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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“What’s old is new again” is a common phrase suggesting that trends, fashions, or ideas from the past often return with a modern twist. But does this apply to credit union risks? Are older approaches being revived—or simply reimagined—in ways that make them valuable again to fraudsters?

Check fraud, check kiting, and loan fraud may feel like legacy risks — issues we’ve managed for years. However, these schemes are being reinvented through digital channels, artificial intelligence (AI), and social engineering. As a result, they have reemerged as significant threats impacting credit unions nationwide.

While the tactics may sound familiar, their impact and complexity are anything but. Losses are increasing in both frequency and severity across these three areas.

Check Fraud

A recent Federal Reserve Payments Study (March 2026) reports that check volume has decreased by 83% over the past 25 years. However, checks remain the payment method most susceptible to fraud. According to the 2026 AFP Payments Fraud and Control Survey Report, 58% of organizations reported check fraud in 2025, outpacing both ACH and wire fraud.

Stolen mail is a key driver behind the rise in fraudulent deposit losses. Fraudsters steal issued checks and may:

• Alter or chemically “wash” checks by erasing ink and changing the payee and amount
• Manipulate the magnetic ink character recognition (MICR) line by adding faint symbols or characters to disrupt processing
• Manufacture counterfeit checks using information from legitimate checks
• Open fraudulent accounts—often business accounts—to deposit and cash these checks

Money mules are frequently recruited to open accounts and conduct transactions as part of broader fraud schemes.

Another significant issue involves accepting checks without proper endorsement, including jointly payable checks missing required signatures. Missing endorsements may jeopardize a credit union’s ability to recover losses under its fidelity bond policy.

Check Kiting

Check kiting exploits the time delay—or “float”—between when a check is deposited and when funds are collected. This allows fraudsters to artificially inflate account balances and withdraw funds that do not actually exist.

Both consumers and businesses have engaged in kiting schemes, often due to financial hardship and cash flow challenges. By relying on uncollected funds to cover obligations, they create unsustainable cycles that eventually collapse. Business-related kiting schemes tend to result in the largest losses, often exceeding $1 million.

A critical mitigation point: do not contact other financial institutions if you suspect check kiting. Providing advance notice may allow checks to be returned unpaid to your institution, leaving your credit union responsible for the loss.

Loan Fraud

Loan fraud is a growing concern for credit unions, with a noticeable rise in fraudulent applications driven by converging factors such as advancing technology, widespread data exposure, and economic pressures.

Digital lending has reduced in-person verification, increased convenience but also introduced new vulnerabilities. Fraudsters now use AI to generate convincing fake documentation, phishing communications, and synthetic identities that can evade basic detection controls.

Commonly falsified documents include:

• AI-generated identification
• Financial statements
• Proof of employment
• Payroll records
• Credit reports

Fraudsters are also leveraging AI-powered deepfakes—including audio and video—to enhance social engineering attacks and
increase their effectiveness.

Every credit union has a unique risk profile but understanding how emerging threats evolve from familiar schemes is critical. These “old is new again” risks continue to adapt and can significantly impact operations and financial performance if left unchecked.

Ensure employees are well trained to recognize fraud and equipped to serve as a first line of defense. Strengthening awareness and detection capabilities is essential in today’s environment.

For additional insights and risk management resources, visit the TruStage® Business Protection Resource Center at http://www.trustage.com/bprc

Insurance | Financial Services

This resource is for informational purposes only. It does not constitute legal advice. Please consult your legal advisors regarding this or any other legal issues relating to your credit union. TruStageTM is the marketing name for TruStage Financial Group, Inc., its subsidiaries and affiliates. TruStage Insurance Products offered to financial institutions and their affiliates are underwritten by CUMIS Insurance Society, Inc. or CUMIS Specialty Insurance Company. Cyber policies are underwritten by Beazley Insurance Group or other nonaffiliated admitted carriers.

This summary is not a contract and no coverage is provided by this publication, nor does it replace any provisions of any insurance policy. Please read the actual policy for specific coverage, terms, conditions, and exclusions.

202605 © TruStage

Planning for fall events is underway, and there are plenty of new opportunities to learn, connect, and engage with the credit union movement. This week, we’re highlighting Catalyst registration, #ILoveMyCreditUnion Day, new educational resources, and industry updates from across the movement.

Register for Catalyst: A Credit Union YP Experience

Calling all credit union young professionals! Registration is now open for Catalyst: A Credit Union YP Experience, taking place September 23-24 in Syracuse.

Designed for the next generation of credit union leaders, Catalyst offers leadership development, networking opportunities, and practical insights to help participants grow in their careers while building lasting connections with peers from across New York.

Register by July 24 to take advantage of early-bird pricing. The hotel reservation deadline is August 22, and registration closes September 9.

ILoveMyCreditUnion Day is Friday, July 31!

On Friday, July 31, credit unions around the world will come together to celebrate the credit union difference during #ILoveMyCreditUnion Day.

Whether you’re planning a full social media campaign or simply sharing a member story, every post helps raise awareness of the positive impact credit unions make in their communities. The official #ILoveMyCreditUnion toolkit includes ready-to-use graphics, logos, social media resources, promotional ideas, and more to help make participation easy.

Download the toolkit, start planning your campaign, and join the movement on July 31 using #ILoveMyCreditUnion.

Credit Union Board Modernization Act Becomes Law

After years of advocacy by the credit union movement, the Credit Union Board Modernization Act has officially become law as part of the broader 21st Century ROAD to Housing Act.

The legislation provides qualifying federal credit unions with greater flexibility in how often their boards meet while also advancing initiatives to support mentorship opportunities for smaller financial institutions and streamline the formation of new credit unions. The achievement reflects years of collaboration among credit unions, state leagues and associations, and America’s Credit Unions.

Read the full article to learn what the new law means for your credit union and the advocacy efforts that helped make it possible.

Meet the Newest Account Executive from TruStage, Don Bader

Please join us in welcoming Don Bader as the newest Account Executive with TruStage.

Don brings 25 years of B2B sales leadership experience, with expertise in building strategic partnerships that drive growth throughout the credit union ecosystem. His background also includes 15 years in indirect lending, where he has helped credit unions develop lending strategies, expand market reach, and mitigate risk.

We look forward to working with Don as he supports New York credit unions and their strategic growth initiatives.

Keeping the American Dream Alive for Generations

Written by Meghan Small, America’s Credit Unions Chief Communications & Marketing Officer

Coinciding with the 92nd anniversary of the Federal Credit Union Act and the 250th anniversary of our nation’s independence, America’s Credit Unions launched a national policymaker influence campaign, “Once Upon an American Dream.”

This campaign is not to raise awareness of the credit union movement among consumers. It is intended to enhance our recognition, impact, and trust among federal lawmakers, regulators, and administration officials.

With those policymakers as our focus, your ability to serve not only your current members, but also reach more Americans, will see the results.

In today’s financial services marketplace, there is significant competition from large banks, fintech companies, and nontraditional lenders. Compliance burdens, many of which have been put in place to deter bad actors, are a crushing weight on the broader industry.

We want lawmakers and regulators to recognize that credit unions are different. Credit unions are the original consumer protectors. Credit unions are the path to economic freedom.

The campaign will make this clear by emphasizing credit unions’ longstanding commitment to putting people over profit and serving communities that are often left behind by banks. It will highlight the tremendous economic impact and value you create for your local communities and the nation as a whole. It will draw the stark contrast of what financial services would be like without you in it.

This campaign is being driven by America’s Credit Unions, but you are the reason for it. With strong support of federal policymakers to provide legislative and regulatory modernization, flexibility, and opportunities for innovation, access to credit unions will grow. Your ability to make a difference in people’s lives will amplify.

America’s Credit Unions is committed to being your voice in Washington. We are committed to securing an environment where you and your members thrive. This campaign is just one component of our unified strategy.

You’ve been making the American dream come true for millions of families. Working alongside you and your League, we will protect this for generations to come.

Upcoming Webinars from CUCollaborate

Looking for a quick way to stay current on industry trends? CUCollaborate has two upcoming webinars that offer timely insights for credit union leaders.

On July 22, The Quarterly Download: A Quick Review of Current Merger Trends will examine recent merger activity, including completed mergers, asset sizes, and emerging trends.

Then, on August 12, The Credit Union Growth Playbook: How to Build Sustainable, Member-Driven Growth will explore practical strategies for long-term growth, member value, and opportunities created through Low-Income Designation and CDFI certification.

Learn more and register!

WOCCU Releases White Paper on Stablecoins and the Future of Cooperative Finance

As digital payments continue to evolve, the World Council of Credit Unions (WOCCU) is helping credit unions prepare for what’s next.

Its new white paper examines how stablecoins could shape the future of cooperative finance, explores the changing regulatory landscape, and outlines both the opportunities and challenges these emerging technologies may present for credit unions.

Read the white paper to learn more.

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A long-sought advocacy priority for the credit union movement officially became law this weekend. The Credit Union Board Modernization Act, included as part of the broader 21st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act, took effect at midnight on Saturday after President Trump declined to either sign or veto the legislation.

What This Means for Federal Credit Unions

The headline change is board meeting flexibility. Federal credit union boards are no longer required to meet once every month. Under the new law, boards have the flexibility to meet at least six times per year with at least one meeting per quarter, allowing credit unions to structure their governance in a way that best serves their members and respects the time of their volunteer leaders.

The reduced meeting schedule is available only to federal credit unions with:

• A composite rating of 1 or 2; and
• A management rating of 1 or 2 (under UFIRS or an equivalent system).

Monthly meetings remain required for:

• De novo federal credit unions (in existence for five or fewer years);
• FCUs with a composite rating of 3, 4, or 5; or
• FCUs with a management rating of 3, 4, or 5 under the UFIRS or equivalent system

What Else Is in the Package

The housing package includes two additional provisions of interest to credit unions:

• The Mentor-Protégé Program for Small Financial Institutions Act empowers minority depository institutions and smaller credit unions to collaborate with larger credit unions through formal mentorship efforts.
• The American Access to Banking Act streamlines the federal application process, promoting the formation of new, or de novo, credit unions and other community financial institutions.

Thank You for Your Advocacy & Support

This achievement reflects years of sustained, unified advocacy from credit unions, state leagues & associations, and America’s Credit Unions. This is a clear example of what our movement can accomplish when credit unions speak with one voice. Thank you to all advocates who helped carry this priority across the finish line.

We extend our sincere thanks to the sponsors of this legislation and to all the lawmakers who supported it. We are especially grateful to the members of the New York delegation who stood with credit unions throughout this effort: Representatives Nydia Velázquez, Andrew Garbarino, Ritchie Torres, and Mike Lawler, and Senators Chuck Schumer and Kirsten Gillibrand.

Register for an upcoming compliance training, explore a new networking opportunity for credit union professionals, weigh in on a key regulatory proposal, and celebrate New York leaders and credit unions making an impact across the movement. Keep reading this week’s New York Minute for key insights and updates!

Register Now for the Compliance & Legal Conference

Registration is now open for the Association’s annual Compliance & Legal Conference, taking place September 16 at the Turning Stone Resort Casino.

Get updates on the legal and regulatory issues affecting New York credit unions, hear from industry experts, and connect with peers facing similar challenges. Whether you’re a compliance professional, attorney, or HR representative, this event is a must-attend for gaining practical guidance on today’s compliance landscape.

Register by July 17 to take advantage of early-bird pricing. The hotel reservation deadline is August 18, and registration closes September 11.

Compliance Quarterly Webinar Focuses on Wire Transfer Liability

Join the Association’s next complimentary Compliance Quarterly webinar for an in-depth discussion on wire transfer liability and the latest compliance considerations for credit unions.

Session Details
Compliance Quarterly – Wire Transfer Liability
Tuesday, July 21
11:00 am – 12:00 pm

Association General Counsel Mitch Pollack will examine key regulatory requirements, common risk areas, and practical guidance to help your credit union navigate evolving expectations surrounding wire transfers. Credit union professionals who work in compliance, operations, or risk management will walk away with valuable insights they can apply immediately. Reserve your spot today.

Introducing CU Peer Exchange!

CU Peer Exchange is a new quarterly virtual discussion series designed to connect credit union professionals with peers who understand the unique challenges of their roles.

The inaugural session, Collections Peer Exchange, will take place on July 29 from 11:00 a.m. to 12:00 p.m. Unlike a traditional webinar, this facilitated discussion is designed to encourage participants to share experiences, exchange ideas, and collaborate on common challenges with colleagues from credit unions across New York.

Future CU Peer Exchange sessions will focus on additional professional groups, including compliance, marketing, fraud, and lending.

Register today to join the conversation.

Feedback Requested on FFIEC’s Proposed CAMELS Rating Revisions

The Federal Financial Institutions Examination Council (FFIEC) has proposed updates to the CAMELS Rating System that would place greater emphasis on material financial risk during examinations, and we want to hear how the proposal could affect your credit union.

Your feedback on our short member survey will help inform a potential Association comment letter by providing real-world operational insights into how the current framework has impacted examinations and where the proposed revisions could improve or create challenges for credit unions.

Submit your responses by July 31 to help shape the Association’s feedback before the August 17 comment deadline.

New York Credit Union Leaders Named to Inaugural CUES x TruStage Leadership Pathways Cohort

Three New York credit union professionals have been selected for the inaugural CUES x TruStage Leadership Pathways Cohort, a new program designed for emerging credit union leaders.

Congratulations to Crystal Acevedo of I AM Federal Credit Union, Sylvia Clark of New Covenant Dominion Federal Credit Union, and Cassandra White Hemphill of Church of The Master Federal Credit Union on this well-deserved recognition.

As members of the inaugural cohort, they will participate in a comprehensive leadership development experience focused on building the skills, relationships, and strategic perspective needed to lead the future of the credit union movement.

Finger Lakes FCU Awards Recovery Grants to Seven Local Nonprofits

Finger Lakes Federal Credit Union has once again secured $50,000 through the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program, with funding benefiting seven nonprofit organizations across the Finger Lakes region.

This year’s recipients include the YMCA of Clifton Springs, Seneca County House of Concern, House of John, Main Street Arts, the Geneva Historical Society, the Rotary Club of Geneva, and One Soldier at a Time. Together, these organizations provide services ranging from youth development and food assistance to arts programming, historic preservation, veteran support, and community outreach.

This marks the sixth year Finger Lakes FCU has participated in the program, bringing a total of $400,000 in grant funding to 93 local businesses and nonprofit organizations throughout the region.

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