ALBANY, N.Y. – Gov. Spitzer signed a bill creating a new community development financial institutions program for credit unions and banks based in New York. Credit unions, particularly the National Federation of CDCUs Director Cliff Rosenthal, were largely responsible for the new state program. Rosenthal was also instrumental in development of the Treasury Department’s CDFI program, which has funneled more than $1 billion in grants, loans and tax breaks to CDFIs, including credit unions. The New York program was not funded this year but advocates expect to request money for grants and loans in next year’s state budget.
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