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.

This week’s New York Minute features an analysis of recent regulations, industry recognition, and community impact efforts. From supervisory updates to inspiring member stories, here’s what’s happening across New York’s credit union movement.

CU in New York: What Federal Guidance Means for Lending to Non-Work Authorized Borrowers

The latest edition of CU in New York takes a closer look at recently issued federal guidance on lending to individuals who are not legally authorized to work in the United States, and why the implications for New York credit unions may be more complicated than they first appear.

Jeremy Newman, the Association’s Vice President of Legislative & Regulatory Affairs, breaks down the agencies’ guidance in plain language, explores how it intersects with New York’s fair lending laws, and explains why credit unions should carefully consider both federal expectations and state legal requirements when evaluating lending policies.

Read Jeremy’s latest post to learn more.

SeaComm Earns Great Place to Work® Certification for Sixth Consecutive Year

SeaComm has been recognized as a Great Place to Work®, earning the certification for the sixth consecutive year based entirely on employee feedback.

According to President & CEO Scott Wilson, employee feedback helps shape the credit union’s long-term engagement strategy while ensuring the staff has the tools, support, and resources they need to provide exceptional service to members.

“Our success, we believe, focuses on the right things. It’s taking care of our employees, who take care of our members,” he said in a statement.

Great Place To Work® Certification is a highly sought-after recognition requiring consistent and intentional dedication to the overall employee experience. Congratulations to SeaComm for this exciting achievement!

Sunmark’s Jerilee Beaudoin Named a 2026 Woman Who Means Business

Congratulations to Jerilee Beaudoin, President & CEO of Sunmark Credit Union, on being named one of the Albany Business Review’s 2026 Women Who Mean Business honorees!

The annual award celebrates women whose leadership, professional accomplishments, and community impact have made a meaningful difference throughout the Capital Region. Jerilee’s recognition reflects her outstanding leadership at Sunmark and her continued commitment to serving members and strengthening the communities the credit union calls home.

New York Credit Unions Earn Top Honors in Rochester Business Journal Reader Rankings

Several New York credit unions were recognized in the Rochester Business Journal’s 2026 Reader Rankings, earning top honors across the Finance, Accounting & Insurance and Top Employers categories! 34,000 votes were cast in May for the annual ranking.

Congratulations to ESL Federal Credit Union, The Summit Federal Credit Union, and Reliant Credit Union on being recognized by readers for their commitment to exceptional service, workplace culture, and community impact.

Cornerstone Community FCU Partners with Roc Solid Foundation to Build Backyard Playset

For one Western New York family, a new backyard playset means something much greater than a place to play.

Through a partnership with Roc Solid Foundation, volunteers from Cornerstone Community Federal Credit Union came together to build a backyard playset for six-year-old Reina, who is courageously battling medulloblastoma. Completed in just five hours, the project created a space where Reina and her family can step away from hospital visits and simply enjoy time together.

Thank you to Cornerstone Community FCU, Roc Solid Foundation, and everyone who helped make this meaningful project possible.

From Origence: Deepfake Fraud Reshapes Digital Risk for Credit Unions

Deepfake fraud has quickly become a defining risk for financial institutions. Advances in generative artificial intelligence (AI) are enabling fraudsters to impersonate real members with convincing audio, video, and synthetic identities, often at scale. Fraud is no longer growing incrementally; it is compounding alongside advances in AI.

For credit unions, the impact extends beyond financial loss. With nearly half of applications now originating through digital channels, identity verification plays a central role in regulatory compliance, operational efficiency, and member trust.

Read the full article from Origence to learn more.

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From advocating for New York’s credit unions to helping students prepare for a successful school year, this week’s New York Minute highlights the people, partnerships, and professional development opportunities making a difference across the credit union movement.

Credit Unions Across the State Participate in Senator James Sanders Jr.’s Upstate Financial Services Tour

Credit union leaders from across New York recently joined Senate Banks Committee Chair Senator James Sanders Jr. for his Upstate Financial Services Tour, a multi-day visit to financial institutions in Buffalo, Rochester, Syracuse, and Albany.

[Photo Caption: Senator James Sanders Jr.’s tour in Albany, NY.]

[Photo Caption: Senator James Sanders Jr.’s tour in Rochester, NY.]

[Photo Caption: Senator James Sanders Jr.’s tour in Syracuse, NY.]

Representatives from 16 credit unions participated in the tour, including AmeriCU Credit Union, Alternatives FCU, Beginnings Credit Union, Broadview Federal Credit Union, Cooperative Federal, ESL Federal Credit Union, First Choice Financial Federal Credit Union, First New York Federal Credit Union, GPO Federal Credit Union, Hudson Valley Credit Union, Spencerport Federal Credit Union, St. Pius X Federal Credit Union, Sunmark Credit Union, The Summit Federal Credit Union, Tonawanda Valley Federal Credit Union, and Visions Federal Credit Union.

Together with Association staff and policymakers, participants engaged in meaningful conversations about the financial health of communities across the state, expanding access to financial services, and the vital role credit unions play in strengthening New York’s economy. Special thanks to The Summit Federal Credit Union, AmeriCU Credit Union, and GPO Federal Credit Union for hosting tour stops and helping facilitate these important discussions.

Thank you to Senator Sanders for taking the time to meet with credit unions across New York and hear firsthand about the impact of the credit union movement!

Register Now for the Volunteer & Executive Leadership Conference

Strong leadership begins with informed decision-makers. Join fellow credit union volunteers and executives October 16–17 at Turning Stone Resort Casino for the Association’s Volunteer & Executive Leadership Conference.

This annual conference for executives, board members, and supervisory committee members features educational sessions and practical leadership insights tailored to the unique challenges facing today’s credit unions.

Take advantage of early-bird pricing by August 14 and reserve your hotel by August 26! Registration closes October 2!

Register Today

Join the In-Person Session of the Elevating Credit Union Leaders Conference Series

A new in-person-only registration option is now available for the Elevating Credit Union Leaders Conference session on October 7 at The Desmond Hotel in Albany. This is a great opportunity to participate in a full day of interactive leadership development led by Mark Arnold and Shawn Temple of On the Mark Strategies.

Using engaging discussions, real-world examples, and collaborative exercises, attendees will explore topics such as communication, leadership styles, productivity, giving effective feedback, and building stronger teams. The day also includes an interactive leadership Q&A and peer discussion on today’s biggest leadership challenges, providing valuable opportunities to learn from both the presenters and fellow credit union professionals.

Whether you’re an emerging leader, manager, or executive, this standalone session offers practical strategies you can immediately apply within your organization.

When registering, simply select the “In-Person Only” option to attend the October 7 session.
Reserve your spot today.

Bring Bite of Reality to Your Local Classroom This Fall

[Photo Caption: Students at a Bite of Reality event hosted by People’s Alliance FCU.]

As students head back to school, now is the perfect time to bring financial education into the classroom with Bite of Reality, the New York Credit Union Foundation’s immersive financial literacy program.

Available complimentary to Foundation member credit unions, Bite of Reality gives students the opportunity to navigate real-world financial decisions through an interactive simulation. Since the program’s recent launch, more than nine reality fairs across New York have been hosted, helping students build practical money management skills. The Foundation also provides a complete event kit, making it easy for participating credit unions to bring the experience to their communities.

Learn more about bringing Bite of Reality to your local schools.

HVCU Charitable Foundation Awards $550,000 in Community Grants

The HVCU Charitable Foundation has awarded $550,000 to 80 nonprofit organizations serving communities across its 13-county footprint, supporting programs focused on education, food security, health, and housing.

This year’s grants will positively impact an estimated 757,000+ individuals, helping organizations expand access to essential resources while addressing some of New York’s most pressing community needs. Since its launch in 2024, the Foundation has invested more than $1.1 million in initiatives that strengthen financial well-being and improve quality of life throughout the Hudson Valley and Capital Region.

Congratulations to the HVCU Charitable Foundation and this year’s grant recipients for making a meaningful difference across New York.

Municipal Credit Union Donates 800 Backpacks and School Supplies to Students Across New York City

Back-to-school season is off to a strong start thanks to Municipal Credit Union‘s latest community initiative.

MCU recently donated 800 backpacks filled with school supplies to help students across New York City prepare for the upcoming school year. Working alongside Public Health Solutions, MCU employees helped pack each backpack before they were distributed to families at community events throughout the city. The initiative reflects the credit union’s ongoing commitment to supporting students, strengthening communities, and helping young learners start the school year with confidence.

Thank you to Municipal Credit Union and Public Health Solutions for helping students begin the school year ready to succeed.

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New partnerships, member success stories, and industry resources are featured in this week’s New York Minute! Learn about our newest strategic business partnership, celebrate credit unions making a difference in their communities, and explore the latest research and insights shaping the future of the credit union movement.

Welcome to Our Newest Strategic Business Partner, Cooperative Business Services

The Association is pleased to welcome Cooperative Business Services (CBS) as its newest Strategic Business Partner. CBS helps credit unions of all asset sizes expand their commercial lending capabilities through customized business lending solutions and shared expertise.

To introduce members to its product offerings, CBS will host a complimentary webinar on Wednesday, August 5, at 11:00 a.m., highlighting strategies for growing commercial loan portfolios without increasing overhead. The session will also introduce the organization’s Shared Business Development Officer Program, which gives credit unions access to experienced commercial lending professionals, enhanced underwriting support, and scalable growth opportunities.

Register today to learn how CBS can help strengthen your commercial lending program.

Eric Hepkins, CEO of Cornerstone Community FCU, Appears on WIVB’s Daytime Buffalo to Discuss What Sets Credit Unions Apart

Cornerstone Community Federal Credit Union CEO Eric Hepkins recently joined WIVB’s Daytime Buffalo to discuss what makes credit unions different—and why banking local matters.

During the interview, Hepkins shared how the credit union model keeps money invested in local communities, supports members with personalized service, and helps strengthen the communities credit unions proudly serve. The conversation also highlighted the cooperative difference and the positive impact credit unions have beyond traditional banking.

Watch the full interview to learn more about the credit union difference.

The MCU Foundation Donates $165K to Children’s Aid in Support of New York City Children, Youth and Families

The MCU Foundation has announced a $165,000 investment in Children’s Aid to help expand access to food assistance, housing support, financial wellness education, and other essential services for children, youth, and families across New York City.

The funding will support programs at three community-based locations in the Bronx, Harlem, and the Upper West Side, helping Children’s Aid continue its work providing education, health care, youth development, workforce readiness, and family services.

Congratulations to the MCU Foundation for continuing to invest in organizations that help New York families thrive.

Kevin Porter of AmeriCU Credit Union Named to Top 50 Global Thought Leaders & Influencers on IT Strategy 2026

Congratulations to Kevin Porter, SVP of Digital Innovation at AmeriCU Credit Union, on being recognized by Thinkers360 as one of its Top 50 Global Thought Leaders & Influencers on IT Strategy for 2026.

The annual recognition honors professionals who are shaping the future of technology through thought leadership, industry expertise, and innovation. Porter’s recognition reflects his strategic vision and commitment to advancing digital solutions that enhance the experience of both members and teammates.

Broadview FCU’s Diaper Days of Summer Supports Families Across New York

Broadview Federal Credit Union is helping families access essential resources through its annual Diaper Days of Summer initiative.

This summer, Broadview partnered with local nonprofit organizations to ensure donations reached families with the greatest need. Together, they distributed 119 cases of diapers to organizations serving communities across Buffalo, Binghamton, and the Capital Region, helping provide one of the most requested—and most essential—items for young families.

Congratulations to Broadview FCU and its community partners for making a meaningful difference through this impactful initiative.

Filene Research Institute Launches Center for Differentiation & Storytelling to Help Credit Unions Win Members in a Crowded Market

As competition for members continues to grow, Filene Research Institute has launched its new Center for Differentiation & Storytelling to help credit unions better define and communicate their unique value.

The new Center of Excellence will provide research, practical tools, and data-driven strategies focused on member understanding, brand differentiation, and effective storytelling. Its goal is to help credit unions build stronger connections with consumers and stand out in an increasingly competitive financial services landscape.

Learn more about the Center and its research agenda.

The More Things Change, The More They Stay The Same

While fraud schemes continue to evolve, many of today’s biggest risks have familiar roots.

In this article from TruStage, experts examine how traditional threats such as check fraud, check kiting, and loan fraud are being transformed through artificial intelligence, digital lending, and social engineering. The article also offers practical guidance to help credit unions strengthen fraud awareness and prepare employees to recognize emerging threats.

Read the full article from TruStage to learn more.

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