rmorales at cdcu.coop
10-02-2007, 05:19 PM
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CDCU Insight
September 2007 - E-Newsletter
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Save the Date! June 11-14, 2008 - Dallas, Texas
34th Annual Conference on Serving the Underserved & 5th Latino Credit
Union Conference
For more information visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1223
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Top Headlines
* Federation Offers West Coast Financial Literacy Best Practices Forum
* WesCorp Joins Federation as Corporate Credit Union Sustainer
* Four CDCUs Selected for New NYC Anti-Poverty Program
* Two of NYC's Largest CUs Join Federation
* Federation, CDCUs Receive CDFI Fund Awards
* CDCU Leader Haynes Receives "Hardest Working" Award
* CDCU InstituteTM Graduates 7th Class
* Rosenthal Promotes CU Partnerships at DOJ Conference
* Federation Streamlines Board, Diversity Unique in CU Movement
* Postcard from Paradise: The Land Gotcha Forgot
* Federation Investments in CDCUs Nearly $30 million - Apply Now!
Job Openings at CDCUs
* Branch Manager - Neighborhood Trust FCU (New York, NY)
* Chief Executive Officer - Prosperity Credit Union (Seattle, WA)
* Two Positions Available - Bethex FCU (Bronx, NY)
* President - Generations Community Credit Union (Durham, NC)
* COO/CFO - Neighborhood Trust FCU (New York, NY)
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Headlines
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Federation Offers West Coast Financial Literacy Best Practices Forum
The Federation has announced that it will offer the Financial Literacy
Best Practices Forum in San Francisco on October 29, 2006 at the Federal
Reserve Bank of San Francisco.
Come learn about best practices for meeting the financial literacy needs
of underserved communities. Hear and share new ideas, find out about
successful practices and renew your commitment to serving your
community. The day will include presentations and three different
breakout groups: serving youth, the elderly and disabled, and immigrants
and the underserved.
For more information please, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1246.
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WesCorp Joins Federation as Corporate Credit Union Sustainer
(September 28, 2007 - New York, NY) Western Corporate Federal Credit
Union (WesCorp) was recently recognized for its membership in the
National Federation of Community Development Credit Unions (Federation)
as a Corporate Credit Union Sustainer, a special membership category for
corporate credit unions wishing to support the work of the Federation
and of community development credit unions (CDCUs) nationally. The
Federation presented WesCorp President/CEO Bob Siravo with a special
membership plaque during the corporate's Credit Union Outlook conference
held last week in Las Vegas, Nevada.
"Community development credit unions provide invaluable financial
services to underserved communities, and the Federation plays an
important role in supporting their efforts in a variety of ways,"
remarked Siravo. "As a financial services cooperative, it's important to
us at WesCorp that our common credit union values be continually
promoted in the marketplace, and that affordable financial services are
truly made available to low-income and underserved people. Our support
of the Federation is one way we ensure those values and services are
continually being delivered."
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1245.
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Four CDCUs Selected for New NYC Anti-Poverty Program
Credit Unions and Banks Partner to Help Serve the Underbanked
(September 28, 2007 - New York, NY) New York City's Office of Financial
Empowerment (OFE) recently launched a new program aimed at banking
previously unbanked low-income families and individuals through
Opportunity NYC, a new incentivized savings account program. The pilot
for the project includes four banks and four community development
credit unions (CDCUs).
The CDCUs that are offering the Opportunity NYC accounts during the
current pilot phase are Bethex FCU (Bronx, NY), Brooklyn Cooperative FCU
(Brooklyn, NY), Lower East Side Peoples FCU (New York, NY), and Union
Settlement FCU (New York, NY).
The new starter accounts are offered on a "no fee" basis, have no
minimum balance requirement, they have no monthly fees, and provide all
account holders with ATM cards. As an incentive, new account holders
will receive $50 just for opening the accounts. Qualified low-income
residents with existing bank accounts are also eligible to receive the
$50 bonus.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1244.
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Two of NYC's Largest CUs Join Federation
UN FCU and Municipal CU Become CD Partners
(September 24, 2007 - New York, NY) This summer saw two of the largest
credit unions in New York City, Municipal CU (New York, NY) and United
Nations FCU (Long Island City, Queens), join the National Federation of
Community Development Credit Unions (Federation) as Community
Development Partners.
United Nations (UN) FCU has assets $2.5 billion and was chartered in
1947 to serve the employees of the United Nations. The credit union
currently serves more than 73,000 members throughout the world.
Municipal Credit Union, known as MCU, also became one of the
Federation's Community Development Partners. MCU has assets of more than
$1.3 billion and serves over 296,000 members. MCU serves a New York
City-wide field of membership, plus Yonkers. It is a state-chartered and
federally-insured credit union, and was founded in 1916.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1243.
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Federation, CDCUs Receive CDFI Fund Awards
(September 14, 2007 - Chicago, IL) Today, the National Federation of
Community Development Credit Unions (Federation) and seven of its member
community development credit union (CDCU) members learned that they will
receive nearly $5.1 million in Financial Assistance (FA) Awards from the
U.S. Treasury Department's Community Development Financial Institutions
(CDFI) Fund. In addition to the CDCU awards, two other credit unions in
Hawaii were also awarded nearly $200,000 in Technical Assistance (TA)
Grants. The announcement was made in Chicago by U.S. Treasury Secretary
Henry M. Paulson, Jr. and CDFI Fund Director Kimberly Reed.
The Fund announced just over $27.3 million in FA and TA in this new
round of awards. The $5.3 million awarded to credit unions, 19.4 percent
of the national total for 2007, is nearly $2 million more than last year
when credit unions received approximately $3.4 million, or 12.6 percent
of all 2006 awards.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1239.
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CDCU Leader Haynes Receives "Hardest Working" Award
(September 10, 2007 - Cleveland, OH) Rita L. Haynes, President and CEO
of Faith Community United CU (Cleveland, OH) was recently honored with
the "Hardest Working" award from the Tom Joyner Morning Show, which airs
daily on ABC radio syndicates nationally. Haynes also received a $1,000
cash-prize as part of the award.
One of the pioneers of the CDCU movement, Haynes has been involved with
her credit union for more than 30 years. She became the credit union's
President and CEO in 1989, and since that time, Faith Community United
has grown to become the largest minority-owned financial institution in
Ohio, with more than $10 million in assets and serving various
congregations.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1231.
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CDCU Institute(tm) Graduates 7th Class
(August 27, 2007 - Madison, WI) The Federation's acclaimed CDCU
Institute(tm), recently graduated its seventh class in the heart of the
credit union movement, the CUNA Mutual campus in Madison, Wisconsin. The
ten graduates included dedicated community development credit union
(CDCU) volunteers and staff from a diverse group of credit unions.
More than fifty students attended full week-long session, representing
33 credit unions and four organizing groups. Attendees included credit
unions small as $250,000 assets to representatives from Federation's
third-largest CDCU, the nearly $300-million Self-Help CU in Durham, NC.
Scholarship support for this year's CDCU Institute(tm) was provided by
CUNA Mutual, Suncoast Schools FCU (Tampa, FL), Northwest FCU (Herndon,
VA), Faith Community United CU (Cleveland, OH), and Northeast Community
FCU (San Francisco, CA). Many Institute attendees also received
financial support from the National Credit Union Administration.
To read the full press release, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1229.
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Rosenthal Promotes Credit Union Partnerships at Department of Justice
Conference
(August 24, 2007 - Detroit, Michigan) Clifford N. Rosenthal, Executive
Director of the National Federation of Community Development Credit
Unions (Federation) addressed a packed plenary session at the Department
of Justice Community Capacity Development Office's 2007 National
Conference. The theme of the conference was "Asset Development
Partnerships" and drew over 1,500 representatives from more than 300
"Weed and Seed" sites across the country. At that plenary session,
Rosenthal shared the podium with Commissioner Richard Morgante from the
Internal Revenue Service (IRS), who spoke about Volunteer Income Tax
Assistance (VITA) programs and Mayor Gary Becker from Racine, Wisconsin,
who talked about the importance of involving public officials in
community development initiatives.
Partnerships are the key to the Weed and Seed strategy, and Rosenthal
described how credit union partnerships help low-income individuals
build and protect their assets. Individual economic security, he
explained, is integral to building strong communities.
As an example, he told how Durham, NC-based Latino Community Credit
Union (LCCU) was organized to help protect a predominantly immigrant
Latino population threatened by physical and financial predators.
"Weed and Seed understands the link between physical security and
economic security -- building assets also builds security for
individuals and families," said Rosenthal. "The Federation's mission is
to help credit unions make this possible in communities like yours."
To read the full press release, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1228.
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Federation Streamlines Board
Diversity Unique in CU Movement
(August, 22, 2007 - New York, NY) The Federation is pleased to report
that all Board of Director positions were filled during its recent
annual conference this summer and its new Board of Directors continues
to be one of the most diverse among credit union trade associations in
the United States, in gender, race and credit union asset size.
The Federation's 2007-2008 Board of Directors is composed of:
* Eight females and seven males;
* Five are African-American;
* Three are Latino/Hispanic
* One is Asian;
* Six are Caucasian;
* Eight come from credit unions with less than $10 million in assets;
* Five come from CDCUs with assets between $10 and $50 million;
* Two come from CDCUs with assets above $50 million
For a complete listing of Directors, and to read the full press release,
go to: http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1226.
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Postcard from Paradise: The Land Gotcha Forgot
(August 1, 2007 - Honolulu Airport, HI) Greetings from the land of
Aloha! Beautiful beaches, sunny day after sunny day, delightful evening
breezes, breathtaking views, gracious people - if it's not paradise,
Hawaii is at least a good working model.
Of course, that's not what brought me here. The Federation came to
Hawaii to conduct a day- long, intensive workshop, graciously hosted by
the Hawaii Credit Union League. We presented educational sessions at
NAFCU's hugely attended conference (including one, shockingly, at 7:30
on a Saturday morning). We visited low-income credit unions. We worked
hard (most of the time).
No, it's not Hawaii's obvious enchantments that mellowed me. What has
most captured my imagination is the regulatory environment for credit
unions. As a long-time advocate for low-income and small credit unions,
I routinely hear a litany of complaints about examiners who bully
managers and boards, who don't make allowances for local conditions or
unique markets, who spring surprises, who seem to delight in finding
fault - "Gotcha (again)!" - who, in short, create and foster an
adversarial relationship (perhaps a little like Jurassic Park, filmed
partly on Oahu).
In Hawaii, time and again, I heard from credit unions and examiners, "We
do things a little differently here."
To read the full letter to the editor, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1225.
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Federation Investments in CDCUs Nearly $30 million!
Community Development Investments recently passed an important benchmark
with nearly $30 million in deposits to CDCUs nationwide. These
investments represent a deployment of 89% of all available capital in
the deposit program and exemplifies the Federation's continuing
commitment to enhancing CDCU capacity.
Do you want to make more loans? Are your members affected by predatory
lending? Apply now for our grants, deposits, and loans!
Next Application Deadline: November 9, 2007. Only complete applications
will be reviewed.
* Apply for a DEPOSIT. You can get the cash you need to provide loans to
your members in two ways: Insured deposits in amounts of up to $100,000,
and Nominee deposits, in which the Federation acts as a "nominee" or
agent for a bank or other investor and places additional insured
deposits above $100,000.
* Apply for SECONDARY CAPITAL. You can increase your lending capacity by
improving your net worth ratio; NCUA treats secondary capital as net
worth for PCA purposes in low-income credit unions.
* Apply for an EQUITY GRANT. Equity Grants can provide you with
additional strength and can be used to accelerate your growth or expand
products and services. Funds are limited!
* Apply for a SHARED- RISK DEPOSIT. Help your members build and protect
their assets and combat predatory lending by applying for: Predatory
Relief and Intervention Deposits (PRIDESTM). PRIDESTM help credit unions
that have established, or are planning to establish, anti-predatory
lending programs to combat abusive lending practices in their
communities. The Federation will share the risk on loans CDCUs make to
the victims or targets of predatory lenders.
Not sure which of our products is right for your CDCU? Learn more by
visiting: http://www.cdcu.coop/i4a/pages/index.cfm?pageid=398.
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Job Openings at CDCUs
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Branch Manager - Neighborhood Trust FCU (New York, NY)
Neighborhood Trust Federal Credit Union ("Neighborhood Trust") is a
federally insured nonprofit cooperative with a unique opportunity for an
entrepreneurial financial professional to promote economic empowerment
among low-income families in upper Manhattan.
Located in Washington Heights, Neighborhood Trust is a full-service
financial institution, providing predominantly Latino, low-income
residents with access to credit, savings, and checking accounts, and
other retail financial services. As a community development credit
union, Neighborhood Trust works closely with a sister organization,
Credit Where Credit Is Due (CWCID), to serve the banking needs of their
constituents, many of whom have no previous banking relationship. The
two entities operate as an integrated team with CWCID providing
community outreach and education and Neighborhood Trust providing access
to financial services.
The Branch Manager of Neighborhood Trust is expected to manage all
aspects of a small business. In addition to financial oversight and
staff development, he/she will analyze, evaluate and recommend new
products and services, market services to increase membership and keep
abreast of developments within the banking community. The organization
is growth oriented and seeks someone to facilitate that growth.
The incumbent also serves as the senior financial leader for the
organization with responsibility for budget development, cash flow
monitoring, internal controls, and internal/external financial
reporting. The Manager regularly attends Board meetings.
The successful candidate will:
* Value and encourage teamwork
* Demonstrate long range thinking with hands-on capabilities
* Possess a solid foundation in accounting/financial reporting
* Commit to serving the upper Manhattan community
* Use good judgment to analyze and solve problems
The position offers an opportunity to grow professionally, to develop an
innovative business model for a social enterprise, and to impact the
future of a community.
Qualifications
* Commitment to community development
* Bachelor's degree
* Five or more years of relevant experience with solid supervisory
skills
* Bi-lingual English/Spanish communication skills
* Advanced Excel skills
* Previous financial institution experience preferred
Neighborhood Trust is proud to be an Equal Opportunity Employer.
How to Apply
Please email resume and salary requirements with subject line "FMA/NT"
to hr@fmaonline.net or fax to (212) 931-9249.
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Chief Executive Officer - Prosperity Credit Union (Seattle, WA)
D. Hilton Associates Inc. has been retained by the Medina Foundation,
located in Seattle, Washington, to assist in the search for a Chief
Executive Officer for a low income credit union (currently named
Prosperity Credit Union). This is an exceptional opportunity for an
experienced financial services executive.
Position Summary
This is a start-up enterprise for an entrepreneurial leader to manage
the chartering process, build the operations and serve as the principal
operating officer. This leader would be managing all aspects of the
credit union and overseeing the associated nonprofit organization. These
interrelated organizations will support low-income families in the King
County, Washington area. In conjunction with the Board of Directors of
both organizations, this individual will lead the development,
prioritization, management and roll-out of the credit union's products
and services as well as oversee the strategy, program design, management
and evaluation of all services provided through the affiliated nonprofit
organization. The ideal candidate will have proven experience leading a
complex organization with multiple products and service lines with
locations serving diverse communities. Minimum of seven to ten years
management experience in a financial institution, bachelor's degree
required, MBA a plus.
Credit Union Profile
The credit union is an innovative model drawing from the industry best
practices and successful low-income credit unions with similar missions
and visions in other United States communities. The credit union will be
well capitalized and supported, and is being developed in partnership
with local funders, community organizations, along with a local high
profile credit union. The credit union will help pull low-income
individuals and families in from the alternative financial services
sector, giving them access to fair, affordable and appropriate banking
services. Built for inclusion and sustainability, the credit union's
products and services will meet the diverse needs of low to
moderate-income families while also meeting the banking needs of middle
and upper-income individuals.
Community Profile
King County is the largest county in Washington and 12th in the nation.
Seattle is the county seat and is located only 113 miles from the United
States-Canadian border and is the largest city in the Pacific Northwest.
Seattle was first settled in 1851 and in 2006 an estimated 575,000
residents called it home. Seattle's landmarks include the Smith Tower,
Pike Place Market, the Fremont Troll, the Experience Music Project, the
new Seattle Central Library, Sculpture Park, Broadway, and the Columbia
Center, which is the fourth tallest skyscraper west of the Mississippi
River and the seventeenth tallest in the nation. Research shows that
Seattle is the most literate city and has the highest percentage of
college graduates than any other city in the United States. In addition
to its picture-perfect views, Seattle excels in livability with a mild
climate, affordable housing, a full range of arts, cultural and sporting
events, an abundance of shops and restaurants, and easy access to the
mountains and other outdoor recreational activities throughout the year.
Compensation
A competitive compensation package will be structured to meet the needs
of the selected candidate.
Application Procedure
For confidential consideration, please send resume and salary history to
David Hilton via e-mail in Word format to resumes@dhilton.com and please
refer to job # 1276.
You may recommend others for candidacy by sending the information or by
calling David Hilton at (800) 367-0433, ext. 122.
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Two Positions Available - Bethex FCU (Bronx, NY)
Bethex Federal Credit Union is a $12,000,000 in assets financial
cooperative headquartered in the Bronx.
Bethex FCU is a certified community development financial institution
(CDFI) and serves low-income people throughout New York City.
The credit union is seeking to fill two positions:
1. Bookkeeper
The credit union is seeking a mission-oriented person with bookkeeping
skills and credit union experience.
This is a part-time / full-time position with employee benefits.
Retirees welcome.
2. Small Business Loan Consultant
SBA lending experience and Spanish-speaking is a must.
Duties will include site visits, loan evaluation, approval
responsibility, monitoring and collection.
This is a part-time position.
If interested in either position, please contact Joy Cousminer,
President and CEO, for additional information at (718) 299-3062.
Send all resumes by email to: joy@bethexfcu.org
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President - Generations Community Credit Union (Durham, NC)
Generations Community Credit Union (Durham, NC) is seeking a President
to lead and manage the organization in its efforts to develop and
maintain the credit union as a high quality provider of an agreed range
of services to the membership.
Generations is a member-owned and community operated financial
institution. Our mission is to provide strength and stability to
communities statewide by using our financial resources to improve the
quality of life for all. Generations' commitment to the communities it
serves extends to every member of the family.
The President will be responsible for providing leadership, direction,
and guidance of Credit Union activities, analyzing and evaluating the
effectiveness of all operations, coordinating major activities through
subordinates and appraising assigned personnel. The President will
represent the credit union to regulatory agencies, trade associations,
community and civic organizations, members, and other financial
institutions.
CRITICAL SKILLS/EXPERIENCE OF THE PRESIDENT
* Demonstrated knowledge of Credit Union industry including familiarity
with related laws and regulations.
* Demonstrated experience with establishing and maintaining effective
financial and accounting policies and practices.
* Demonstrated experience with the development and implementation of
effective strategic plans.
* Demonstrated ability to effectively administer Credit Union functions
and support activities.
* Demonstrated knowledge of trends and critical issues facing community
development credit unions and a commitment to serving their needs.
* Demonstrated ability as a manager, staff supervisor, recruiter and
developer of staff for effective human resource management throughout
the Credit Union.
* Successfully conceptualized, planned, implemented and evaluated new
programs to meet specific member needs.
* Demonstrated ability to work effectively with a board of directors.
* Demonstrated ability to communicate effectively in writing and in
public presentations as a leader and spokesperson in the community
development credit union sector.
* Demonstrated ability to interact, broker and/or negotiate
constructively with persons, groups, and organizations from all sectors
of the community.
* Unusually keen people skills with the capacity to manage diverse,
often complex and politically sensitive relationships, strength as a
team builder, collaborative consensus-builder and creative problem
solver.
* Demonstrated working knowledge of computer, financial calculator,
communications technology and related business equipment and a
commitment to appropriate application to the (organization's) work.
* Demonstrated commitment to ethical conduct and high personal standards
in positions of public trust.
* Demonstrated leadership and interpersonal abilities.
MINIMUM REQUIRED CREDENTIALS
1) Bachelor degree in Business Administration, Finance, or equivalent
combination of training and experience.
2) At least ten years of demonstrated progressively responsible
management experience within the Credit Union system, the last three of
which have been in a position of senior or executive management.
3) Average hearing ability.
Salary negotiated based on experience; Competitive compensation package.
Send resume with cover letter and your salary requirements to:
Paula J. McCoy, CEO Generations Community Credit Union
P.O. Box 2086 Durham, NC 27702-2086
E-mail: pmccoy@ncmsc.org
Fax #: (919) 530-1684
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Chief Operating Officer / Chief Financial Officer - Neighborhood Trust
FCU (New York, NY)
Neighborhood Trust Federal Credit Union, a community development credit
union located in Washington Heights, New York City, seeks a Chief
Operating Officer / Chief Financial Officer who will be responsible for
all aspects of credit union operations, member services, accounting
functions and regulatory compliance.
The COO is supervised by the Executive Director and will work closely
with the Executive Director in implementing an ambitious credit union
growth strategy. The COO will also supervise a six-person staff.
Neighborhood Trust is a small but fast-growing credit union with $7
million in assets and 4,500 members, serving a predominantly Latino,
low-income, immigrant community in Washington Heights, New York.
Neighborhood Trust pursues its mission of financial empowerment with its
nonprofit partner, Credit Where Credit Is Due, which provides financial
education programs to complement the credit union's services.
The COO's responsibilities will include:
* Oversight of credit union operations and the delivery of all credit
union financial services;
* New product and service development;
* Management of bookkeeping and accounting;
* Oversight of all internal controls and regulatory compliance;
* Supervision of six-person staff;
* Ensuring that Neighborhood Trust is responsive to the diverse needs of
our field of membership;
* Maximization of the credit union's ability to serve low-income
individuals.
The ideal candidate will possess the following skills and experience:
* Three years of credit union management or similar financial services
experience;
* Strong accounting, bookkeeping, and financial analysis skills;
* Ability to learn new computer systems;
* Staff supervision experience;
* Ability to work well in an immigrant community;
* Fluency in Spanish and English;
* A commitment to community economic development.
Salary is commensurate with experience.
Please email cover letter and resume to Justine Zinkin at
jzinkin@cwcid.org, or by mail to Neighborhood Trust FCU, 4211 Broadway,
New York NY 10033
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CDCU Insight is an electronic publication of the Federation.
Send comments about this newsletter to: Rafael Morales at:
rmorales@cdcu.coop.
Want to read the entire press release, but don't have email access?
Call us at: (212) 809-1850 and we can fax it to you.
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(c) 2007 National Federation of Community Development Credit Unions |
116 John Street, 33rd Floor | New York, NY 10038 www.cdcu.coop
This post transferred from the cdb-l mailing list
CDCU Insight
September 2007 - E-Newsletter
------------------------------------------------------------------
Save the Date! June 11-14, 2008 - Dallas, Texas
34th Annual Conference on Serving the Underserved & 5th Latino Credit
Union Conference
For more information visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1223
------------------------------------------------------------------
Top Headlines
* Federation Offers West Coast Financial Literacy Best Practices Forum
* WesCorp Joins Federation as Corporate Credit Union Sustainer
* Four CDCUs Selected for New NYC Anti-Poverty Program
* Two of NYC's Largest CUs Join Federation
* Federation, CDCUs Receive CDFI Fund Awards
* CDCU Leader Haynes Receives "Hardest Working" Award
* CDCU InstituteTM Graduates 7th Class
* Rosenthal Promotes CU Partnerships at DOJ Conference
* Federation Streamlines Board, Diversity Unique in CU Movement
* Postcard from Paradise: The Land Gotcha Forgot
* Federation Investments in CDCUs Nearly $30 million - Apply Now!
Job Openings at CDCUs
* Branch Manager - Neighborhood Trust FCU (New York, NY)
* Chief Executive Officer - Prosperity Credit Union (Seattle, WA)
* Two Positions Available - Bethex FCU (Bronx, NY)
* President - Generations Community Credit Union (Durham, NC)
* COO/CFO - Neighborhood Trust FCU (New York, NY)
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Headlines
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Federation Offers West Coast Financial Literacy Best Practices Forum
The Federation has announced that it will offer the Financial Literacy
Best Practices Forum in San Francisco on October 29, 2006 at the Federal
Reserve Bank of San Francisco.
Come learn about best practices for meeting the financial literacy needs
of underserved communities. Hear and share new ideas, find out about
successful practices and renew your commitment to serving your
community. The day will include presentations and three different
breakout groups: serving youth, the elderly and disabled, and immigrants
and the underserved.
For more information please, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1246.
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WesCorp Joins Federation as Corporate Credit Union Sustainer
(September 28, 2007 - New York, NY) Western Corporate Federal Credit
Union (WesCorp) was recently recognized for its membership in the
National Federation of Community Development Credit Unions (Federation)
as a Corporate Credit Union Sustainer, a special membership category for
corporate credit unions wishing to support the work of the Federation
and of community development credit unions (CDCUs) nationally. The
Federation presented WesCorp President/CEO Bob Siravo with a special
membership plaque during the corporate's Credit Union Outlook conference
held last week in Las Vegas, Nevada.
"Community development credit unions provide invaluable financial
services to underserved communities, and the Federation plays an
important role in supporting their efforts in a variety of ways,"
remarked Siravo. "As a financial services cooperative, it's important to
us at WesCorp that our common credit union values be continually
promoted in the marketplace, and that affordable financial services are
truly made available to low-income and underserved people. Our support
of the Federation is one way we ensure those values and services are
continually being delivered."
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1245.
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Four CDCUs Selected for New NYC Anti-Poverty Program
Credit Unions and Banks Partner to Help Serve the Underbanked
(September 28, 2007 - New York, NY) New York City's Office of Financial
Empowerment (OFE) recently launched a new program aimed at banking
previously unbanked low-income families and individuals through
Opportunity NYC, a new incentivized savings account program. The pilot
for the project includes four banks and four community development
credit unions (CDCUs).
The CDCUs that are offering the Opportunity NYC accounts during the
current pilot phase are Bethex FCU (Bronx, NY), Brooklyn Cooperative FCU
(Brooklyn, NY), Lower East Side Peoples FCU (New York, NY), and Union
Settlement FCU (New York, NY).
The new starter accounts are offered on a "no fee" basis, have no
minimum balance requirement, they have no monthly fees, and provide all
account holders with ATM cards. As an incentive, new account holders
will receive $50 just for opening the accounts. Qualified low-income
residents with existing bank accounts are also eligible to receive the
$50 bonus.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1244.
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Two of NYC's Largest CUs Join Federation
UN FCU and Municipal CU Become CD Partners
(September 24, 2007 - New York, NY) This summer saw two of the largest
credit unions in New York City, Municipal CU (New York, NY) and United
Nations FCU (Long Island City, Queens), join the National Federation of
Community Development Credit Unions (Federation) as Community
Development Partners.
United Nations (UN) FCU has assets $2.5 billion and was chartered in
1947 to serve the employees of the United Nations. The credit union
currently serves more than 73,000 members throughout the world.
Municipal Credit Union, known as MCU, also became one of the
Federation's Community Development Partners. MCU has assets of more than
$1.3 billion and serves over 296,000 members. MCU serves a New York
City-wide field of membership, plus Yonkers. It is a state-chartered and
federally-insured credit union, and was founded in 1916.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1243.
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Federation, CDCUs Receive CDFI Fund Awards
(September 14, 2007 - Chicago, IL) Today, the National Federation of
Community Development Credit Unions (Federation) and seven of its member
community development credit union (CDCU) members learned that they will
receive nearly $5.1 million in Financial Assistance (FA) Awards from the
U.S. Treasury Department's Community Development Financial Institutions
(CDFI) Fund. In addition to the CDCU awards, two other credit unions in
Hawaii were also awarded nearly $200,000 in Technical Assistance (TA)
Grants. The announcement was made in Chicago by U.S. Treasury Secretary
Henry M. Paulson, Jr. and CDFI Fund Director Kimberly Reed.
The Fund announced just over $27.3 million in FA and TA in this new
round of awards. The $5.3 million awarded to credit unions, 19.4 percent
of the national total for 2007, is nearly $2 million more than last year
when credit unions received approximately $3.4 million, or 12.6 percent
of all 2006 awards.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1239.
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CDCU Leader Haynes Receives "Hardest Working" Award
(September 10, 2007 - Cleveland, OH) Rita L. Haynes, President and CEO
of Faith Community United CU (Cleveland, OH) was recently honored with
the "Hardest Working" award from the Tom Joyner Morning Show, which airs
daily on ABC radio syndicates nationally. Haynes also received a $1,000
cash-prize as part of the award.
One of the pioneers of the CDCU movement, Haynes has been involved with
her credit union for more than 30 years. She became the credit union's
President and CEO in 1989, and since that time, Faith Community United
has grown to become the largest minority-owned financial institution in
Ohio, with more than $10 million in assets and serving various
congregations.
To read the full press release, visit:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1231.
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CDCU Institute(tm) Graduates 7th Class
(August 27, 2007 - Madison, WI) The Federation's acclaimed CDCU
Institute(tm), recently graduated its seventh class in the heart of the
credit union movement, the CUNA Mutual campus in Madison, Wisconsin. The
ten graduates included dedicated community development credit union
(CDCU) volunteers and staff from a diverse group of credit unions.
More than fifty students attended full week-long session, representing
33 credit unions and four organizing groups. Attendees included credit
unions small as $250,000 assets to representatives from Federation's
third-largest CDCU, the nearly $300-million Self-Help CU in Durham, NC.
Scholarship support for this year's CDCU Institute(tm) was provided by
CUNA Mutual, Suncoast Schools FCU (Tampa, FL), Northwest FCU (Herndon,
VA), Faith Community United CU (Cleveland, OH), and Northeast Community
FCU (San Francisco, CA). Many Institute attendees also received
financial support from the National Credit Union Administration.
To read the full press release, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1229.
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Rosenthal Promotes Credit Union Partnerships at Department of Justice
Conference
(August 24, 2007 - Detroit, Michigan) Clifford N. Rosenthal, Executive
Director of the National Federation of Community Development Credit
Unions (Federation) addressed a packed plenary session at the Department
of Justice Community Capacity Development Office's 2007 National
Conference. The theme of the conference was "Asset Development
Partnerships" and drew over 1,500 representatives from more than 300
"Weed and Seed" sites across the country. At that plenary session,
Rosenthal shared the podium with Commissioner Richard Morgante from the
Internal Revenue Service (IRS), who spoke about Volunteer Income Tax
Assistance (VITA) programs and Mayor Gary Becker from Racine, Wisconsin,
who talked about the importance of involving public officials in
community development initiatives.
Partnerships are the key to the Weed and Seed strategy, and Rosenthal
described how credit union partnerships help low-income individuals
build and protect their assets. Individual economic security, he
explained, is integral to building strong communities.
As an example, he told how Durham, NC-based Latino Community Credit
Union (LCCU) was organized to help protect a predominantly immigrant
Latino population threatened by physical and financial predators.
"Weed and Seed understands the link between physical security and
economic security -- building assets also builds security for
individuals and families," said Rosenthal. "The Federation's mission is
to help credit unions make this possible in communities like yours."
To read the full press release, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1228.
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Federation Streamlines Board
Diversity Unique in CU Movement
(August, 22, 2007 - New York, NY) The Federation is pleased to report
that all Board of Director positions were filled during its recent
annual conference this summer and its new Board of Directors continues
to be one of the most diverse among credit union trade associations in
the United States, in gender, race and credit union asset size.
The Federation's 2007-2008 Board of Directors is composed of:
* Eight females and seven males;
* Five are African-American;
* Three are Latino/Hispanic
* One is Asian;
* Six are Caucasian;
* Eight come from credit unions with less than $10 million in assets;
* Five come from CDCUs with assets between $10 and $50 million;
* Two come from CDCUs with assets above $50 million
For a complete listing of Directors, and to read the full press release,
go to: http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1226.
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Postcard from Paradise: The Land Gotcha Forgot
(August 1, 2007 - Honolulu Airport, HI) Greetings from the land of
Aloha! Beautiful beaches, sunny day after sunny day, delightful evening
breezes, breathtaking views, gracious people - if it's not paradise,
Hawaii is at least a good working model.
Of course, that's not what brought me here. The Federation came to
Hawaii to conduct a day- long, intensive workshop, graciously hosted by
the Hawaii Credit Union League. We presented educational sessions at
NAFCU's hugely attended conference (including one, shockingly, at 7:30
on a Saturday morning). We visited low-income credit unions. We worked
hard (most of the time).
No, it's not Hawaii's obvious enchantments that mellowed me. What has
most captured my imagination is the regulatory environment for credit
unions. As a long-time advocate for low-income and small credit unions,
I routinely hear a litany of complaints about examiners who bully
managers and boards, who don't make allowances for local conditions or
unique markets, who spring surprises, who seem to delight in finding
fault - "Gotcha (again)!" - who, in short, create and foster an
adversarial relationship (perhaps a little like Jurassic Park, filmed
partly on Oahu).
In Hawaii, time and again, I heard from credit unions and examiners, "We
do things a little differently here."
To read the full letter to the editor, go to:
http://www.cdcu.coop/i4a/pages/index.cfm?pageid=1225.
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Federation Investments in CDCUs Nearly $30 million!
Community Development Investments recently passed an important benchmark
with nearly $30 million in deposits to CDCUs nationwide. These
investments represent a deployment of 89% of all available capital in
the deposit program and exemplifies the Federation's continuing
commitment to enhancing CDCU capacity.
Do you want to make more loans? Are your members affected by predatory
lending? Apply now for our grants, deposits, and loans!
Next Application Deadline: November 9, 2007. Only complete applications
will be reviewed.
* Apply for a DEPOSIT. You can get the cash you need to provide loans to
your members in two ways: Insured deposits in amounts of up to $100,000,
and Nominee deposits, in which the Federation acts as a "nominee" or
agent for a bank or other investor and places additional insured
deposits above $100,000.
* Apply for SECONDARY CAPITAL. You can increase your lending capacity by
improving your net worth ratio; NCUA treats secondary capital as net
worth for PCA purposes in low-income credit unions.
* Apply for an EQUITY GRANT. Equity Grants can provide you with
additional strength and can be used to accelerate your growth or expand
products and services. Funds are limited!
* Apply for a SHARED- RISK DEPOSIT. Help your members build and protect
their assets and combat predatory lending by applying for: Predatory
Relief and Intervention Deposits (PRIDESTM). PRIDESTM help credit unions
that have established, or are planning to establish, anti-predatory
lending programs to combat abusive lending practices in their
communities. The Federation will share the risk on loans CDCUs make to
the victims or targets of predatory lenders.
Not sure which of our products is right for your CDCU? Learn more by
visiting: http://www.cdcu.coop/i4a/pages/index.cfm?pageid=398.
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Job Openings at CDCUs
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Branch Manager - Neighborhood Trust FCU (New York, NY)
Neighborhood Trust Federal Credit Union ("Neighborhood Trust") is a
federally insured nonprofit cooperative with a unique opportunity for an
entrepreneurial financial professional to promote economic empowerment
among low-income families in upper Manhattan.
Located in Washington Heights, Neighborhood Trust is a full-service
financial institution, providing predominantly Latino, low-income
residents with access to credit, savings, and checking accounts, and
other retail financial services. As a community development credit
union, Neighborhood Trust works closely with a sister organization,
Credit Where Credit Is Due (CWCID), to serve the banking needs of their
constituents, many of whom have no previous banking relationship. The
two entities operate as an integrated team with CWCID providing
community outreach and education and Neighborhood Trust providing access
to financial services.
The Branch Manager of Neighborhood Trust is expected to manage all
aspects of a small business. In addition to financial oversight and
staff development, he/she will analyze, evaluate and recommend new
products and services, market services to increase membership and keep
abreast of developments within the banking community. The organization
is growth oriented and seeks someone to facilitate that growth.
The incumbent also serves as the senior financial leader for the
organization with responsibility for budget development, cash flow
monitoring, internal controls, and internal/external financial
reporting. The Manager regularly attends Board meetings.
The successful candidate will:
* Value and encourage teamwork
* Demonstrate long range thinking with hands-on capabilities
* Possess a solid foundation in accounting/financial reporting
* Commit to serving the upper Manhattan community
* Use good judgment to analyze and solve problems
The position offers an opportunity to grow professionally, to develop an
innovative business model for a social enterprise, and to impact the
future of a community.
Qualifications
* Commitment to community development
* Bachelor's degree
* Five or more years of relevant experience with solid supervisory
skills
* Bi-lingual English/Spanish communication skills
* Advanced Excel skills
* Previous financial institution experience preferred
Neighborhood Trust is proud to be an Equal Opportunity Employer.
How to Apply
Please email resume and salary requirements with subject line "FMA/NT"
to hr@fmaonline.net or fax to (212) 931-9249.
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Chief Executive Officer - Prosperity Credit Union (Seattle, WA)
D. Hilton Associates Inc. has been retained by the Medina Foundation,
located in Seattle, Washington, to assist in the search for a Chief
Executive Officer for a low income credit union (currently named
Prosperity Credit Union). This is an exceptional opportunity for an
experienced financial services executive.
Position Summary
This is a start-up enterprise for an entrepreneurial leader to manage
the chartering process, build the operations and serve as the principal
operating officer. This leader would be managing all aspects of the
credit union and overseeing the associated nonprofit organization. These
interrelated organizations will support low-income families in the King
County, Washington area. In conjunction with the Board of Directors of
both organizations, this individual will lead the development,
prioritization, management and roll-out of the credit union's products
and services as well as oversee the strategy, program design, management
and evaluation of all services provided through the affiliated nonprofit
organization. The ideal candidate will have proven experience leading a
complex organization with multiple products and service lines with
locations serving diverse communities. Minimum of seven to ten years
management experience in a financial institution, bachelor's degree
required, MBA a plus.
Credit Union Profile
The credit union is an innovative model drawing from the industry best
practices and successful low-income credit unions with similar missions
and visions in other United States communities. The credit union will be
well capitalized and supported, and is being developed in partnership
with local funders, community organizations, along with a local high
profile credit union. The credit union will help pull low-income
individuals and families in from the alternative financial services
sector, giving them access to fair, affordable and appropriate banking
services. Built for inclusion and sustainability, the credit union's
products and services will meet the diverse needs of low to
moderate-income families while also meeting the banking needs of middle
and upper-income individuals.
Community Profile
King County is the largest county in Washington and 12th in the nation.
Seattle is the county seat and is located only 113 miles from the United
States-Canadian border and is the largest city in the Pacific Northwest.
Seattle was first settled in 1851 and in 2006 an estimated 575,000
residents called it home. Seattle's landmarks include the Smith Tower,
Pike Place Market, the Fremont Troll, the Experience Music Project, the
new Seattle Central Library, Sculpture Park, Broadway, and the Columbia
Center, which is the fourth tallest skyscraper west of the Mississippi
River and the seventeenth tallest in the nation. Research shows that
Seattle is the most literate city and has the highest percentage of
college graduates than any other city in the United States. In addition
to its picture-perfect views, Seattle excels in livability with a mild
climate, affordable housing, a full range of arts, cultural and sporting
events, an abundance of shops and restaurants, and easy access to the
mountains and other outdoor recreational activities throughout the year.
Compensation
A competitive compensation package will be structured to meet the needs
of the selected candidate.
Application Procedure
For confidential consideration, please send resume and salary history to
David Hilton via e-mail in Word format to resumes@dhilton.com and please
refer to job # 1276.
You may recommend others for candidacy by sending the information or by
calling David Hilton at (800) 367-0433, ext. 122.
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Two Positions Available - Bethex FCU (Bronx, NY)
Bethex Federal Credit Union is a $12,000,000 in assets financial
cooperative headquartered in the Bronx.
Bethex FCU is a certified community development financial institution
(CDFI) and serves low-income people throughout New York City.
The credit union is seeking to fill two positions:
1. Bookkeeper
The credit union is seeking a mission-oriented person with bookkeeping
skills and credit union experience.
This is a part-time / full-time position with employee benefits.
Retirees welcome.
2. Small Business Loan Consultant
SBA lending experience and Spanish-speaking is a must.
Duties will include site visits, loan evaluation, approval
responsibility, monitoring and collection.
This is a part-time position.
If interested in either position, please contact Joy Cousminer,
President and CEO, for additional information at (718) 299-3062.
Send all resumes by email to: joy@bethexfcu.org
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President - Generations Community Credit Union (Durham, NC)
Generations Community Credit Union (Durham, NC) is seeking a President
to lead and manage the organization in its efforts to develop and
maintain the credit union as a high quality provider of an agreed range
of services to the membership.
Generations is a member-owned and community operated financial
institution. Our mission is to provide strength and stability to
communities statewide by using our financial resources to improve the
quality of life for all. Generations' commitment to the communities it
serves extends to every member of the family.
The President will be responsible for providing leadership, direction,
and guidance of Credit Union activities, analyzing and evaluating the
effectiveness of all operations, coordinating major activities through
subordinates and appraising assigned personnel. The President will
represent the credit union to regulatory agencies, trade associations,
community and civic organizations, members, and other financial
institutions.
CRITICAL SKILLS/EXPERIENCE OF THE PRESIDENT
* Demonstrated knowledge of Credit Union industry including familiarity
with related laws and regulations.
* Demonstrated experience with establishing and maintaining effective
financial and accounting policies and practices.
* Demonstrated experience with the development and implementation of
effective strategic plans.
* Demonstrated ability to effectively administer Credit Union functions
and support activities.
* Demonstrated knowledge of trends and critical issues facing community
development credit unions and a commitment to serving their needs.
* Demonstrated ability as a manager, staff supervisor, recruiter and
developer of staff for effective human resource management throughout
the Credit Union.
* Successfully conceptualized, planned, implemented and evaluated new
programs to meet specific member needs.
* Demonstrated ability to work effectively with a board of directors.
* Demonstrated ability to communicate effectively in writing and in
public presentations as a leader and spokesperson in the community
development credit union sector.
* Demonstrated ability to interact, broker and/or negotiate
constructively with persons, groups, and organizations from all sectors
of the community.
* Unusually keen people skills with the capacity to manage diverse,
often complex and politically sensitive relationships, strength as a
team builder, collaborative consensus-builder and creative problem
solver.
* Demonstrated working knowledge of computer, financial calculator,
communications technology and related business equipment and a
commitment to appropriate application to the (organization's) work.
* Demonstrated commitment to ethical conduct and high personal standards
in positions of public trust.
* Demonstrated leadership and interpersonal abilities.
MINIMUM REQUIRED CREDENTIALS
1) Bachelor degree in Business Administration, Finance, or equivalent
combination of training and experience.
2) At least ten years of demonstrated progressively responsible
management experience within the Credit Union system, the last three of
which have been in a position of senior or executive management.
3) Average hearing ability.
Salary negotiated based on experience; Competitive compensation package.
Send resume with cover letter and your salary requirements to:
Paula J. McCoy, CEO Generations Community Credit Union
P.O. Box 2086 Durham, NC 27702-2086
E-mail: pmccoy@ncmsc.org
Fax #: (919) 530-1684
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Chief Operating Officer / Chief Financial Officer - Neighborhood Trust
FCU (New York, NY)
Neighborhood Trust Federal Credit Union, a community development credit
union located in Washington Heights, New York City, seeks a Chief
Operating Officer / Chief Financial Officer who will be responsible for
all aspects of credit union operations, member services, accounting
functions and regulatory compliance.
The COO is supervised by the Executive Director and will work closely
with the Executive Director in implementing an ambitious credit union
growth strategy. The COO will also supervise a six-person staff.
Neighborhood Trust is a small but fast-growing credit union with $7
million in assets and 4,500 members, serving a predominantly Latino,
low-income, immigrant community in Washington Heights, New York.
Neighborhood Trust pursues its mission of financial empowerment with its
nonprofit partner, Credit Where Credit Is Due, which provides financial
education programs to complement the credit union's services.
The COO's responsibilities will include:
* Oversight of credit union operations and the delivery of all credit
union financial services;
* New product and service development;
* Management of bookkeeping and accounting;
* Oversight of all internal controls and regulatory compliance;
* Supervision of six-person staff;
* Ensuring that Neighborhood Trust is responsive to the diverse needs of
our field of membership;
* Maximization of the credit union's ability to serve low-income
individuals.
The ideal candidate will possess the following skills and experience:
* Three years of credit union management or similar financial services
experience;
* Strong accounting, bookkeeping, and financial analysis skills;
* Ability to learn new computer systems;
* Staff supervision experience;
* Ability to work well in an immigrant community;
* Fluency in Spanish and English;
* A commitment to community economic development.
Salary is commensurate with experience.
Please email cover letter and resume to Justine Zinkin at
jzinkin@cwcid.org, or by mail to Neighborhood Trust FCU, 4211 Broadway,
New York NY 10033
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CDCU Insight is an electronic publication of the Federation.
Send comments about this newsletter to: Rafael Morales at:
rmorales@cdcu.coop.
Want to read the entire press release, but don't have email access?
Call us at: (212) 809-1850 and we can fax it to you.
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(c) 2007 National Federation of Community Development Credit Unions |
116 John Street, 33rd Floor | New York, NY 10038 www.cdcu.coop
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