LATHAM, N.Y. — Melrose Credit Union Director of Marketing Robert Nemeroff testified on behalf of the state league before the state Senate Democratic Conference hearing on subprime lending practices in New York.
The July 9 hearing, hosted by Senators Malcolm A. Smith, Velmanette Montgomery, Martin Connor, Jeffrey Klein, Diane Savino, Shirley Huntley and Assembly members Darryl Towns and Annette Robinson, was aimed at evaluating subprime lending practices and determining steps to stem the tide of foreclosures across the state while preserving credit availability.
The hearing was the second in a series.
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Nemeroff's testimony provided an overview of credit unions' efforts to assist members throughout the state who have fallen prey to predatory subprime lenders and reiterated their commitment to financial education and counseling. "Credit unions are not in business to make money by providing financial services. They are in business, in part, to provide financial services because people need them and, all too often, cannot obtain them at reasonable costs and terms," he said at the hearing.
Nemeroff continued, "To participate in any activity that would take advantage of our members, who are also our owners, would be counter-productive to our operations, our structure and our philosophy."
Representatives from numerous consumer advocacy groups, as well as various New York City officials also testified at the hearing.
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