NEW YORK — Clifford Rosenthal, the executive director of the National Federation of Community Development Credit Unions, has spoken up for credit unions playing a significant role in New York's new anti-poverty effort.
Rosenthal responded to an opinion piece published a week earlier by Rourke O'Brien in the New York Times. O'Brien, a policy analyst with the New America Foundation, asserted in his opinion piece that all low-income New Yorkers receiving conditional cash transfers in a new pilot project “should be required to have a checking account at a federally insured bank.”
In a letter to the editor, Rosenthal recommended that O'Brien's assertion should be expanded to include credit unions, many of which already play a major role of in filling banking gaps in New York City's underserved neighborhoods.
“The idea that low-income consumers should be banked is absolutely correct,” said Rosenthal. “I commend Rourke and others in the asset-building field for promoting this idea, but what is most important to me is that credit unions, and particularly community development credit unions, who have been providing life-line financial services to communities red-lined by banks be made an integral part of the solution.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
