Credit Unions to Testify Before Assembly Banks CommitteeAssembly

William J. Mellin, president/CEO, Credit Union Association of New York is scheduled to testify on behalf of New York's 461 credit unions and their 4.3 million members.

Richard H. Neiman, superintendent of the State of New York Banking Department and Michael P. Smith, president/CEO of the New York State Bankers Association will also be offering testimony.

Mellin will testify at the Assembly Banks Committee hearing called to determine the appropriate level of regulatory authority New York State should exercise in order to protect New York financial services entities and consumers of financial services.

Mellin will explain the unique role credit unions play in the financial services marketplace and that by virtue of their cooperative, not-for-profit structure and mission of creating financial independence for their members that they were not part of the problem that led to last year's financial crisis. Mellin's testimony will illustrate how, by striking the appropriate balance between consumer protections and institutional integrity, the state should play a role in the new regulatory framework.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. It is the fourth largest association in the country. New York credit unions have assets of more than $48 billion and 4.3 million members. To learn more about the Association, visit www.cuany.org.

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