[Congressional Record Volume 148, Number 17 (Tuesday, February 26, 2002)]
[Extensions of Remarks]
[Page E192]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     IN HONOR OF THE LOWER EAST SIDE PEOPLE'S FEDERAL CREDIT UNION

                                 ______
                                 

                          HON. JERROLD NADLER

                              of new york

                    in the house of representatives

                       Tuesday, February 26, 2002

  Mr. NADLER. Mr. Speaker, I rise today to congratulate the Lower East 
Side People's Federal Credit Union (LESPFCU) on the occasion of the 
grand opening of its Avenue C ATM.
  Since 1986, the Lower East Side People's Federal Credit Union has 
served the financial needs of low-income neighborhood residents who are 
not served by commercial banks. For over 15 years, since the closing of 
the last commercial bank in the Lower East Side community, the credit 
union has maintained its goal of stimulating the economic and community 
development of the neighborhood by providing a safe, sound, and 
democratic alternative to traditional banks. Today, nearly 4,000 area 
residents and employees are members of the credit union. Including the 
extended family of credit union members who benefit from its services, 
the credit union serves close to 10,000 Lower East Side community 
members. As of December 2001, LESPFCU has made over $8 million in loans 
to 3,488 members of the community, enabling them to realize their 
dreams of home ownership, starting a small business, or furthering 
their education.
  The Lower East Side People's Federal Credit Union has now opened its 
second ATM location on Avenue C between 8th and 9th Streets. This new 
ATM makes the credit union the first financial institution to establish 
a presence on Avenue C since the 1960s. The opening of the ATM marks 
two important developments for the Lower East Side: first, it is the 
beginning of the credit union's expansion plan, which will allow it to 
continue to serve the growing financial needs of the community; 
secondly, it demonstrates a revitalized interest and dedication to the 
economic well-being of the Lower East Side. These developments are sure 
to contribute to a revitalized community and to benefit the long-term 
recovery of New York City.
  I would like to congratulate those whose hard work has contributed to 
the opening of the new ATM: the dedicated staff and leadership of the 
Lower East Side People's Federal Credit Union, the Lower East Side 
People's Mutual Housing Association, New York City Councilwoman 
Margarita Lopez, the Co-op Network, Citibank, HSBC, and JP Morgan 
Chase.

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