Description & History

The organization accomplishes this mission by addressing the capacity needs of the city's leading community development credit unions and generating economies of scale for them. NYCfNAC has developed services in the areas of lending, outreach and education,and product development, among others. Through its Business Lending Program, NYCfNAC originates, underwrites and helps close small business loans up to $750,000 made by its credit unions, often involving loan syndication. It oversees the largest free tax preparation program by credit unions nationally as a means to open bank accounts for unbanked taxpayers and to ensure that taxpayers receive their eligible tax credits. Its Initiative for Outreach to the Unbanked (IOU) Program targets financially-underserved households, particularly immigrant households. To meet the needs of the immigrant community, NYCfNAC is developing money remittance services on behalf of its credit unions. To ensure the sustainability of credit unions, NYCfNAC has initiated a series of strategic forums to develop a vision and action plan for the further integration of credit union services to achieve greater cost economies and strengthen their provision of services.

About the organization

New York City Financial Network Action Consortium

Contact:
Jeannine Esposito
Program Manager
(718) 260-0099