[Congressional Record Volume 148, Number 45 (Monday, April 22, 2002)]
[Extensions of Remarks]
[Page E593]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




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

                                 ______
                                 

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                         Monday, April 22, 2002

  Mrs. MALONEY of New York. Mr. Speaker, I rise to pay tribute to the 
Lower East Side People's Federal Credit Union (LESPFCU) in New York 
City. The Lower East Side People's Federal Credit Union has been such a 
vibrant part of the community in which I live and represent. It is a 
pleasure to pay tribute to this illustrious organization.
  The Lower East Side People's Federal Credit Union is a federally-
chartered and regulated nonprofit community development credit union 
for low and moderate income people on the New York City Lower East 
Side. The LESPFCU reinvests members' money in the Lower East Side to 
provide a full range of personal and affordable financial services to 
the community.
  The LESPFCU was created as a result of intense grass-roots community 
organizing against the 1984 closing of the last commercial bank in the 
neighborhood and was chartered in 1986 by the National Credit Union 
Administration. LESPFCU's mission has since remained unchanged: to 
encourage saving and make loans that contribute to the individual, 
commercial, and housing development needs of this low-income community.
  LESPFCU offers full-service in both Spanish and English and serves 
close to 10,000 area residents, who otherwise are not served by any 
commercial banks. The LESPFCU has reinvested over $5.7 million in loans 
in the community, contributing to the overall development of the Lower 
East Side. The LESPFCU is presently in the process of creating a 
microenterprise development program which, through a combination of 
business training and small loans, will promote job creation and 
support small entrepreneurs in their community.
  In February of 2002, the Lower East Side People's Federal Credit 
Union opened a new ATM location on Avenue C between 8th and 9th Street, 
making it the first financial institution to establish a presence on 
Avenue C since the 1960s. Like its first branch ATM located at 3rd 
Street and Avenue B, the new ATM is open 24 hours, handicapped 
accessible, free for members of the credit union and Co-op Network 
cardholders, and offers all other users a low surcharge of only one 
dollar. Now LESPFCU members have access to 6 free ATMs in the Lower 
East Side.
  Mr. Speaker, I salute the Lower East Side People's Federal Credit 
Union and I ask my fellow Members of Congress to join me in recognizing 
the great contributions of this tremendously dedicated community 
organization.

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