminer, to discuss challenges and opportunities facing the credit union. “I am impressed how Bethex is responding to these challenges with innovation and commitment to its members by protecting them from predatory lenders while partnering with check-cashing outlets to provide the combined benefits of convenience, discounted prices for services, and incentives to save their earnings,” Hyland remarked. “Interestingly, this year’s theme for National Women’s History Month is ‘Women: Builders of Communities and Dreams.’ Joy is definitely a living and breathing example of such a builder,” noted Hyland.
“Bethex, LESPFU, and NFCDCU demonstrate the cooperative commitment to serve the needs of all segments of their membership. I am grateful for the opportunity to visit with them and learn more about the community I have the honor to regulate,” stated Hyland.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 85 million account holders in all federal credit unions and the majority of state-chartered credit unions.
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