The New York Credit Union Association has issued an important, time-sensitive call to action in support of a bill that would grant credit unions access to the state Banking Development District Program.
Credit union advocates can contact their state lawmakers and urge them to support the bill by visiting the Association’s Action Center (login required). Through the action center, individuals can email their state lawmakers a pre-drafted letter in support of the legislation.
In an email to member credit unions yesterday, Association President/CEO William J. Mellin outlined the importance of the call to action:
The New York Credit Union Association is initiating a time-sensitive call to action in support of legislation that would make credit unions eligible for participation in the Banking Development District (BDD) Program. The Association is asking all New York credit union executives, professionals and volunteers to email their state lawmakers and urge them to support the legislation, S.6700/A.6949B.
To take action, visit the Association’s action center (login required). Once there, you will be able to send your state lawmakers a pre-drafted letter asking them to support the legislation.
By way of background, The BDD Program was created in 1997 to encourage financial institutions to establish branches in economically-distressed communities throughout New York where there is a demonstrated need for banking services. Credit unions remain ineligible to participate in the BDD Program, even as banks and trust companies have declined to participate, resulting in missed opportunities for assisting underbanked New Yorkers
The Association strongly supports legislation that would grant credit unions access to the program. We believe this common-sense legislation would greatly benefit many unbanked and underserved communities throughout the state.
Thank you for your participation in this important call to action.