Stay informed with this week’s NY Credit Union roundup! This week, we’re announcing new NYCUA board member additions, key changes in cybersecurity regulations, and the vital 2023 Membership Survey. Keep reading for essential news every New York credit union leader needs to know.
NYCUA Welcomes Four New Directors to its Board
(Pictured from left to right: Jonathan Roberts, Kevin Mietlicki, Brian May, and Brad Calhoun)
The New York Credit Union Association is pleased to welcome new executives to its board of directors. In recent months, there have been a total of four new credit union leaders joining the board. Please join us in welcoming Jonathan Roberts, President & CEO of Hudson Valley Credit Union, Kevin Mietlicki, President & CEO of Alternatives FCU, Brian May, President & CEO of ACMG FCU, and Brad Calhoun, President & CEO of Teachers FCU.
“I’m thrilled to have Jonathan, Kevin, Brian, and Brad join our board,” said NYCUA President & CEO William J. Mellin. “Their recent addition to our already dynamic and influential board of directors is going to further aid in our ability to help strengthen the credit union movement in New York State. I look forward to personally working alongside each of them,” Mellin stated.
For a full listing of our current board members, please visit the Board of Directors page on our website.
Shape the Future of NY Credit Unions: Participate in the 2023 Membership Survey
We are pleased to share that our 2023 membership survey is now live, giving you the opportunity to provide thoughts and comments on the effectiveness of the New York Credit Union Association during 2023.
As your trade association, our mission is to foster an environment where your credit union can succeed and deliver on its mission of ‘People Helping People.’ We do this by providing you with four core services: advocacy, education, support, and unity.
Help support our work in the industry by taking our Association’s Annual Membership Survey, which is live through Friday, December 1. All comments and feedback from the survey are carefully reviewed and act as a guide in developing plans and evaluating current services. We appreciate your feedback and support!
Cybersecurity Amendment Update: What You Need to Know
The New York Department of Financial Services (DFS) has recently updated its cybersecurity regulations, releasing the final version of the 23 NYCRR 500 amendment on November 1, 2023. This change is significant for credit unions in New York, as it brings new requirements and deadlines for compliance.
Extended Deadlines and Compliance Requirements
One of the key aspects of this amendment is the extension of compliance deadlines, a move advocated for by the New York Credit Union Association. The majority of credit unions now have until April 29, 2024, to align with the new regulations. It’s important to note that different sections of the amendment may have varying deadlines.
Understanding Who is Affected
The amended rules broadly apply to entities operating under New York’s Banking, Insurance, or Financial Services laws. This definition includes institutions licensed by other government agencies. If your credit union falls under these categories, you are required to comply with the updated cybersecurity regulations.
Exceptions and Encouragements
The amendment makes a distinction for certain types of entities, such as exempt Mortgage Loan Servicers, which may not be directly covered unless they hold specific licenses. Despite these exceptions, given the rising tide of cyber threats, DFS is advocating for all financial institutions to adopt robust cybersecurity measures in line with the new regulations.
Clarifications on Program Requirements
Credit unions are expected to maintain cybersecurity programs to safeguard their systems and the private information they contain. These programs must be capable of combating malicious software and educating staff about cybersecurity, including risks like social engineering.
Documentation and Specific Company Requirements
There’s an emphasis on documentation for credit unions that adopt cybersecurity programs from their affiliates. In such cases, they must provide detailed records of these programs when requested. Additionally, the amendment introduces specific and more stringent requirements for Class A Companies.
For a more in-depth analysis from a legal standpoint, please view this article written by Mitchell B. Pollack, Attorney at Law.
Event Recap: NYCUA’s CEO Roundtable
In the recent video recap of the NYCUA’s CEO Roundtable event, the enthusiasm and value of the gathering were clear. Highlighting the event as an invaluable networking platform, especially for those new to the CEO role, participants praised the opportunity to connect with a diverse range of peers from across the state. Attendees emphasized the immediate accessibility to answers for pressing questions, a benefit of the open and collaborative environment. The consensus among the CEOs was clear: whether a seasoned leader or a newcomer, the NYCUA CEO Roundtable is an unmissable event, offering a unique blend of networking, learning, and collaborative discussion.
See our calendar for the latest industry events!
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