Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Some of the City's Financial Institutions Are Weathering Struggling Economy... So Far
Friday, September 26, 2008
New York, NY –
New York City's small community banks and credit unions are concerned about the health of the US economy, but not all of them are feeling the turmoil on Wall Street.
Or the nervousness ignited by Washington Mutual's failure. Jack Lawson is CEO of the Brooklyn Cooperative Federal Credit Union, which serves 5,200 customers.
LAWSON: Our members as a whole don't seem to be expressing lack of confidence. We've been putting on new members at a very normal rate and we've seen very normal trends in the rise and flow of member savings.
REPORTER: Lawson says his credit union doesn't borrow daily from other banks, so it's more insulated from the credit crunch.
He says most of his credit union's funding comes from member savings and incomes.