CDCU the Focus at Unveiling of New York Economic Program

NEW YORK – Mayor Michael Bloomberg used the backdrop of a leading community development credit union yesterday to unveil a $150 million economic empowerment program for New York City. The first of 30 programs to be launched will be a citywide Office of Financial Empowerment to educate, empower and protect low income workers, according to the Mayor, who made the announcement at Lower East Side People’s FCU, New York’s largest CDCU. “We are honored to host the Mayor at this historic event, and excited by the commitment of the City of New York to bring economic opportunity to those who have never had it before,” said Linda Levy, CEO of the credit union, which serves the immigrant community and others in the city’s underserved population. CDCUs are expected to partner with the city’s Commission for Economic Opportunity on the program, which will include building assets and savings for the working poor through basic bank account products, Individual Development Accounts and the Earned Income Tax Credit, all area in which the city’s CDCUs have taken the lead.