This edition of the NY Credit Union Roundup brings into focus the significant developments and community contributions of New York’s credit unions. From important updates in cybersecurity regulations to celebrating exceptional achievements and heartwarming community outreach during the holiday season, explore the inspiring stories shaping our credit union landscape.
Cybersecurity Regulation: Key Updates and Reminders
The Department of Financial Services (DFS) recently amended its Cybersecurity Regulation for financial service businesses. Upon announcing the amended regulation, DFS also shared that it would provide regular updates and assistance throughout the roll-out of the regulation.
Here are three key cybersecurity updates to know this month:
More Businesses Now Qualify for Exemptions
Effective November 1, 2023, the DFS Cybersecurity Regulation will accommodate a broader range of businesses. Entities are classified into three categories: Large (“Class A”), Small (“Exempt”), and “Standard”, each with tailored requirements. Entities qualifying for exemptions should submit a Notice of Exemption via the DFS Portal within 30 days. Instructions on applying for or amending a Notice of Exemption are available on DFS’s Cybersecurity Resource Center: Part 500 Exemptions.
Additional Cyber Incidents Reportable Effective December 1
Beginning December 1, 2023, Covered Entities are required to report additional types of cybersecurity incidents within 72 hours to DFS. This includes ransomware impacts on information systems and any ransom payments made. Reporting procedures remain unchanged and are detailed on the DFS Portal. See detailed instructions on reporting a cybersecurity incident or extortion payment.
Cybersecurity Resources Available
DFS’s Cybersecurity Resource Center provides extensive tools and information for businesses, featuring regulation texts, FAQs, and training resources. The Center is also the hub for the latest cybersecurity industry guidance and alerts, including recent advisories like the Citrix system vulnerability alert.
Spotlighting Success: Celebrating Credit Union Achievements
TruNorthern Federal Credit Union Named Business of the Year
TruNorthern Federal Credit Union was recognized as Business of the Year by the Malone Chamber of Commerce, receiving accolades from Assemblyman Billy Jones. This award celebrates TruNorthern’s commitment to community enrichment and its investment in the local Veteran’s Field Fund, an initiative that not only brought semi-professional baseball to the area but also boosted local economic growth. Congratulations to TruNorthern FCU!
Joseph Tedesco of Ocean Financial Federal Credit Union Honored in LIBN 2023 Business & Finance Awards
Joseph Tedesco, President and CEO of Ocean Financial Federal Credit Union (OFFCU), has been named an honoree in the Long Island Business News’ (LIBN) Business & Finance Awards Class of 2023. With a distinguished career that includes leadership roles in several financial institutions and active community involvement, including a record-breaking fundraising achievement for Catholic Charities of Long Island, Tedesco has made a significant impact in the region. The LIBN Business & Finance Awards celebrate outstanding professionals in the banking and finance sectors for their business excellence and community service. Learn more about the accolade on CUInsight.
Community Impact: Credit Unions Making a Difference
AmeriCU Credit Union Joins Forces with Syracuse Crunch for Mental Health Awareness
AmeriCU Credit Union has partnered with the Syracuse Crunch for their season-long mental health awareness initiative. The collaborative effort includes personal stories from players, mental health tips during games, and a dedicated Mental Health Awareness Night in the 2023-24 season. Kudos to AmeriCU for supporting this vital cause!
Broadview Teams Up for ‘Stuff the Trucks’ Winter Coat Drive for Children
Broadview Federal Credit Union is set to launch its ‘Stuff the Trucks’ campaign, teaming up with Toys for Tots to deliver over $10,000 worth of winter coats to children in need along the Toys for Tots train route in New York. This initiative will see more than 500 coats collected and distributed, starting with a public event on November 30 at Lodge’s Department Store in Albany. The coats will accompany toys on the Marine Corps Reserve Toys for Tots Train, spreading holiday warmth and cheer to various communities from Schenectady to Binghamton. See the Toys for Tots Train stops here.
Reliant Credit Union Spearheads Community Giving This Holiday Season
Reliant Credit Union is embracing the holiday spirit by supporting various local nonprofits across New York. Each branch will engage in community service, from collecting goods and gifts to making donations and volunteering. The initiatives include food drives, sponsoring families, and providing winter essentials like coats and gloves. Members and the public are invited to join in at their local branches to contribute to these meaningful causes. Learn more about the initiative on CUInsight.
Share your credit union’s recent achievements with us at email@example.com for a chance to be featured in upcoming NYCUA and New York Minute communications!
Last Call: 2023 Annual Membership Survey Closing December 1st!
Your input is crucial! Take a moment to complete the 2023 Annual Membership Survey by December 1st and help shape the future of our community.
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