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Ana Puello, above right, seen here at her graduation from P.S. 173 in Washington Heights. Puello is now the CFO at the oldest credit union in the state.
“Numbers tell a story.”
The population growth of Hispanics is expected to continue, and the group’s relative youth means more young Latinos are just beginning careers, with disposable income to spend – and save. Moreover, greater entrepreneurial activity and higher levels of education point to upward mobility. Of the ten states in which the Hispanic market is largest, New York is fourth on the list, with $81 billion dollars spent by Latinos annually.
Ana Puello, Senior Executive Vice President and Chief Financial Officer at the Municipal Credit Union (MCU), the oldest credit union in New York State, which was founded in 1916, understands these numbers. They partly fueled the growth of an institution in which she is now a key leader. Puello started in 1980 as a clerk with MCU, and she is now its Senior Vice President and Chief Financial Officer.
Originally chartered by then New York City Mayor Mitchel to help keep city employees from loan sharks, MCU started with one branch and employees using handwritten ledger entries. Today, MCU boasts over 320,000 members, 8 full service branches throughout the city, including in northern Manhattan and the Bronx, online transactions, 24/7 access to funds, and nearly $1.6 billion in assets.
“I always felt comfortable working with numbers because numbers tell a story,” explains Puello.
But perhaps it should come as little surprise that an enterprising immigrant woman with once-limited English language skills but with a tremendous capacity for personal and professional achievement would find a home in an organization with an egalitarian ethos such as MCU.
Its growth continues apace, as does that of its CFO Puello.
Puello’s story is a reflection of her family’s journey from Santo Domingo, the capital city of the Dominican Republic, to Nueva York, the financial capital of the world, where she has made her home, and a name,for herself.
Born in Santo Domingo, Puello immigrated to New York City in 1966, and settled with her family in Washington Heights, living on 152nd Street and Broadway, and then later on 180th Street, near Audubon Avenue. She attended local schools P.S. 173 and I.S. 143, and went on to study at Norman Thomas High School, Borough of Manhattan Community College and Baruch College.
Asked to point to sources of inspiration, Puello, mother of two adult children, Angelica and Braulio, both in their mid-to-late 20’s, points to her own mother.
“She taught me about hard work and dedication,” she says.
The mother of two also cites Kam Wong, the Chief Executive Officer of MCU, for his generous leadership skills.
“At every team meeting, he shares his views on the economy and the market situation,” says Puello, whose favorite word in English is “Great!”.
It is no coincidence that like Puello, Wong too is an immigrant success story, in which education within the City University of New York (CUNY) system proved a critical stepping stone.
Wong who immigrated with his family to the United States at the age of nineteen, began his career in accounting positions at Banco de Brasil and Chase Manhattan Bank after graduating himselffrom Baruch College, becoming MCU’s Chief Financial Officer in 1988 and Chief Executive Officer in 2007.
“[Wong] has taught me that you hope for the best but you always plan for the worst,” says Puello, “which is a key to crisis management and running a successful business.”
It is clear also that she revels in her day-to-day wide-ranging tasks, in which she oversees the operations of the Accounting and Finance Department in addition to reviewing the markets.
“As soon as I get in the office, there are a series of things I do,” she explains. “First and foremost, I check, review and analyze our bank balances. Then I review in detail our prior day’s close of business numbers to ensure that we have accurate reporting of MCU’s performance. I assess economic and social forces and government influences, and interpret their effects upon the credit union’s operation.”
Still, she reserves her greatest enthusiasm for the work she does with MCU’s members.
“It’s my favorite [thing],” she says, “Everyday allows me the opportunity to commit to [our] members. I have witnessed our membership grow. And it’s gratifying because the financial decisions that I have made in conjunction with the CEO and the management team tell the story that our members trust MCU as their financial institution.”
In turn, MCU’s commitment to members is manifest in its extensive community outreach. MCU sponsors academic scholarships throughout the year for meritorious students, and also supports extracurricular initiatives, as evidenced in its ongoing sponsorship of the Bronx School for Law, Government and Justice Debate Team, which allowed the debate team to compete in regional and national debates. The team has won top honors at every tournament across the East Coast.
"We believe it is our responsibility to give back to the city and our members. We're proud to be able to help such a fine school and such deserving students," explained CEO Wong.
Born in Santo Domingo, Ana Puello immigrated to New York City in 1966, and settled with her family in Washington Heights, and attended local schools. She joined MCU as an accounting clerk in 1980, and now serves as its Senior Vice President and Chief Financial Officer. “I always felt comfortable working with numbers because numbers tell a story,” explains Puello.
MCU also routinely invests in significant cultural events, saying “Presente” at milestone occasions such as the Puerto Rican Day Parade and the Mexican Day Parade. Puello retains great pride in her roots, and enjoys a night out bowling as much as she does one dancing merengue. “La Dueña del Swing,” a swinging dance number by Los Hermanos Rosario, is a favorite.
The focus in her work at MCU is encouraging personal finance decisions that will bear a positive impact for generations to come.
“Families should consider home ownership, which will be their biggest and most important lifetime investment,” she says, urging Latino families in particular not to allow themselves to be daunted by the process. “They should find out what kind of government assistance programs are in the market place that can help them to fulfill their American dreams of owning a home.”
MCU offers precisely such information sessions throughout the year, hosting one this coming Thurs., Oct. 13th all day at its Bronx branches.
As Puello proudly notes, the member-centric philosophy of MCU lies in its foundation.
“Banks are for-profit institutions who primarily answer to stockholders while credit unions are not-for-profit cooperatives, which are democratically controlled by the membership,” explains Puello. “[Also], credit unions offer their members better rates on savings and loans, as well as lower fees than banks, and they have a different culture than banks. Credit unions take pride in working one-on-one with their members, offering them a personalized touch.”
Puello too is supportive of the aspirations of other women, especially Latinas, who are exploring the notions of a career in the financial industry; the more the merrier, she believes.
“I think it would be great for [more Latinas] to take an interest…because it will inspire other young Latinas to follow that path as well.”
Municipal Credit Union will be hosting an information session with an on-site MCU Mortgage Loan Originator to answer questions about mortgage loans this coming Thurs., Oct. 13th at its Co-op City Branch at 755 Co-op City Boulevard, and at its Bronx Branch at 560 Courtlandt Avenue. For additional information, please visit nymcu.org or call 212.238.3521.
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