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Participating
Credit Unions
Board of Directors
Funders and Supporters
Job Opportunities
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OUR MISSION
The New York City Financial
Network Action Consortium (NYCfNAC) was established to address the
drastic loss of banking services in New York City's low-income communities.
We assert the right of every low-income person to be able to save,
borrow, invest, accumulate assets and become knowledgeable consumers
of financial services as a means to economic opportunity and community
development. Accordingly, NYCfNAC promotes their ability to gain
access to affordable, convenient and comprehensive financial services
and credit by building a network of the city's leading community
development credit unions and strengthening their capacity.
OUR HISTORY
NYCfNAC was launched in
1998 with critical support from the Open Society Institute through
its Community Fellowship Program and key persons within New York
City's credit union community. NYCfNAC was incorporated as a nonprofit
organization in May 2000 and became a certified intermediary Community
Development Financial Institution (CDFI) in June 2002. As a CDFI,
NYCfNAC provides financial assistance in the form of grants to participating
credit unions to support their investments in new infrastructure,
such as branches, state-of-the-art technology, and electronic banking
terminals, and to further their outreach and education efforts among
residents of financially-underserved communities.
OUR STRUCTURE
To participate in NYCfNAC,
a credit union must serve predominantly low-income members and have
its field of membership within New York City. Credit unions can
join only by approval of NYCfNAC's Board of Directors. The Board
also considers the prospective credit union's commitment to serve
more low-income members, develop new products and services, and
contribute to the collaborative process. To maintain accountability
to the credit unions it serves, the Manager of each participating
credit union occupies a seat on NYCfNAC's Board of Directors. The
Managers and NYCfNAC staff meet regularly to share information and
best practices, establish the organization's priorities, and elicit
feedback on program development activities. An independent Investment
Committee allocates grant funds to the participating credit unions.
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