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Federation initiatives to help CDCUs in economic crisis
NEW YORK (10/27/08)--The National Federation of Community Development Credit Unions has launched several initiatives to help community development credit unions (CDCUs) in the wake of the subprime mortgage crisis. With the help of the National Credit Union Foundation, the federation has become the sole national intermediary for credit union-based mortgage counseling and will guide 14 credit unions nationwide to provide homeownership and foreclosure prevention counseling to credit union members. The federation is working with the Coalition of Cities for Financial Empowerment to promote savings and expand financial education in low-income communities. The coalition is chaired by officials in New York and San Francisco. “The federation has been working with both New York and San Francisco on anti-poverty initiatives for a number of years now, and will help all types of credit unions to become involved in these local efforts,” said Cliff Rosenthal, federation president/CEO. The federation also extended Rosenthal’s tenure. He originally intended to step down in 2010, but the board reconsidered the term in light of the nation’s economic turmoil and its effect on CDCUs. “The federation’s board of directors discussed the economic upheaval we have undergone and looked to identify what long-range impacts might be on the organization, and it because obvious to all of us that we are in unchartered waters,” said federation Chairman Eunice Rogers. “Because of this and other factors, the board unanimously decided to invite [Rosenthal] to extend his time as CEO of the federation.” Like other credit unions, CDCUs have suffered “collateral damage” from the subprime crisis--reflected in rising delinquencies, falling investment income and decreased access to liquidity within the credit union system, the Federation said. “We don’t underestimate the challenges,” Rosenthal added. “But this is no time to retreat in the face of the difficulties our communities face. This is a prime opportunity for credit unions to show what this movement is all about, by helping members in need. The federation is here to help make that happen.”
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