NEW YORK-In a guest appearance at the New York State Credit Union League's 85th Annual Meeting and Convention, NCUA Board Member Debbie Matz praised the state's credit unions for remaining true to principles that "have clearly stood the test of time." "Eighty-five years ago," Matz said, "millions of hard-working people clearly had a need for affordable credit. The first New York credit unions.filled the need for people who could not get loans from banks-people who had nowhere else to turn but to loan sharks who made profits from their pain." "Much has changed since 1920," Matz continued, "but the founding principles of credit unions remain. Today, I believe the need for credit unions is as strong as ever-because there are still millions of Americans who are not being served by insured financial institutions. These people are being preyed upon by modern-day loan sharks. Today they are known as payday lenders, check cashers, pawn shops, rent-to-own stores or just plain predatory lenders." Matz went on to highlight several New York credit unions that have adhered to the NYSCUL's conference theme of "Principles Above Profits": * Bethpage FCU of Long Island, whose staff and volunteers have spent countless hours reaching out to the Latino community by donating time and money to 43 community groups. Members of the Latino community, in turn, responded to Bethpage's efforts by bringing in millions of dollars to the credit union as members of their new branch. * Lower East Side People's FCU, Union Settlement FCU, Homesteaders FCU and Bushwick Cooperative FCU that as members of the New York City Financial Network Access Consortium are making business loans to new members who could not obtain commercial financing anywhere else. * The Summit FCU and ESL FCU, who have lead the charge among New York's credit unions to raise $150 million to fund affordable mortgages in underserved areas. These and other credit unions also have pledged to raise $2 million to aid renters who need emergency loans to avoid losing heat, electricity and other necessities. Overall, these efforts are expected to assist some 9,000 families in underserved areas. "New York credit unions are demonstrating each and every day that credit unions truly improve the lives of members," Matz said. State Leaders Pledge CU Support Also making guest appearances at the three-day event were New York State Assemblywoman Catherine Nolan, who chairs the Committee on Banks, and State Senator Liz Krueger, chair of the Minority Program Development Committee and the ranking Democrat on the Senate Standing Committee on Housing, Construction and Community Development. "The longer I chair the banks committee in New York, the more I am impressed with the accomplishments of credit unions," Nolan said. "When I see how people really are taken advantage of-giving away 40 percent of their IRS refund-it's unbelievable. We'll keep trying to make sure your issues are at the forefront, to nurture the credit union movement and to move forward on issues of fair treatment for [your] constituents." Assemblywoman Nolan, who represents a district in Queens County, was part of a meeting held two days prior to the start of the NYSCUL convention with League officials and Queens Borough President Helen Marshall to discuss how to bring broader credit union access to all of Queens. A credit union advocate, Assemblywoman Nolan recently introduced legislation that would allow credit unions to accept municipal deposits. Under current state law, only commercial banks are allowed to accept such deposits. [email protected]