Credit Union Association of New York
State Legislative Candidate Survey Questions
Please fax or email responses at your earliest convenience to
Amy Kramer, VP, Governmental Affairs at (518) 782-4212 or
The Credit Union Association of New York has worked "to serve and support credit
unions" since 1917. As the trade association for approximately 475 not-for-profit,
member owned credit unions in New York; the Association promotes the health and well
being of the credit union movement at the national, state and local level. It is the fifth
largest Association in the country and has over 100 employees.
Please take a moment to indicate your position on issues important to the credit unions of
New York State. The Credit Union Association of New York staff and Board of Directors
will use any information you provide to determine possible Association candidate
For your assistance, enclosed you will find some background information to familiarize
you with credit unions in this state. Please do not hesitate to contact Amy Kramer, Vice
President, Association Governmental Affairs, at (800) 342-9835, ext. 8122.
What is a credit union?
A credit union is a not-for-profit cooperative financial institution, owned and controlled
by all of the members who use its services. Membership in a credit union may be based
on employment, a social or religious affiliation or where one lives or attends school. This
is known as a field of membership. Credit unions exist to provide a not-for-profit
alternative for consumers to save money and obtain loans at reasonable rates. Like all
cooperatives, credit unions do not have public stockholders and are based on a business
philosophy that places service above profit. Credit unions are closely regulated, just like
other financial institutions. The National Credit Union Share Insurance Fund (NCUSIF),
administered by an agency of the federal government, insures members' deposits up to
$250,000. Across the state, there are 22 credit unions chartered by New York State and
454 chartered under federal law. *
*As of December 2008.
1. Why are you running for office? If elected, what would be your top three
legislative goals for the upcoming session?
I am looking to support the working man, the two income family. Improve and preserve
the quality of life in our communities. Create affordable housing for seniors.
2. Are you a member of a credit union or have you had any experience with credit unions
in the district? In addition, briefly describe your participation or interest in financial
institutions or other cooperatives. I’ve been a credit union member for over 25 years
having with membership in Tiger Federal and now Xceed Financial as well as Melrose
Credit Union. I was the Branch Manager of Tiger Federal @ JFK Airport for 25 years.
3. Have you, or anyone in your family, served as a volunteer on a credit union board or
committee? If so, in what capacity? Employee. See above.
4. Are you familiar with the Credit Union Association of New York and their grassroots
efforts to help and support New York State credit unions? Yes.
5. As not-for-profit cooperatives, credit unions are exempt from paying taxes on
corporate income. As a result, they are able to pass along the savings to their members
resulting in lower rates on loans and higher rates on savings. This not-for-profit nature
keeps a check and balance on rates charged by for-profit competitors. If legislation were
introduced to tax credit union income, would you support or oppose the legislation?
____ Support _X___ Oppose
6. Due to their not-for-profit nature, credit unions provide higher rates on savings and
lower rates on loans, compared to their for-profit bank competitors. While millions of
consumers benefit from credit union service, the state of New York, its municipalities
and school districts cannot, as only commercial banks can accept “municipal deposits.”
Would you support or oppose a bill that allows the state, its municipalities, and school
districts to deposit funds in credit unions?
__X__ Support ____ Oppose
7. Credit unions traditionally have provided consumers with the opportunity to buy a
home, own a car or finance a college education. As the modern workplace has changed
and the economy is focused on the importance of small business, credit unions are ready
and able to offer loans that meet the needs of entrepreneurs and small business-owners
looking to expand their operations. If a bill were introduced to extend state-supported
economic development programs to include credit unions, would you support or oppose
such a bill?
_X___ Support ____ Oppose
9. If possible, please provide a biography, as well as the campaign addresses and
telephone numbers where the Credit Union Association of New York may contact you.