Welcome to this week’s roundup, featuring pivotal updates and exciting events in the credit union sector. From the opening of EXCEL 24 registration to significant regulatory changes and commendable achievements by member credit unions, this roundup covers essential developments that shape our industry.
EXCEL 24 Registration is Now Live!
Registration is now open for EXCEL 24, the New York Credit Union Association’s Annual Meeting & Convention! EXCEL 24 will bring together credit union leaders, volunteers, and industry professionals for four days of collaboration, learning, inspiration, and more. You’ll have the opportunity to hear from insightful and thought-provoking speakers, attend informative credit union Learning Labs, support important causes, and engage with hundreds of credit union professionals and volunteers in Saratoga Springs.
Date: June 13-16, 2024
Location: The Saratoga Hilton, Saratoga Springs, NY
Save with early-bird registration through March 31.
Room Block Information
EXCEL 24 registration is required in order to make hotel reservations at The Saratoga Hilton. There is a 3-night minimum stay. For more information, click below.
Sidney FCU Pledges $300k in Low-Interest Home Repair Loans
Sidney Federal Credit Union (SFCU) has partnered with The Impact Project to offer $300,000 in low-interest loans for home repairs in Chenango, Delaware, and Otsego counties, targeting low-income residents under the ALICE guidelines. The loans, capped at $15,000 with a 0.5% interest rate, aim to help families maintain and increase their home equity and stabilize their housing situation.
SFCU President Jim Reynolds emphasized this initiative as a core example of the credit union’s mission of “People Helping People,” addressing financial instability in the Southern Tier. The Impact Project Director, Jim Willard, noted that every 48 hours, a homeowner in Chenango County abandons their home, often due to safety and affordability issues. This partnership seeks to counteract this trend by assisting homeowners with essential repairs and encouraging them to stay in their homes.
The Impact Project, a non-profit organization based in Greene, NY, has been operational since 2004 and recently completed its 190th home rehabilitation in December 2023. Further information can be found here.
Broadview FCU Named “Best Places to Work” by Albany Business Review
Broadview has been recognized as one of the “Best Places to Work in 2023” by the Albany Business Review, marking its first participation in the award program as a unified organization. The award, celebrating its 20th anniversary, acknowledged 60 local companies across various industries for creating engaging and energizing workplaces. Broadview, in the large company category (100+ employees), earned its place based on employee votes and feedback.
CEO Michael Castellana highlighted the significance of this recognition, emphasizing that it reflects employees’ positive perception of their workplace and positions Broadview as a top employer in the area. He expressed gratitude to the Albany Business Review for acknowledging companies that prioritize their people.
In total, 107 companies vied for this distinction, with winners chosen based on surveys conducted by Quantum Workplace. Employees had to complete these surveys, rating their workplaces highly, for companies to qualify for the award.
Castellana further elaborated on the essence of Broadview’s workplace, stressing its commitment to meaningful work, colleague connections, community support, and aiding people in achieving their goals. He valued the employees’ shared sentiments and their recognition of their contributions, affirming that thriving businesses and employees benefit everyone.
For more information, read the press release.
Stay In The Know With Regulatory Updates
New York State Minimum Wage and Exempt Employee Salary Threshold Increase
Effective January 1, New York’s minimum hourly wage will rise to $16 in downstate areas and $15 in upstate, with additional $0.50 increases scheduled for 2025 and 2026. Concurrently, the minimum weekly salary for executive and administrative exemptions will increase to $1,200 in downstate and $1,124.20 in upstate New York, with further rises in the following two years. No minimum weekly salary is set for the professional exemption in New York, but employers must adhere to the federal minimum, currently at $684, which is also expected to increase.
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