NY Legislation Will Create State-Level CDFI Fund
ALBANY, N.Y.-The New York State Assembly has passed a bill similar to one passed earlier by the state senate that amends the state's Urban Development Corporations Act to create the framework for what is believed to be the first-ever, full-fledged Community Development Financial Institutions (CDFI) Fund at the state level.
"What's most exciting about all this is that the new program will link economic development for individuals and small businesses with the corporation's large-scale economic development projects," said Rafael Morales, Public Affairs Officer and Coordinator of the NY Coalition of CDFIs with the National Federation of CDCUs. "In essence, what the legislature has done is to mandate a comprehensive asset-building agenda that not only encourages entrepreneurship, but also promotes consumer protection against predatory lenders." Once signed into law by Governor Spitzer, the legislation will empower the Empire State Development Corporation (ESDC), which already runs a small CDFI program for women and minority business lending, to begin developing a larger-scale program that would attract substantial growth capital to CDFIs across the state.
Wings Financial Flies Into The Blue With Airline Pact
APPLE VALLEY, Minn.-Wings Financial FCU announced a deal yesterday with JetBlue Airways to provide financial services to the fledgling airline's 11,000 crewmembers. As part of the agreement, Wings Financial will open new branches and install new ATM machines in or near key JetBlue locations.
Wings Financial will also offer JetBlue crewmembers a customized line of checks featuring JetBlue images.
The $1.6 billion credit union formerly served Northwest Airlines but now serves the entire air transportation industry.
