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About NY/NJ Community Financial Network
The New York/New Jersey Community Financial Network (NY/NJCFN) is the oldest and largest regional consortium of independent, non-profit, community-owned credit unions dedicated to serving low-income people and promoting neighborhood reinvestment in New York City. The community development credit unions (CDCUs) that belong to this network face challenges unique in the banking world, primarily due to their focus on serving low-income communities and their relatively small size. NYCFN helps member credit unions to meet these challenges by providing a forum where members can gain access to critical resources, share learning experiences with peer institutions, and establish strategic partnerships.
The Federation founded the NY/NJCFN in 1984 and provides technical support, educational opportunities, and financial resources to its members. Some notable achievements of the network over the past two decades include:
- Facilitation of the first CDCU consortium for loan participation;
- Attracted the first bank investments in CDCUs (Chemical, JP Morgan, and others);
- Organized new CDCUs in New York (Lower East Side People’s FCU, Neighborhood Trust FCU, Brooklyn Cooperative FCU, Artists Community FCU; and most recently, the East River Development Alliance FCU);
- Hosted the First National Faith-based Credit Union Conference (1992);
- Organized and co-founded the New York State Coalition of CDFIs (1995)
- Obtained the first state funding for New York CDFIs through the Empire State Development Corporation; since 1997 the state has invested more than $5 million in New York CDFIs.
Resources to Support Network Members
Since establishing the New York Community Financial Network in 1984, the Federation has invested financial, technical, educational and human resources in NY/NJCFN credit unions.
Capital
Education and Training
More Information
For more information on the New York/New Hersey Community Financial Network, please contact Pamela Owens, Director of Education andTraining, at powens@cdcu.coop, or 800.437.8711 x215.
