Full Video Coverage Entirely by OurLIC.

Grand Opening of ERDA Federal Credit Union. An American Bandstand Event!

East River Development Alliance (ERDA), cuts the ribbon and celebrates its community by creating another tool to enable residents through effective, innovative resources and solutions.

"I OWN IT", awning at the front of the ERDA Federal Credit Union is a statement that reflects the fact that the depositors own the Credit Union, as contrasted to a Bank which is owned by its shareholders.   Bishop Mitchell Taylor Cuts the Ribbon! Carolyn Maloney, United State Congresswoman and early supporter of the ERDA Federal Credit Union, looks on.   Bishop Mitchell Taylor speaks to gathering of residents, elected officials, and supporters.   Mayor Michael Bloomberg Carolyn Maloney, United States Congresswoman   Assemblywoman, Cathy Nolan presents Bishop Mitchell Taylor with a PROCLAMATION from The State of New York.   Christine Quinn, New York City Council Speaker     Carmen Simon, appointed CEO of ERDA Federal Credit Union after serving to get it opened as ERDA's Credit Union Organizer.   Very first customer   You Ain't Seen Nothin' Yet!!! Don't miss this video....."You Ain't Seen Nothin' Yet!!" Part 1: Ribbon Cutting Ceremony. ERDA Federal Credit Union Grand Opening. Bishop Mitchell Taylor 4/26/2010 Part 2: ERDA Federal Credit Union Grand Opening. Bishop Mitchell Taylor. East River Development Alliance, Long Island City LIC Queens 4/24/2010 Part 3: ERDA Federal Credit Union Grand Opening Celebration Part 4: ERDA Federal Credit Union Grand Opening Celebration Part 5: ERDA Federal Credit Union Grand Opening Celebration Part 6: ERDA Federal Credit Union Grand Opening Celebration Part 7: ERDA Federal Credit Union Grand Opening Celebration Part 8: ERDA Federal Credit Union Grand Opening Celebration Part 9: ERDA Federal Credit Union Grand Opening Celebration Part 10: ERDA Federal Credit Union Grand Opening Celebration Part 11: ERDA Federal Credit Union Grand Opening Celebration Part 12: ERDA Federal Credit Union Grand Opening Celebration Part 13: ERDA Federal Credit Union Grand Opening Celebration Part 14: ERDA Federal Credit Union Grand Opening Celebration Part 15: ERDA Federal Credit Union Grand Opening Celebration Part 16: ERDA Federal Credit Union Grand Opening Celebration Part 17: ERDA Federal Credit Union Grand Opening Celebration Part 18: ERDA Federal Credit Union Grand Opening Celebration Part 19: ERDA Federal Credit Union Grand Opening Celebration Part 20: ERDA Federal Credit Union Grand Opening Celebration Part 21: ERDA Federal Credit Union Grand Opening Celebration Part 22: ERDA Federal Credit Union Grand Opening Celebration Part 23: ERDA Federal Credit Union Grand Opening Celebration Part 24: ERDA Federal Credit Union Grand Opening Celebration Part 25: ERDA Federal Credit Union Grand Opening Celebration Part 26: ERDA Federal Credit Union Grand Opening Celebration Part 27: ERDA Federal Credit Union Grand Opening Celebration Part 28: ERDA Federal Credit Union Grand Opening Celebration Part 29: ERDA Federal Credit Union Grand Opening Celebration Part 30: ERDA Federal Credit Union Grand Opening Celebration Part 31: ERDA Federal Credit Union Grand Opening Celebration Part 32: ERDA Federal Credit Union Grand Opening Celebration Part 33: ERDA Federal Credit Union Grand Opening Celebration Part 34: "You ain't seen nothin' yet!" - ERDA Federal Credit Union Grand Opening Celebration Part 35: ERDA Federal Credit Union Grand Opening Celebration Part 36: ERDA Federal Credit Union Grand Opening Celebration Part 37: ERDA Federal Credit Union Grand Opening Celebration Part 38: ERDA Federal Credit Union Grand Opening Celebration Part 39: ERDA Federal Credit Union Grand Opening Celebration

Long Island City, New York April 26, 2010 - It began with a dream. It became a mission, and then a traditional American Bandstand Event. Now it is a very real part of the promise of a hopeful future for the residents of public housing in Long Island City. It was the vision of Bishop Mitch Taylor. He, along with his supporters, and Carolyn Maloney at the Federal level, Cathy Nolan at the State level, Chritine Quinn at the NYC City Council, The City of New York, and many others, made it a reality as the ribbon was cut on the new ERDA Federal Credit Union. The celebration ceremony that followed the ribbon cutting ceremony marked a point in time when the work of the East River Development Alliance gained full economic force by recognizing and linking the fact that "community banking" is a vital part of personal growth and achievement, as well as creating strong community participants. The event deserved nothing less than an American Bandstand style celebration....the kind you would find in Iowa or Nebraska. The ERDA Federal Credit Union is the first credit union to be chartered in NYC in ten years; the first new credit union in Queens in 30 years; and the first credit union to receive its federal charter under the Obama administration. Speakers included: ERDA Founder and President Bishop Mitchell G. Taylor Michael Bloomberg, Mayor of The City of New York Carolyn Maloney, United States Representative Bill de Blasio, Public Advocate Catherine Nolan, New York State Assemblywoman Michael Gianaris, New York State Assemblyman Christine C. Quinn, New York City Council Speaker John Rhea, New York City Housing Authority Chairman John Liu, NYC Comptroller Jimmy Van Bramer, NYC Council Member Peter Vallone Jr, NYC Council Member Eric Gioia, Former City Council Member Bill Taylor, Senior Vice President, Eastern U.S. Power, TransCanada National Federation of Community Development Credit Unions (Federation) President/CEO Clifford N. Rosenthal ERDA is also active in training candidates for jobs in its Workforce Development Project. [ Go to Full Video and Photo Coverage of "ERDA Workforce Development Program." ] Go to OurLIC Featured Profile of ERDA. Full video coverage of Grand Opening Ceremony and Celebration are available in the left column in 39 segments of approximately three to five minutes each. Highlights: The opening of the ERDA Federal Credit Union has been over five years in the making. Permits people to take control of their own financial lives. Mayor Bloomberg commented that he has been pushing for a NYS Bill that would allow The City of New York to deposit up to $25.0 million of NYC taxpayer funds into credit unions just like ERDA Federal Credit Union. Carolyn Maloney, United States Representative, promised to get a Federal Bill that would permit the State of New York laws to support The City of New York's right to deposit funds in the ERDA Federal Credit Union and others as a non-member deposit. We will be seeking more information about this from The NYC Office of Financial Empowerment (which is a part of the Department of Consumer Affairs). Job creation, and investment in the future, both Citywide and at the local level. FULL TEXT OF PRESS RELEASE Contact: Jeremy Reiss, ERDA (718) 784-0877 OR (347) 432-3166 LONG ISLAND CITY - On Monday, April 26, at 11am the East River Development Alliance (ERDA) will celebrate the opening and ribbon cutting of the ERDA Federal Credit Union (ERDA FCU) - the first credit union to be chartered in NYC in a decade. The ERDA FCU is located at 13-03 B 40th Avenue, in Long Island City. In a neighborhood where 3 in 10 residents lack bank accounts, and the majority of residents use check cashers for most of their financial transactions, the ERDA Federal Credit Union will revolutionize the way public housing residents manage their money, build capital, and achieve their financial goals. It will embed a culture of ownership and savings in public housing neighborhoods in Western Queens and serve as a model for what is possible in public housing neighborhoods citywide, and throughout the nation. "ERDA is dedicated to making public housing developments places of great opportunity, places which house a positive vision of the future for the people who live here. The establishment of this financial cooperative, owned by residents, makes resident empowerment and ownership real," said ERDA Founder and President Bishop Mitchell G. Taylor. "The opening of the ERDA FCU marks the next phase of ERDA's work for change, and presents a model for every public housing neighborhood in New York City." "Nearly 50,000 Queens households - many in public housing - don't have bank accounts, and one of the major reasons is a lack of access to local credit unions," said Mayor Bloomberg. "The East River Development Alliance is committed to helping public housing residents in Long Island City move up the economic ladder, and its new federal credit union is a major step forward. The City's Office of Financial Empowerment looks forward to working closely with ERDA to ensure that low income New Yorkers throughout the City have access to the products and services they need. ERDA President Bishop Mitchell Taylor, Board Chair Jeremy Selman and the entire organization deserve a lot of credit for identifying real community needs and then taking action to address them." "On behalf of NYCHA's board and the families of Ravenswood, Queensbridge, Astoria and Woodside Houses we serve, I am thrilled to celebrate the opening of ERDA's Federal Credit Union, a vital financial resource and economic anchor in the community," said New York City Housing Authority Chairman John Rhea "Through this signal achievement ERDA takes another giant step towards engaging and empowering low income families to transform their neighborhoods. Congratulations to Bishop Taylor, ERDA, the Federal Credit Union Board and its partners and all Queens residents whose commitment and hard work made this accomplishment possible." "Through his leadership and hard work, Bishop Taylor has given our community a wonderful gift - a federal credit union to call our own," said Representative Carolyn Maloney. "It was a pleasure to work with Bishop Taylor to help open the ERDA Federal Credit Union, the first new credit union chartered during the Obama Administration, and the first to open in New York in a decade. Opening a credit union opens the door to financial security - and financial security brings hope, stability and wealth to a community. This is great news for western Queens and the people who live and work here. My heartfelt congratulations go out to Bishop Taylor and his team at ERDA - this is truly a day to celebrate." "I want to commend Bishop Taylor for his tremendous hard work in our City and his commitment and dedication to residents who often are in the most need," City Council Speaker Christine C. Quinn said. "New financial institutions, such as this one, are needed to build a stronger economy, but also to build trust in our community. I'm sure that the opening of this credit union, like so many of Bishop Taylor's projects, will add to the City's economic growth." "The ERDA Federal Credit Union will serve as a foundation for healthy and sustainable economic development in Western Queens," said NYC Comptroller John Liu. "By increasing access to capital, credit and basic financial services, the ERDA FCU will support small businesses, strengthen our communities and help people fulfill their financial dreams. Today's ribbon-cutting of the ERDA FCU marks a number of milestones and serves as an example of what can be achieved when government and community leaders come together with a common goal: equal economic opportunity." "As our City recovers from the recession, I applaud Bishop Mitchell Taylor and ERDA for their efforts to make sure tens of thousands of working families have the tools necessary to manage their money responsibly," said Public Advocate Bill de Blasio. "The establishment of ERDA's Federal Credit Union offers Queens' residents a source of financial stability in these uncertain times." "I am pleased that East River Development Alliance is opening a credit union in Long Island City," said Assemblywoman Catherine Nolan. "I want to congratulate Bishop Mitchell Taylor, president of ERDA, on his hard work to make sure that the residents of Queensbridge housing and beyond have access to all the services that credit unions offer. I hope that the residents of Queensbridge take advantage of this great opportunity to join the credit union." "Today brings the most recent example of the critical role played by ERDA in providing assistance to underserved communities," said Assemblyman Michael Gianaris. "For too long, residents of this neighborhood were without access to basic banking services. Thanks to ERDA and Bishop Taylor, more Queens families can manage their money effectively, grow their savings and plan for the future." "The Federal Credit Union is a great example of yet another transformative initiative from ERDA under the leadership of Bishop Taylor," said Council Member Jimmy Van Bramer. "This is exactly the kind of program that this community, where 30% of residents don't have bank accounts, needs. I look forward to working with Bishop Taylor on this and other initiatives." Council Member Peter Vallone Jr. said: "ERDA's Federal Credit Union is a much-needed and welcomed addition to this community. In these tough economic times, responsible financial institutions are more important than ever for our residents." A cooperative financial institution has always been a part of ERDA's theory of change for public housing neighborhoods. ERDA empowers public housing residents to find jobs, manage their finances, go to college, and strengthen their neighborhoods. Now ERDA's constituents will also be owners in a credit union - this culture of ownership and savings will help them achieve economic stability and mobility. "Our partnership with the East River Development Alliance has enabled TransCanada to make a tangible difference in a community where we live and work," says Bill Taylor, Senior Vice President, Eastern U.S. Power, TransCanada. "Partnerships like this one are a key component of our commitment to being a good neighbor." The ERDA Federal Credit Union has already secured a total of 1,000 pledges to open accounts from community residents, as well as $1.1 million in non-member deposit pledges. Non-member deposits have already been secured by the United Nations Federal Credit Union (FCU), National Federation of Community Development Credit Unions, Amalgamated Bank, Alternatives FCU, Bethex FCU, Consumers FCU, Lower East Side People's FCU, and others. "The Federation has been working closely with ERDA organizers since the project began more than five years ago," explained National Federation of Community Development Credit Unions (Federation) President/CEO Clifford N. Rosenthal. "Unfortunately the chartering of new credit unions has become a rare event, with only two new federal charters in 2009, both of them CDCUs. However, this is all the more reason to celebrate ERDA's accomplishments and congratulate them on the years of hard work they put into this effort. Having a cooperatively-owned, not-for-profit community development credit union dedicated to serving lowand moderate-income residents is a major success for ERDA organizers and the Long Island City community." "At a time when so many people are looking for alternatives to large commercial banks, the opening of a new credit union is a remarkable event - in particular for our organizing committee members who helped build the ERDA FCU from the ground-up," Bishop Taylor said. "Credit unions are managed with the members' needs first in mind, and a financial institution with this mission will be a first for our community." Organizing Committee and ERDA FCU Board member Sabrina Craft adds, "This was a common goal for our community, to open a credit union to serve our needs. We have some people who've never had a bank account at all, and there are check cashers waiting for people 24 hours a day. Now we have a better place to go that we own as a community." Reverend Al Sharpton stated, "I congratulate Bishop Taylor and ERDA for this historic achievement of opening the first new federal credit union in NYC in a decade. This institution will give residents of public housings the tools and resources to build capital and develop a culture of savings in a financial institution they own. This is a model which must be replicated in public housing neighborhoods throughout NYC and this great nation.' The East River Development Alliance (ERDA) is a community-led and community-based economic development organization in Long Island City, dedicated to transforming and improving public housing neighborhoods and helping residents who live there achieve economic stability and mobility. Founded by Bishop Mitchell Taylor in collaboration with public housing residents, ERDA transforms public housing neighborhoods from within through community organizing and resident empowerment, and helps residents who live there achieve economic stability and mobility through employment, financial education, college access, and community revitalization initiatives.