In Banker Meeting, Senate Majority Leader Praises Credit Unions

ALBANY, NY (02/09/2009)(readMedia)-- Senate Majority Leader Malcolm Smith touted credit unions to an unlikely audience today: a group of nearly 100 state bankers.

According to a New York Daily News report, Smith asserted that the bankers could learn from their chief competitors: credit unions. Noting that credit unions have largely avoided the problems of the mainstream banking system, he said, "I know some of you are sitting here and you might say, 'How can you come to this room and talk about credit unions?' The fact of the matter is, business as usual has to change."

Smith's comments were not well-received, but after the meeting, he said, "I'm not here to make friends. I'm here to do what's right for the homeowners and people trying to purchase homes. ...When you think about it, the credit unions are the only ones who basically did not have a challenge in the financial markets, so they did something right. And these guys have to take their head up and say, 'You know what, maybe we need to take a look at what they're doing as well.' "

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 fifth largest association in the country. New York credit unions have assets of more than $43 billion and 4.2 million members. To learn more about the Association, visit www.cuany.org.

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