There’s a lot happening across the credit union landscape, and staying informed is key. This week’s New York Minute looks at emerging fraud threats, regulatory and lending developments, and upcoming education, all while celebrating credit unions making an impact in their workplaces and communities.

Register Now for Fraud In Focus!

Registration is now open for Fraud In Focus, taking place November 3 at the Saratoga Casino Hotel.

As financial fraud continues to evolve, this conference gives credit union professionals an opportunity to learn about emerging threats, strengthen their fraud prevention strategies, and connect with peers facing many of the same challenges.

Register by September 4 to take advantage of early-bird pricing. The hotel reservation deadline is October 3, and general registration closes October 23.

New York Credit Unions Recognized as America’s Greatest Midsize Workplaces

Four New York credit unions have earned national recognition on Newsweek’s America’s Greatest Midsize Workplaces 2026 list.

Congratulations to FourLeaf Federal Credit Union, Hudson Valley Credit Union, Empower Federal Credit Union, and ESL Federal Credit Union on being included among this year’s honorees.

The ranking recognizes midsize organizations across the country for creating strong employee experiences and workplace cultures. Congratulations to all four credit unions and the teams behind this achievement!

Great Meadow FCU Awards Grants to Local Community Organizations Through FHLBNY Program

Through its partnership with the Federal Home Loan Bank of New York, Great Meadow Federal Credit Union is helping direct $50,000 in Small Business Recovery Grant funding to organizations serving communities throughout its region.

Recipients include WAIT House, Warren-Washington C.A.R.E. Center, Battenkill Community Services, Comfort Food Community, Glens Falls Senior Center, Hudson River Music Hall Productions, Habitat for Humanity of Northern Saratoga, Warren and Washington Counties, Queensbury Senior Center, The Open Door Mission, Lucky Puppy Rescue, and Haynes House of Hope.

These organizations address a wide range of community needs, including housing and food assistance services for seniors, youth, families, and animals.

Mid-Hudson Valley FCU Supports Families at Ronald McDonald House Westchester

Mid-Hudson Valley Federal Credit Union recently helped bring a little extra comfort to families staying at Ronald McDonald House Westchester with a donation of teddy bears and other needed supplies.

The Ronald McDonald House provides a home away from home for families with children receiving medical care, allowing them to remain close to their child during treatment. MHV’s contribution helps provide everyday comforts and resources for families navigating an especially challenging time.

Thank you to the MHV team for supporting children and families when they need it most.

Reliant Credit Union Supports Summer Learning Through EnCompass Donation

A $2,000 donation from Reliant Credit Union helped Rochester-based EnCompass provide local students with additional learning opportunities this summer.

Reliant’s contribution supported EnCompass’ four-week summer learning program for students in grades K–6, which is designed to help prevent summer achievement gaps. Reliant team members joined students at Nazareth University for the program’s Showcase of Learning, where participants shared what they had accomplished throughout the summer.

Beyond its summer programming, EnCompass works with students and families to close learning gaps, navigate life challenges, and remove barriers that can stand in the way of long-term success.

From InfoSight360: NCUA Finalizes 11 Deregulation Proposals – Part 1

The NCUA has finalized 11 proposals stemming from its Deregulation Project, with the changes set to take effect September 8, 2026. The project is focused on eliminating outdated, duplicative, or unnecessarily burdensome requirements while maintaining protections for credit union members and the financial system.

In the first of a two-part series, InfoSight360’s Michael Christians breaks down five of the final rules, including changes affecting suretyship and guaranty requirements, loans to other credit unions, service to underserved areas, disclosures for non-member shares, and eligible obligations. Among the changes are the elimination of certain collateral requirements, board approvals, disclosures, and prescriptive policy requirements for federal credit unions.

Read the full article for a closer look at what’s changing, and watch for Part 2 next week covering the remaining six final rules.

From Origence: Auto Lending – What Credit Union Lenders Need to Know Now

The auto lending market is shifting, creating both new challenges and opportunities for credit unions looking to grow their portfolios and reach more borrowers.

In its latest industry insights article, Origence explores the current auto lending environment and what credit union lenders should be watching as they evaluate their strategies. The piece is part of Origence’s ongoing coverage of lending trends and strategies for credit unions.

Read the full article from Origence to explore what today’s auto lending landscape could mean for your credit union.

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In 2025, the National Credit Union Administration (NCUA) launched its Deregulation Project in response to Executive Order #14192 – Unleashing Prosperity Through Deregulation. The project prioritizes removing outdated, duplicative, or unnecessarily burdensome rules while maintaining regulatory protections for members and the financial system.

To date, the agency has issued a total of 20 proposals as part of the project. On August 5, 2026, the NCUA announced that it had finalized 11 of those proposals. Each of these final rules is effective on September 8, 2026. Over the course of the next two weeks, we’ll share what these changes mean for your credit union.

Suretyship and Guaranty Requirements
Currently, Part 701.20 requires a federal credit union (FCU) to obtain a segregated deposit from the member, in connection with a suretyship or guaranty agreement, that is sufficient in amount to cover the FCU’s total potential liability. This segregated deposit may consist of collateral in which the FCU has a perfected security interest, subject to the following restrictions:

• 100% of the FCU’s total potential liability for collateral consisting of cash, US treasuries/securities, obligations fully guaranteed by the United States, or Federal Reserve Bank notes/drafts/bills, or
• 110% of the FCU’s total potential liability for collateral consisting of real estate or other marketable securities.

The final rule removes this segregated deposit/collateral requirement.

Limits on Loans to Other Credit Unions
Under Part 701.25, an FCU’s board of directors must currently approve all loans made to other credit unions. In addition, the FCU must develop and maintain very prescriptive policies and procedures for making these types of loans.

Effective September 8th, the board approval and policy/procedure requirement are removed. However, loans to other credit unions continue to be subject to the single borrower and aggregate limits listed in Part 701.25(a).

Service to Underserved Areas
The NCUA issued Interpretive Rule and Policy Statement (IRPS) 08-2 in December 2008 providing guidance on the process of approving the addition of underserved areas to an FCU’s field of membership.

The final rule withdraws IRPS 08-02 as this same information is located in the agency’s Chartering and Field of Membership Manual which can be found in Appendix B to Part 701.

Disclosure of Share Insurance for Non-Member Shares
Currently, Part 741.10 requires any credit union that accepts non-member shares or deposits to:

• Identify those non-member shares or deposits on any report required by the NCUA for insurance purposes, and
• Notify non-member share and/or deposit account holders that their shares are not insured.

Effective September 8th, each of these requirements is eliminated.

Eligible Obligations
FCU’s must have written policies for the purchase, sale, or pledge of eligible obligations. These policies must meet specific prescriptive requirements as outlined in Part 701.23. Furthermore, an FCU official, employee, or immediate family member is prohibited from receiving compensation in connection with the credit union’s purchase, sale, or pledge of an eligible obligation.

The final rule eliminates the prescriptive requirements and simply requires an FCU to have a written policy concerning the purchase, sale, or pledge of eligible obligations. The compensation restriction is also removed effective September 8th.

We’ll cover the 6 other final rules in next week’s article.

Prepare your credit union for what’s next with resources in this week’s New York Minute. From sharpening your marketing strategy at CU Trends to getting ahead of the 2026 midterm elections, we’re sharing resources and updates to keep your team informed, along with the latest community impact and member recognition from across the state.

Update: NYC Debt Collection Rules

The New York City Department of Consumer and Worker Protection (DCWP) has released new FAQs providing additional guidance on the city’s updated debt collection rules.

The rules, now scheduled to take effect January 1, 2027, will apply to original creditors, including credit unions, once debt collection activities begin. Importantly, the requirements are based on where the member lives, not where the credit union is located. That means credit unions across New York and beyond are subject to the rules when collecting from members with a New York City address. DCWP confirms the January 1 effective date on its current rules page.

Credit unions are encouraged to review the newly released FAQs as they continue preparing for implementation. Members can also revisit the Association’s recorded webinar, NYC Final Debt Collection Rules, for an overview of the requirements and considerations for credit unions.

Review the FAQs and watch the webinar recording to prepare for the January 1 effective date.

Meet the Speakers for this Year’s CU Trends: The New York Marketing & Sales Conference

There’s still time to join fellow credit union marketing and sales professionals from across the state at CU Trends: The New York Marketing & Sales Conference! The event, taking place September 10 at Empower FCU Headquarters, features three industry experts ready to share practical strategies credit union marketers can put to work.

Amanda Thomas, Founder & President of TwoScore, will kick off the day with A Brand Worth Belonging To: How to Stand Out in a Crowded Banking Market, helping attendees identify what truly differentiates their credit union and create a brand experience that resonates with both members and employees.

Ashley Kjenaas, Client Marketing Manager at TwoScore, will then explore The Community Advantage, with actionable ideas for using social media, events, partnerships, community involvement, and other affordable channels to compete locally—regardless of the size of your marketing team or budget.

Rounding out the day, Michael Christians, Director of Regulatory Compliance Counsel at InfoSight360, will lead Marketing and Advertising Essentials, covering requirements and risks related to Regulation Z, NCUA Part 707, fair lending, UDAAP, email marketing, and social media advertising.

Attendees will leave with ideas they can put to work immediately, from strengthening their brand and community presence to developing marketing strategies that remain compliant.

Registration closes September 1. Reserve your spot today!

Teachers FCU Makes Contribution to Cohen Children’s Medical Center

Teachers Federal Credit Union is continuing its support of Cohen Children’s Medical Center with a $500,000 contribution to help advance the hospital’s work caring for children and families across New York.

Made possible through the generosity of Teachers FCU members, business partners, and teammates, the donation builds on the credit union’s ongoing commitment to Cohen Children’s and its mission of providing specialized pediatric care to young patients and their families.

The significant contribution is another example of how the credit union community comes together to support organizations providing critical services to New Yorkers.

SeaComm FCU Supports Expansion of Massena Hospital Outpatient Lab

Patients at Massena Hospital will soon have a more comfortable space for outpatient laboratory services thanks in part to a $60,000 donation from SeaComm Federal Credit Union.

The donation supported the Massena Hospital Foundation’s Code Help Campaign, which funded an expansion and renovation of the hospital’s growing Outpatient Lab. Improvements include an additional room for blood draws, larger existing spaces, and a refreshed waiting area with new furniture.

In recognition of SeaComm’s support, the renovated space will be known as the SeaComm Outpatient Lab.

Municipal Credit Union Named One of the Best Places to Work for Women

Municipal Credit Union has been named by Best Companies Group as one of its Best Places to Work for Women, earning a spot in the Large Employer category.

The recognition celebrates workplaces committed to creating environments where women have opportunities to grow, lead, and thrive. For MCU, the honor reflects its focus on fostering a culture where employees feel a sense of belonging and have opportunities to advance throughout their careers.

Congratulations to MCU and its entire team for the exciting accolade!

America’s Credit Unions to Preview 2026 Midterm Election Stakes and Strategies

With the 2026 midterm elections approaching, America’s Credit Unions will host a members-only webinar on September 3 at 2:00 p.m. ET examining the election landscape and what it could mean for credit unions and their members.

Scott F. Simpson, President & CEO of America’s Credit Unions, and Trey Hawkins, Head of Political Affairs, will discuss key dynamics shaping the election cycle, the organization’s advocacy and political engagement efforts, and ways grassroots credit union advocates can stay engaged.

The webinar is open exclusively to America’s Credit Unions members, credit unions, and leagues and will be recorded for registered participants.

Register now to learn more about the issues shaping the 2026 election cycle and opportunities for credit union advocacy.

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This week, we’re looking ahead to new opportunities for credit union leaders while sharing important industry updates, member achievements, and stories from across the New York credit union community.

Register Now for the Fall CEO Roundtable!

Credit union CEOs and managers across New York have a great opportunity to connect this fall! The Association’s 2026 Fall CEO Roundtable returns to Turning Stone Resort Casino on October 29-30, bringing together leaders from credit unions with up to $100 million in assets for two days of peer discussion and strategic planning.

The Roundtable provides an opportunity to step away from the day-to-day and have candid conversations with peers who understand the unique challenges of leading a credit union at this asset size. Through facilitated discussions, attendees can exchange ideas, work through shared challenges, and explore strategies to help their organizations prepare for what’s ahead.

Book your hotel room by October 7 to receive the Association’s discounted rate, and be sure to register before the deadline of October 19.

Campaign Launched to Bring Awareness to Check Fraud

A new nationwide campaign is helping credit unions educate consumers about the continued threat of check fraud and the steps they can take to protect themselves.

Developed through a collaboration between America’s Credit Unions, the American Association of Credit Union Leagues (AACUL), and TruStage, the campaign provides ready-to-use resources and marketing materials credit unions can share with members to raise awareness and encourage safer check practices.

Credit unions are encouraged to take advantage of the toolkit and help spread the message: Check Yourself: Stop Check Fraud Before It Starts.

Explore the campaign resources and help educate your members about check fraud.

Celebrating the Life of Wayne Grossé

The New York credit union community is mourning the passing of Wayne Grossé, former President & CEO of Bethpage Federal Credit Union, now FourLeaf Federal Credit Union, and a dedicated leader within the credit union movement.

Throughout his career, Wayne demonstrated a deep commitment to the cooperative mission and to the members and communities credit unions serve. His leadership extended beyond Bethpage, including service on the New York Credit Union Association Board of Directors from 2021 until his retirement in 2023.

“Wayne’s dedication to the credit union movement showed in everything he did, and it left a lasting impression on all who worked alongside him,” said Association President & CEO William J. Mellin. “He brought wisdom, integrity, and genuine care to every conversation, including the years he gave in service on our Board. On behalf of the entire credit union community, we extend our heartfelt condolences to Wayne’s family and all who had the privilege of knowing him.”

“On behalf of the Association’s Board of Directors, we are deeply saddened by Wayne’s passing,” said Association Board Chair and President & CEO of Great Meadow FCU Ryan Roberts. “His years of service and leadership reflect a genuine commitment to the members and communities he served and the cooperative principles this industry was built on. Our thoughts are with his family, friends, and colleagues during this difficult time.”

We extend our deepest condolences to Wayne’s family, friends, former colleagues, and all those whose lives he touched throughout his career. His leadership and contributions to New York’s credit union movement will be remembered.

Additional details about Wayne’s life and legacy can be found here.

Alternatives FCU Leverages FHLBNY Partnership to Deliver $50,000 in Community Investment

Alternatives Federal Credit Union has secured the maximum $50,000 allocation available through the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program, bringing additional resources to seven nonprofits serving the Southern Tier and Finger Lakes.

Funding will support Amplify Equity, Greater Ithaca Activities Center, OAR of Tompkins County, Community Dispute Resolution Center, Loaves & Fishes of Tompkins County, Chemung County Habitat for Humanity, and Southside Community Center. Their work spans entrepreneurship, youth development, reentry services, conflict resolution, food security, and affordable housing.

From helping offset rising home construction costs to supporting an organization that serves approximately 5,600 meals each month, the grants will address a wide range of needs throughout the region thanks to Alternatives FCU’s support!

First Source FCU Named Best of the Best in 4 Categories

The community has spoken, and First Source Federal Credit Union has earned recognition in four categories in the 2026 Best of Mohawk Valley Community’s Choice Awards.

First Source was named Best Place to Work, Best Locally (Member) Owned Business, Best Mortgage Lender, and Best Credit Union.

Determined by community nominations and votes, the awards celebrate businesses and organizations that make the Mohawk Valley a great place to live and work. For First Source, the four honors recognize both the financial services it provides and the workplace culture and community relationships behind them.

Congratulations to the entire First Source team on this exciting recognition!

From InfoSight360: Share Insurance Coverage Changing for Trust Accounts December 1st

by Michael Christians & Glory LeDu

The NCUA has issued a final rule that will change how share insurance coverage is calculated for trust accounts. Effective December 1st, all trust account types (revocable, irrevocable, POD) will be combined into one category for purposes of determining coverage. Coverage of up to $250,000 for each named beneficiary will be available, up to a maximum coverage amount of $1,250,000.

Read the full article from InfoSight360 to learn more.

Filene Research Institute and Money20/20 Announce Partnership to Connect Credit Unions with the Global Fintech Ecosystem

A new strategic partnership between Filene Research Institute and Money20/20 aims to give credit union leaders greater access to the technologies, ideas, and conversations shaping the future of financial services.

The collaboration kicks off this fall at Money20/20 in Las Vegas with a new Credit Union Pass and programming developed specifically for credit union executives, including a Credit Union Meetup and closed-door deep dive. It will continue at Filene’s big.bright.minds. 2026, December 1-3 in New Orleans, where attendees will explore emerging issues including payments innovation, agentic AI, stablecoins, and real-time payment rails.

By pairing Money20/20’s connection to the global fintech ecosystem with Filene’s credit union research and insights, the partnership is designed to help credit union leaders better understand emerging trends—and turn them into strategies for sustainable growth.

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08/05/2026

Industry News

The National Credit Union Administration (NCUA) has issued a final rule amending the share insurance coverage calculation rules for trust accounts under 12 CFR Part 745. The rule is effective December 1, 2026.

Current Calculation Coverage

Under current Part 745, revocable and irrevocable trust accounts are insured separately.

An irrevocable trust is one in which the grantor(s) contribute money and/or property to the trust via written agreement and give up all rights to change or cancel the trust. To calculate coverage today, all irrevocable trust accounts established at the same credit union by the same grantor are added together and insured up to $250,000 for each named beneficiary. To qualify for coverage, the grantor and all beneficiaries must be members of the credit union. Coverdell Education Savings Accounts, formerly education IRAs, are insured as irrevocable trust accounts.

There are two types of revocable trust accounts; formal and informal. A formal revocable trust is one in which the grantor(s) contribute money and/or property to the trust via written agreement and reserve the right to change or cancel the trust. An informal revocable trust is an account with a payable on death (POD) designation, where the account balance will automatically transfer to the named beneficiary upon the account holder’s death. Coverage is currently calculated as follows:

• 5 or fewer beneficiaries – up to $250,000 for each named beneficiary
• 6 or more beneficiaries – the greater of:
  • Each beneficiary’s actual interest in the trust (up to a maximum of $250,000 per beneficiary), or
  • $1,250,000.

New Calculation Coverage

Under the new rule, after December 1st all trust account types (e.g., irrevocable, formal revocable, informal revocable) will be consolidated into one category and each account owner’s trust share will be insured up to $250,000 per named beneficiary, with coverage capped at $1,250,000.

To better understand the simplification under the new rule, let’s look at a couple of examples.

Individual Grantor
John Doe, individually, has a trust account with four (4) named beneficiaries. The account has a balance of $2,000,000. With coverage of $250,000 per beneficiary, the account is insured for $1,000,000. As a result, $1,000,000 of the account balance is UNINSURED.

Multiple Grantors
John and Jane Doe, jointly, have a trust account with four (4) named beneficiaries. The account has a balance of $2,000,000. John has coverage in his name of $250,000 per beneficiary for a total of $1,000,000 in coverage. Jane also has coverage in her name of $250,000 per beneficiary for a total of $1,000,000 in coverage. As a result, the account is FULLY INSURED for $2,000,000.

Credit unions that have members with both irrevocable and revocable trust accounts should check the current balances to determine adequate share insurance coverage. With trust account coverage being combined under the new rule, beginning December 1st, there may be members who now have accounts that are uninsured or underinsured. You may want to consider reaching out to these members to help them explore their options.