Signs MOU to Place $500,000 in Deposits in CDCUs
(February 20, 2008 – Long Island City, Queens) The United Nations FCU (Long Island City, NY) today became the first credit union in the nation to participate in the Community Development Investment Program (CDIP) of the National Federation of Community Development Credit Unions (Federation). The Federation’s program raises investments for placement in low-income credit unions across the United States.
The occasion was marked by the signing of a memorandum of understanding with the $2.5-billion-asset UN FCU, in the 16-story headquarters building it erected directly across the East River from the United Nations to best serve its members. “It is a special pleasure to join UN FCU today at its new headquarters,” said Clifford Rosenthal, President and CEO of the Federation. “Amid the many money-center financial institutions in New York City, too few New Yorkers see a credit union in their daily lives, and UN FCU is a visible symbol for the credit union movement in this city. Through its commitment to innovation, UN FCU will play an increasingly vital role in the life of New York City, as well as its many members worldwide.”
The pioneering new investment is the latest in a series of initiatives UN FCU has undertaken to help CDCUs upgrade their operations and expand their services. It has long been a supporter of the Lower East Side People’s FCU, and recently, it has joined with that CDCU and other credit unions to plan for a new branch in an underserved area of Queens, NY, according to Federation Membership Director Pablo DeFilippi.
|UN FCU President and CEO Michael J. Connery, Jr. (left) and Federation President and CEO Clifford N. Rosenthal at the credit union's headquarters in Long Island City, Queens. Behind them is a mural with foreign characters representing the many nationalities served by UN FCU.
“UN FCU endeavors to use its expertise and resources to support community services and credit unions which directly serve communities in need, and wishes to support the Federation in achieving its stated mission and to provide general support to the credit union community,” said Michael J. Connery, Jr., President and CEO of UN FCU. Connery was joined at the ceremony by William Predmore, Executive Vice President, Christopher Sullivan, Chief Investment Officer, and John Lewis, Senior Vice President Corporate Affairs and General Counsel, UN FCU.
“UN FCU is one of a select group of credit unions – the Federation’s Community Development Partners – that demonstrate the unity and cooperative nature of the credit union movement,” said Rosenthal. “UN FCU has shown that the difference in size of credit unions is an opportunity for collaboration and synergy, rather than a fault line to divide our movement.”
The Federation’s Community Development Investment Program celebrated its 25th Anniversary, by launching a $25-million capital campaign to bring its investment portfolio in CDCUs to $50 million by 2010. Launched In July 2007, the program has already raised $10 million from foundations, financial institutions, and religious institutions. “We thank UN FCU for becoming the first credit union to participate in the Federation’s Community Development Investment Program,” said Alice Greenwald, the program’s director. “We hope it will show the way for other credit unions to participate.” The Federation currently has investments in 121 community development credit unions from Vermont to Hawaii.
Interested investors can learn more about the Federation’s investment program by clicking here, or by contacting Alice Greenwald at firstname.lastname@example.org, or (800) 437-8711, x 212.
The United Nations Federal Credit Union is a cooperative financial institution committed to providing high quality service and financial solutions to the staff of the United Nations, UN specialized agencies, retirees and their families. Founded in 1947 by 13 UN staff members, UNFCU is dedicated to serving the unique needs of the UN community around the world. UNFCU is headquartered in New York with Representative Offices in Rome, Geneva, Vienna and Nairobi. For more information, please visit, www.unfcu.org.
© 2008 National Federation of Community Development Credit Unions.