Johnson Visits Lower East Side

Seeking to raise the profile of low-income community development CUs and the role they play in their communities, NCUA Board Member JoAnn Johnson visited Lower East Side People's FCU (LESPFCU) here.

Also on hand for the event were William Mellin, president of the New York league, Elizabeth Whitehead, NCUA acting regional director for region 1, and more than 20 managers and board members of New York City community development credit unions, the National Federation of CDCUs and the New York City Financial Action Network Action Consortium (NYC?NAC)

Lower East Side People's CEO Pablo DeFilippi spoke about the challenges that the credit union has overcome to get where it is today, and what it has planned for the future.

"Providing services to the underserved also represents a tremendous opportunity, as many are starting to learn now, particularly from the standpoint of the size that this untapped, emerging market represents," he said.

LESPFCU Lending Manager Walter Merkle expressed support for the changes to business lending regulations that Johnson has sponsored. "LESPFCU is well positioned to capitalize on these changes and make an even bigger contribution to the creation and expansion of small businesses in our community," he said.

Johnson urged credit unions to provide input with regards to the proposed changes to ensure that the new regulation has the desired effect.

Chartered in 1986 and certified in 1996 as a community development credit union, the $11-million LESPFCU currently has 4,000 members.