Statement on State of the State Address by Credit Union Association of NY President/CEO William J. Mellin

ALBANY, NY (01/06/2010)(readMedia)-- The Credit Union Association of New York commends Governor Paterson on his State of the State address and supports his agenda to build New York's economy through fiscal and ethics reform, job development, community reinvestment and modern energy initiatives.

New York's credit unions are eager to participate in the Governor's proposed economic revitalization plan and are uniquely positioned to do so. As community-owned cooperative institutions, credit unions have seen first-hand the pervasive pain across the state that the Governor referred to. They have worked to help alleviate it for their members.

Throughout their history, credit unions have been on the front lines of supporting New York families and communities facing hard times. They have taken it upon themselves to move into downtrodden communities that commercial banks have abandoned to make sure the community and its people have access to affordable financial services.

Credit unions are also well positioned to assist small businesses down the Governor's "Path to Recovery" by filling a lending void created by commercial banks and other financial entities on the heels of the subprime mortgage crisis.

Throughout the financial crisis, credit unions have proven to be responsible lenders and will continue to provide needed capital for small businesses-businesses that will play a larger role in economic revitalization and job creation in our state.

As the state works towards the goals set forth by the Governor, credit unions will continue to look for ways they can partner with the Governor to help achieve those goals.

The Credit Union Association of New York has served as the trade association for the state's credit unions for 92 years. 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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