New York City Financial Network Action Consortium
The New York City Financial Network Action Consortium (NYCfNAC) was established in 1999 to strengthen the provision of affordable,comprehensive financial services and credit to New York City's low-income residents. NYCfNAC asserts the right of every low-income person to save, borrow, invest, accumulate assets and be more knowledgable consumers of financial services. The organization accomplishes this mission by addressing the capacity needs of the city's leading community development credit unions and generating economies of scale for them. NYCfNAC has developed services in the areas of lending, outreach and education, accounting services,and product development, among others. Through its Business Lending Program, NYCfNAC originates, underwrites and helps close small business loans up to $500,000 made by its credit unions,and helps to synidcate larger loans. It oversees the largest free tax preparation program by credit unions nationally as a means to open savings accounts for unbanked taxpayers and to ensure that taxpayers receive their eligible tax credits. Its Initiative for Outreach to the Unbanked (IOU) Program targets financially-underserved households, particularly immigrant households. To meet the needs of the immigrant community, NYCfNAC is developing money remittance services on behalf of its credit unions. To ensure the sustainability of credit unions, NYCfNAC is engaged in a strategic planning project to identify how best to achieve cost savings by the credit unions and to potentially integrate their operations.