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News Now

CU System
CUANY report shows how members benefit MORE
ALBANY, N.Y. (5/5/14)--In concert with its state Government Affairs Conference, the Credit Union Association of New York's released its 2013 MORE Report, which is filled with ways members benefit from their relationships with credit unions--beyond the financial services they offer.

New York credit unions provided more than 135,000 individuals, both for members and nonmembers, with financial workshops and programs last year, including 3,000 separate workshops for underserved consumers (The Point May 1).

Community outreach also played a huge role in the activities of the state's credit unions, as the member-owned institutions gave more than $20 million to charities and community organizations, and worked a combined 150,000 volunteer hours in 2013.

The report also featured hundreds of specific examples of how credit unions throughout the state went the extra mile for their members last year.

As a snapshot: GPO FCU, Hartford, with $202 million in assets, served the local immigrant population by employing staff members from a variety of countries and backgrounds who could speak different languages, while Northern FCU, Watertown, with $197 million in assets, offered special assistance to help members employed by Fort Drum, who faced an 11-week furlough last year.

Finally, the report revealed how prevalent customized products and services are at New York-based credit unions:
  • 91% of New York credit unions offer loans of $1,000 or less;
     
  • 99% offer free checking accounts;
     
  • 88% offer youth savings programs;
     
  • 53% offer low-wealth or first-time homebuyer loans and programs; and
     
  • 36% offer products alternative to payday loans.
"The MORE Report truly underscores the credit union difference that we all talk so much about," said President/CEO William J. Mellin. "It highlights the impact credit unions have in a clear, concise way that is easy to share with lawmakers, the press and the public."

Use the resource link to view the report's accompanying video.
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