The partnership aims to increase awareness among New York credit unions about CDFI certification and MDI designation, and provide resources to credit unions that are prepared to earn the certifications.

News Release: April 28, 2021
For Immediate Release

NEW YORK and ALBANY, N.Y. — Inclusiv and the New York Credit Union Association have formalized a new partnership. The two advocacy organizations 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, while providing 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. In that capacity, the two organizations 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. Contact Inclusiv for details.

Inclusiv 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. Inclusiv specializes in supporting credit unions committed to financial inclusion and addressing racial equity. The Inclusiv network is comprised of CDFI certified, MDI designated and Low-Income Designated credit unions, with combined assets of $184 billion and serving near 14 million predominantly low-income as well as minority consumers.

NYCUA, based in Albany, works to advance the interests of all New York credit unions through its advocacy, education, unity and support initiatives. NYCUA’s membership includes 17 CDFI, 42 MDI and 150 Low-Income Designated credit unions.

NYCUA is a longtime associate member of Inclusiv, and the two organizations have worked closely together for years on a variety of initiatives, including legislative advocacy; education; and Inclusiv’s Hispanic outreach program, Juntos Avanzamos. Additionally, a number of Puerto Rican cooperativas are members of both Inclusiv and NYCUA.

The relationship between the two organizations became more formalized after Congress passed its economic stimulus bill in December 2020, which included a remarkable and historic set-aside of $12 billion for CDFIs. Both Inclusiv and NYCUA strongly supported the appropriations measure and advocated for its passage.

"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."

William J. Mellin, president and CEO of NYCUA, said: “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.”

Bill Carhart, CEO of Oswego County Federal Credit Union in Oswego, New York, said: “Becoming a CDFI in late 2019 is one of the best choices that we have made as an organization. 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. 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.”

 

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For media inquiries, contact:

Clarissa Ritter, VP of Marketing and Communications, Inclusiv, critter@inclusiv.org

RJ Tamburri, VP of Communications & Marketing , NYCUA, rj.tamburri@nycua.org,
(800) 342-9835, ext. 8101

About Inclusiv

At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over 14 million residents of low-income urban, rural and reservation-based communities across the US and hold over $184 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.org and connect with us on Facebook, LinkedIn and Twitter.

Inclusiv was instrumental in establishing the CDFI Fund in 1994, is a permanent member of the national CDFI Coalition and is the CDFI and community finance authority for the credit union industry. Our member CDCUs represent over 10 million members in low-income communities across the US, representing the majority of all CDFI-certified credit unions. Today, CDFI certification is an essential credential for credit unions with a focus on financial inclusion. Inclusiv is the credit union industry's best resource for learning more about certification and technical and financial assistance grants. For more information on our advocacy on behalf of CDFI credit unions, click here.

About the New York Credit Union Association

For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $100 billion in assets and serve more than 6 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.YourMoneyFurther.com.