Mayor Adams, others celebrate opening of Urban Upbound Federal Credit Union

Mayor Eric Adams joined Bishop Mitchell Taylor and other officials at the grand opening of the Urban Upbound Federal Credit Union on Steinway Street.

This historic event marks the first Black organization to purchase a building in this area, furthering efforts to support financial inclusion and economic growth in New York City.

At the ceremony, Bishop Taylor expressed pride in the achievements of Urban Upbound, acknowledging the credit union’s mission to provide vital financial services and resources to underserved communities.

“Thank you. I’m very proud today that you’ve joined and gathered with us here on Steinway Street, a historic event, Kim, because we are the first Black organization, and there’s the president of the bid right there, Tony B., he’ll tell you, this is the first Black organization to buy a building on Steinway. That’s big time.

“And I do want to thank our board, and especially Miss Elysabeth Kleinhans for her generosity in making sure that Urban Upbound is a sustainable entity in New York City. And so, I’m grateful today, and I don’t want to take up too much time. I see my mother here, Miss Claudia Coger. I see Andrew. I see her mom, Letitia, here, and just so many people that are here on today. So I just want to thank you for being here, and I want to get right out the way and introduce to some and present to most the greatest mayor that New York City has ever had. I want you to put your hands together for Mayor Eric Adams.”

Mayor Adams praised Taylor’s dedication, recalling the bishop’s tireless efforts during the COVID-19 pandemic to deliver food and supplies to those in need.

“Gotta bring you everywhere. You know, Bishop Taylor is just one of the unsung heroes we have in our city. I remember during COVID, I think it was about 5:30 in the morning, this brother was out at his location and delivering food, supplies to the residents of the community and driving the truck and lifting boxes. He was on the ground. And he continuously, he has a vision with his entire team and partnerships.

“You know, God places people in your life for a reason, to help you reach your true purpose. And his purpose is really just giving back. His long relationship with Eric B. and others, how they stay on the ground. And he was doing this credit union work back then, and now he has become fruitful and he’s multiplying. Not only here in the credit union space, being the first Black entity to purchase a building of this sort on Steinway, but also next door. As we look into the legalized market of cannabis and close down the illegal shops, it is really great to see that he’s also providing a good service of a quality product that’s not laced with some of the illegal items.

“And so his footprint has continued to expand, but the expansion is coming because he has always done the work. He has toiled in the fields. And he was authentic in his approach of communicating with people, not looking down on them, but giving them a hand and reaching up on them. And that’s what Urban Upbound Federal Credit Union is about, such an important initiative here. It’s about how do you utilize your dollars?

“To make it and then to lose it or not going after all the resources that are on the table for you, makes it challenging for families, particularly now, every dollar count, every dollar matter. Working people and families make life in the city possible. And we want to do everything possible to make it more feasible for them to see the affordability crisis that we are having. And we are doing this by putting more money in the pockets of New Yorkers.

“We’re so proud of the team and our state lawmakers and our partners. When we went to Albany to get Earned Income Tax Credit raised for the first time in 20 years. Everything was going up, but, you know, the Earned Income Tax Credit was remaining stagnant. We were able to really convince our partners to get an increase for the first time in 20 years. And it’s putting money back in the pockets of low income and working class people, the money that they have earned and that they deserve has been returned to them.

“The event also emphasized the recent enhancement of the Earned Income Tax Credit (EITC), which Adams championed, resulting in nearly $300 million returned to New Yorkers last year alone. This increase, the first in 20 years, has directly benefited approximately 746,000 low-income residents, putting much-needed cash back into their pockets and stimulating local economies.

“Last year we put nearly $300 million additional dollars back into the pockets of New Yorkers thanks to the earned income tax credit enhancement, $300 million back into our community. And that’s recycled. When you put $300 million back in the pockets of low income New Yorkers, they go and buy in their local bodegas, their local stores, hiring takes place. So it’s a real ecosystem, an economic ecosystem that we’re looking at. And it’s not a small number of New Yorkers, 746,000 New Yorkers in low income communities, including here in Queens, received this additional money to help them get by 746,000 New Yorkers.”

Commissioner Vilda Vera Mayuga of the Department of Consumer and Worker Protection echoed these sentiments, emphasizing the importance of access to banking services. So proud to be under this amazing mayor.

“Thank you. I mean, your leadership is amazing and he’s just really inspiring for all of us to carry out his mission and his vision, especially for the working people of our amazing city.

“Thank you, of course, to Bishop Taylor for having us here today as we celebrate. Honestly, it’s really a milestone in opening this second federal credit union branch for Urban Upbound. You’ve heard us say it. I think it’s important to remember lack of access to banking services can really have cascading impacts in our communities and forces individuals to rely on high cost, high fee alternatives like check cashers, prepaid cards, pawn shops, and we really don’t want that for our communities, right?”

Urban Upbound has been a leader in providing free tax preparation and financial counseling services, ranking as the top nonprofit provider of IRS tax prep in New York State. With the opening of this new credit union branch, the organization aims to further its mission of financial empowerment and support for local businesses.

Bishop Taylor also highlighted innovative services the credit union will offer, such as secure change delivery for local shop owners, ensuring they have the necessary currency to operate smoothly. “This is just one of the many ways we aim to support our local businesses,” he noted.

Elysabeth Kleinhans, a key supporter of the project, recognized the long journey to making the credit union a reality.

“Yes, it’s very nice that he has a branch wherever that branch is, I don’t know where that branch is exactly, but it’s not near here, and this is visible to the people of the community, and I think that is the most important thing that we can do for the community, is to have this kind of opportunity, this kind of organization here, doing the things that Urban Upbound does so well, and helping people to reach their financial goals. So I am very proud to be a part of this, and I just want to thank everybody else who has contributed to this event, and it’s just wonderful. I am just so thrilled. So thank you.”

The Urban Upbound Federal Credit Union is poised to make a lasting impact on the community by offering essential financial services, educational resources, and a pathway for residents to achieve their financial goals. With the support of Mayor Adams and local leaders, the credit union represents a beacon of hope and empowerment for New Yorkers striving for a brighter financial future.