Builds Strategic Alliance with National Federation of CDCUs
(Long Island City, Queens, NY – February 19, 2009) Low- and moderate-income consumers in underserved communities across the country will soon be gaining access to a full suite of financial programs and products at community development credit unions (CDCUs) thanks to a newly formed alliance between UNFCU Financial Advisors (UNFCU FA) and the National Federation of Community Development Credit Unions (Federation).
“Our goal is to strengthen the capacity of community development credit unions by providing them with the tools, expertise and resources they need to deploy sustainable financial solutions to low-income people,” said Stephen J. Ryerson, president of UNFCU FA. “In this way, UNFCU FA is not only supporting credit unions which directly serve communities in need, but it is also fulfilling the UNFCU Board mandate to contribute towards the betterment of the human condition.”
The alliance enables UNFCU FA to gain deeper insight into the needs of low-income consumers to best tailor innovative programs, products and services for them, as well as individuals of moderate incomes. Among the planned offerings are insurance services, investment and mortgage-related products and real estate buying and selling assistance.
“The Federation has been focusing its efforts over the past several years to building bridges between credit unions of all types and sizes,” explained Federation President / CEO Cliff Rosenthal. “Our new partnership seeks to leverage our CDCU-members’ knowledge of the low-income market with the scale and resources of this larger, more sophisticated financial institution. This collaboration will allow us to further our mission of helping low- and moderate-income people and communities achieve financial independence through credit unions.”
“UNFCU has a long history serving underserved members and credit unions throughout Africa and Latin America, as well as in low-income areas in the United States, particularly in New York City,” said Federation Director of Membership Services Pablo DeFilippi. “We hope that this type of collaboration will create replicable synergies to better serve low-income communities across the nation.”
Bringing new services to underserved markets is the latest in a series of initiatives between UNFCU, UNFCU FA, and the Federation. Last year, UNFCU became the first credit union in the nation to participate directly in the Federation’s Community Development Investment Program (CDIP), with a $500,000 investment in CDCUs.
Since inception, CDIP has raised more than $46.2 million, which it has invested in low-income credit unions across the United States. While a majority of the Federation’s investment capital has come from social investors, foundations, government, and banks, the Federation has been increasingly turning to the credit union movement for support and UNFCU was the first credit union in the nation to make a substantial investment.
In addition to its role as a Federation investor, UNFCU has also long been a supporter of the Lower East Side People’s FCU, and has been working with the Federation and other Community Development Partners to open a branch in an underserved community in Queens, NY.
According to William Reed, manager of Business Development, UNFCU Financial Advisors, given these challenging financial times, consumers need to receive sound education and trusted advice, now more than ever. “The size and financial stability of our organization affords us a unique opportunity for collaboration, and we look forward to continue supporting the Federation’s efforts.”
UNFCU Financial Services LLC d/b/a UNFCU Financial Advisors is a wholly owned subsidiary of the United Nations Federal Credit Union with offices in Long Island City, New York; Washington, D.C.; and Geneva, Switzerland. Registered as an investment advisory firm with the SEC, UNFCU Financial Advisors is dedicated to helping credit unions develop and implement financial and non-financial programs for their members, non-profit organizations, businesses and individuals. For more information, please visit its website at www.unfcuadvisors.com, or contact us at email@example.com, or by telephone at 212.324.3900.
The United Nations Federal Credit Union is a cooperative financial institution with more than $2.7 billion in assets. UNFCU is committed to providing high-quality service and financial solutions to the staff of the United Nations (UN), 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.
© 2005-2009 UNFCU Financial Advisors, A United Nations Federal Credit Union owned company
© 2009 National Federation of Community Development Credit Unions