News Release
Contact: Public Relations Coordinator
(800) 342-9835, ext. 8130NYSCUL VP Testifies at Budget Hearing
(February 21 - Latham, NY) – – Amy Kramer, vice president, Governmental Affairs, gave testimony on behalf of the New York State Credit Union League and the New York credit union movement at a public budget hearing held by Senate Finance and Assembly Ways and Means committees on Monday, Feb. 11.
The hearing, one of a number to be held, was scheduled to gather information that would help facilitate legislative review of Governor Eliot Spitzer’s 2008-2009 budget proposal. Over 20 individuals representing state agencies, special interest groups and the general public spoke at the day-long event that took place at the Legislative Office Building in Albany.
Kramer testified about how not-for-profit credit unions are an important asset for New York’s consumers. She requested action on mortgage parity for state-chartered credit unions and funding for the newly created community development financial institutions (CDFI) fund, two focal issues to credit unions and their members.
"As not-for-profit institutions, this tax to record mortgages is unfair, burdensome, and puts the New York State credit union charter at a disadvantage," said Kramer.
"The legislature has taken steps to make important legislative proposals to address the subprime mortgage crisis. Why then would the state make it more costly for credit unions to grant mortgages? With the savings from this tax, credit unions will grant more mortgages, create jobs, and expand financial services and investment in their communities."
In speaking about the new first-ever New York State CDFI fund, Kramer asked that an initial appropriation of $5 million be part of the 2008-2009 budget, and that the $1.5 million appropriation for ESDC’s Women- and Minority-Owned Business Lending Program be continued. NYSCUL and the National Federation of Community Development Credit Unions (Federation) partnered to advocate for passage and eventual formation of this fund in 2007.
"The Federation was instrumental in getting the federal CDFI Fund established in 1994, and since then we’ve advocated for similar legislation in New York," explained Federation Public Affairs Officer Rafael Morales. "Thanks to the hard work of our coalition, and with help from NYSCUL, we succeeded in having Governor Spitzer sign legislation creating the NY CDFI Fund. Now that the framework is in place, we’d like the state to make a real financial commitment to supporting women, minorities, and low-income individuals, the primary customers of CDFIs."
"CDFI’s are mission-driven lenders that fight predatory lending by providing consumer education and affordable financing. They assist individual borrowers in getting out of over indebtedness, mounting loan principal, and accumulated interest that generally exceeds what they can afford," continued Kramer.
In closing, Kramer acknowledged members of the Senate and Assembly for holding the budget hearings and serving their communities. She also expressed appreciation on behalf of New York’s credit unions for their steadfast support of the credit union movement.
The New York State Credit Union League (NYSCUL) has served as the trade association for the state’s credit unions for 91 years. It is the fifth largest league in the country. New York credit unions have assets of more than $39 billion and 4.2 million members. To learn more about the League, visit www.nyscul.org.
Amy Kramer, vice president, NYSCUL, gives testimony on behalf of the NYSCUL and the New York credit union movement at a recent public budget hearing.
New York State Credit Union
League, Inc. & Affiliates
P.O. Box 15118, Albany, New York 12212-5118 | 19 British American Boulevard, Latham, New
York 12110
800-342-9835 | Fax 518-437-8284
