Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CNN Reports On CU's Day Care Loans To NYC Parents
NEW YORK (8/7/13)--Neighborhood Trust CU in New York City will administer subsidized child care loans to middle class families in a program launched by City Council Speaker and mayoral candidate Christine Quinn, CNN reported Monday.
 
"We were approached by the City Council," Justine Zinkin, CEO of Neighborhood Trust Financial Partners and Neighborhood Trust CU, told News Now. "They were interested in a way to basically support families interested in better child care for their children.
 
"We were very specific that this loan should be bundled with financial education and counseling, not just debt, and fit into a broader format and goal," she added.
 
Qualified applicants must have an annual income of $80,000 to $200,000, a credit score of at least 620 and attend a free financial counseling session with a Neighborhood Trust counselor. The financial counselor will conduct a comprehensive review of the applicant's finances to assess the loan application, the New York City Council said in a press release.
 
Once any credit, savings or budgeting issues are identified and remedied, interested parents will then fill out a loan application and be referred to the $8.2 million asset Neighborhood Trust FCU for final loan underwriting, approval and disbursement, the city council said.
 
Neighborhood Trust Financial Partners is looking forward to joining Quinn and the New York City Council in the partnership, said Zinkin in the release.
 
"Neighborhood Trust has a nearly 20-year history in New York City of helping individuals achieve their financial goals by providing financial counseling and support services," Zinkin explained. "The Middle Class Child Care Loan Initiative combines two important tools to help families achieve their children's long-term education goals--access to early childhood education through a responsible low-interest loan and high-quality financial education and planning."
 
New York City has one of the highest child-care costs of any area in the country, the council said. 
 
Child-care costs can run as much as much as $2,300 per month in Manhattan and $1,700 per month in Brooklyn, CNN reported. 
RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
18 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
19 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
19 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
20 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
21 hours ago