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CU System
N.Y. CUs unscathed by economic crisis
NEW YORK (10/8/08)--New York credit unions have remained unharmed in the economic crisis, according to The Journal News. William J. Mellin, Credit Union Association of New York president/CEO, told the White Plains, N.Y.-based newspaper that he didn’t know of any credit union in the state with soundness problems (Oct. 4). Credit unions in New York have expanded--the number of branches grew by one-third to 21,122, the newspaper added. Quorum FCU, Purchase, N.Y. avoided the economic crisis because it did not participate in subprime lending, President/CEO Bruno Sementilli told the newspaper. Though it makes no subprime loans, the credit union does help members who have struggled with credit, he added. Because credit unions don’t have shareholders, they can take a “long view” in managing business and deliver service to members long-term, Sementilli said. Quorum has expanded its membership by attracting employees of other businesses, including Kraft Foods, Tarrytown; Good Samaritan Hospital, Suffern; Pernod Ricard USA, Purchase; and Prestige Brands, Irvington, the newspaper said. Palisades FCU, Pearl River, also remained unharmed by the economic crisis. The credit union recently put a note on its website to assure members that their deposits are safe. Connie Craven, Palisades FCU spokesman, told the newspaper the credit union’s call center received an increase in calls during the past week because of the crisis.
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