The Point: June 27, 2013

Rangel co-sponsors MBL bill; NY ranks second in House support

Congressman Charles Rangel (D-Metropolitan) is the latest New York representative to co-sponsor H.R.688, the Credit Union Small Business Jobs Creation Act. The bill, which was co-introduced by New York Rep. Carolyn McCarthy (D-Long Island), would raise the credit union member business lending (MBL) cap to 27.5 percent of assets.

New York now ranks second nationally in terms of House support for the priority bill, with 12 representatives signed on as co-sponsors.

Teachers FCU joins CUANY's Hispanic Member Growth Strategy Program

Teachers FCU is the latest credit union to join the Credit Union Association of New York's inaugural Hispanic Member Growth Strategy Program. The statewide program is being offered in partnership with the New York Credit Union Foundation and Coopera through REAL Solutions.

Participating credit unions receive a series of Hispanic outreach services/tools from Coopera, including: a one-time Hispanic Opportunity Navigator (HON) assessment; semi-annual member analysis reports; access to Coopera's extensive library of education tools, including marketing guides, templates and webinars; and an annual follow-up to the HON assessment (total value: $9,800).

In addition to Teachers FCU, the following credit unions are currently participating: Bridgeway FCU, Cooperative Federal CU (Syracuse), Entertainment Industries FCU and MSBA Employees FCU.

"Serving Hispanics in New York has changed from an opportunity to a necessity," says Miriam De Dios, CEO of Coopera. "When you combine the facts that New York has the fourth-largest Hispanic population in the country, that Hispanics control about one-tenth ($75 billion) of New York's buying power, and that nearly one out of two Hispanic New Yorkers is underserved or unbanked, there is no denying that Hispanics are a fuel for growth for New York credit unions."

NCUA videos cover economy, derivatives rule

Two new economic update videos are now available on NCUA's official YouTube channel. The videos provide an overview of key economic indicators and explore NCUA's recently proposed rule on derivatives.

In the opening segment, NCUA Chief Economist John Worth discusses the current state of the national economy and offers a brief analysis of key economic indicators. The second segment features a discussion on NCUA's recently proposed derivatives rule between Worth and special guest J. Owen Cole, Jr., director of the Division of Capital and Credit Markets in NCUA's Office of Examination and Insurance.

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