Welcome to the New York Minute’s Weekly Roundup, where we share the latest industry news and zero in on the updates that matter most to NY credit unions. We dissect the most significant trends, developments, and stories, translating them into actionable insights. Dive in and stay a step ahead with our curated selection.
Celebrating John Prumo: A Legacy of Leadership in the Credit Union Movement
We’re taking a moment to honor the remarkable career of John Prumo after he announced his retirement from the GPO Federal Credit Union Board of Directors earlier last week. John has an impressive tenure in the credit union world. He’s received numerous accolades and achievements. He was a longtime board member of the New York Credit Union Association, he was inducted into the Credit Union House Hall of Leaders in 2012, and In 2014, John was also honored as a New York Credit Union Hall of Fame inductee.
A figure who needs little introduction, John’s devotion to advancing the credit union movement is widely recognized. NYCUA President & CEO William Mellin remarked, “Having known and worked with John for many years, I can attest to the sheer magnitude of his impact. John is more than just a supporter of the credit union philosophy; he’s a true believer in our mission. His dedication has driven progress, not just in New York, but throughout the nation.”
As he steps into retirement, John Prumo’s legacy as a credit union pioneer stands tall, reminding us all of the power of dedication, vision, and principled leadership.
Takeaways from the Latest Credit Union Trends Report
The recent Credit Union Trends Report paints a picture of steady growth over the next two years with an anticipated loan increase of 7% in 2023 and 4% in 2024. Here’s what credit unions need to know.
Lending & Mortgages: Credit card lending is surging at a record pace. This opens a window for New York credit unions to step in and offer more accessible credit solutions for members. However, with mortgage interest rates reaching their highest in over 22 years, it’s expected that home sales in New York might see a dip, impacting the housing loan segment for credit unions.
Savings: The growth in certificate of deposit balances, with interest rates now soaring above 5%, can be an attractive proposition for members looking for better returns on their savings. This can be a focal point for New York credit unions to promote their offerings.
A Must-Attend Event for Credit Union Marketers
If you’re looking for dynamic events tailored for credit union marketers, look no further! The New York Credit Union Association (NYCUA) is hosting its 2023 Marketing Conference on Wednesday, November 1 at the Saratoga Casino Hotel. Dive deep into the latest marketing trends, techniques, and strategies at our staple event. Register before the October 20th deadline to secure your seat!
A Historic Nomination for the NCUA Board
NCUA Chairman Todd M. Harper recently extended a warm welcome to President Biden’s latest nominee for the NCUA Board, Tanya Otsuka from Virginia. Recognized for her invaluable contributions to the U.S. financial system and consumer protection, Otsuka is poised to make history as the first Asian-American to serve on the NCUA Board.
For New York credit unions, her potential appointment could signal a fresh perspective that further strengthens consumer-centric strategies. Chairman Harper highlighted how Otsuka could strengthen deposit security for America’s credit union members and expand access to fair financial services for underserved communities.
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