Dive into this week’s New York Minute for a recap of key moments and announcements, like the success of FOCUS NY’s first Day of Giving, Governor Kathy Hochul’s declaration of Credit Union Day, and the recap of State GAC, where credit unions advocated for key industry issues. All this and more in the New York Minute!
All the Highlights from 2024 State GAC
New York credit unions came together this week in Albany, NY to attend the annual State Governmental Affairs Conference (GAC) hosted by the Association. The conference, held annually, serves as a critical platform for credit unions to advocate for legislative and regulatory issues impacting the industry at the state level.
Guests had the opportunity to learn and connect at various events during the conference. At the Young Professionals meeting, attendees were inspired by leaders like Mary Robinson of Habitat for Humanity New York State and Assemblymember Kenny Burgos, highlighting the power of youthful engagement in public service. The general session drew an array of speakers, including Sen. James Sanders, Jr., Asm. Pamela Hunter, Sen. Monica Martinez, Asm. Fred Thiele, Asm. Charles Fall, Rick Ostroff & Jay Holland from Ostroff Associates, and members from the Department of Financial Services (DFS), who discussed pressing legislative and regulatory topics. This session provided valuable insights into the challenges and opportunities facing New York State. Later in the evening, the Association’s reception offered a relaxed atmosphere for guests to network and connect with each other and lawmakers, emphasizing the conference’s role in building a collaborative community.
During our legislative visits, New York credit union representatives engaged in discussions with policymakers and lawmakers to address key issues facing their industry, including the importance of public deposits, financial literacy, regulatory reform, access to affordable financial services, and consumer protection. They emphasized the unique role that credit unions play in serving their communities and highlighted the importance of preserving the cooperative, member-owned structure that sets credit unions apart from traditional financial institutions.
Participating credit unions from New York included:
The Association would like to extend an enormous thank you to all policymakers who took the time out of their schedules to meet with credit union leaders from New York. Specifically, we’d like to thank:
Gov. Kathy Hochul Declares October 17 as Credit Union Day in New York
The Association thanks Gov. Kathy Hochul for officially declaring October 17 as Credit Union Day in New York State. This historic proclamation, co-sponsored by Sen. James Sanders, Jr. and Asm. Pamela Hunter, recognizes the significant contributions of credit unions to the financial wellbeing of New Yorkers statewide. The Association would also like to thank Asm. Pamela Hunter for reading the proclamation on the Assembly floor and Sen. Cordell Cleare for reading the proclamation on the Senate floor.
Credit Union Day celebrates the spirit of cooperation, community service, and financial empowerment, and is a testament to the enduring impact of credit unions in enriching the lives of 7 million members in New York State.
To read the full proclamation, please click below.
Celebrating a Successful Inaugural FOCUS NY Day of Giving
Our first annual Day of Giving on March 25th surpassed all expectations, raising a remarkable $25,514 for FOCUS NY, exceeding our ambitious one-day goal of $25,000! This milestone marks a significant achievement for the New York credit union movement, showcasing the strength and generosity of our community. Every contribution made helps make the voice of the credit union movement even more powerful in the New York State government.
“I would like to thank all the donors who made FOCUS NY’s Day of Giving such a great success,” said Maggie Pope, FOCUS NY Chair and CEO of Mountain Valley FCU. “These contributions will play a crucial role in advancing credit unions’ shared mission. Thank you again for your generosity and support.”
But our mission doesn’t end here—every donation, no matter the size, continues to make a profound impact. Let’s keep up this momentum and continue supporting FOCUS NY’s important work. Together, we’re investing in a stronger future for all New York credit unions.
“I’d like to thank the Board of Trustees of FOCUS NY for their extensive efforts put forth to make the Day of Giving event such a success,” said William J. Mellin, Association President & CEO. “Thank you to Maggie Pope, from Mountain Valley FCU, Ron Belle from AmeriCU Credit Union, Curt Cecala from TCT FCU, Chris Hay from Dannemora FCU, Inna Sprague from Teachers FCU, Scott Van Zandt from Hudson Valley Credit Union, and Staren Bielinski, the young professional designee from Sunmark Credit Union.”
Thank you to everyone who participated in making this day successful. Continue to show your support and make a difference all year long by donating to FOCUS NY below.
Research: Expectations & Concerns Drive Borrower Behaviors
By Erika Romenesko, Strategy Manager, Lending Member Experience, TruStageTM
Money matters are top of mind for a lot of people today. Clickable economic headlines, charismatic financial influencers and the rising costs of nearly everything are definitely contributing to consumers’ increased financial anxiety.
Worry often sparks action. Indeed, new research from TruStageTM indicates that consumers are taking financial steps that address their unique expectations and concerns. Interestingly, these steps appear to differ based on several nuances of the borrower journey, including the type of loan borrowers are considering.
Twists and Turns Along the Borrower Journey
It’s perhaps no surprise that today’s borrowers expect to research and apply for loans when and where they want, which for many, is online. However, TruStage researchers found that the type of loan a borrower is pursuing can change where they turn for answers.
The more complex a loan, the more borrowers appear to seek out human vs. digital sources. When comparing recent auto, personal and home equity borrower experiences, TruStage observed that borrowers who had recently obtained a personal loan were more likely to use an online search engine to research their options. Those who had recently obtained a home equity loan, on the other hand, were more likely to ask friends and family about their options.
As they move from planning to actively seeking a loan, borrowers appear to take different actions than originally planned. TruStage uncovered this finding by comparing the action steps of consumers who plan their loans for multiple weeks to those who had recently borrowed. For instance, 38 percent of survey respondents who were planning to apply for a loan expected to use a website to compare different loan options, such as rates, fees and term length. Yet, just 22 percent of those who had recently applied for a loan reported actually using a website to track down this information.
The research uncovered similar disparities in how borrowers expected they would engage with lenders as compared to how they actually did. Among those planning for a home equity loan, 44 percent expected to contact their financial institution via phone. Among those who recently obtained a loan, though, just 29 percent said they’d used the phone.
The speed and convenience of financing at the dealership continues to drive the difference between consumer intent and actual behaviors. While 62 percent of individuals looking for a new auto loan planned to secure their loans from their trusted credit union or bank, only 41 percent who recently obtained their auto loan actually did so from a financial institution.
Planning for Financial Obligations, in Good Times and in Bad
Underlying the functional decisions of how to research and apply for a loan are more holistic considerations. This includes concerns about the loan itself, such as whether a monthly payment or interest rate will meet their expectations. Borrowers also face more emotional considerations, like being able to consistently afford and make a monthly payment, in good times and in bad.
When TruStage asked consumers about their top concerns across loan and repayment categories, several insights came forward. For starters, the monthly payment was the most or second-most important loan concern considered by more than half of survey respondents. In terms of repayment concerns, 8 in 10 consumers have one or more concerns about their ability to make their loan payments, with unexpected expenses that come up being the highest concern.
Here again, there are differences in the worries expressed by borrowers based on the type of loan they are considering. For example, whereas 22 percent of personal loan borrowers in the TruStage survey had concerns about potential financial difficulties, just nine percent of auto loan borrowers said the same. This makes a lot of sense in context with what borrowers told TruStage researchers about previous financial problems. Nearly 20 percent of personal loan borrowers said they have missed a payment previously; a mere four percent of auto loan borrowers said the same.
Interestingly, borrower concerns appear to serve as a motivator for certain kinds of financial decisions. For example, despite variations in member preferences across different loan types, interest in payment protection solutions remains consistently high. Specifically, 64 percent are likely to consider payment protection for auto loans, 67 percent for personal loans and 65 percent for home equity loans. This is a highly actionable insight for all lenders who have the opportunity to provide debt protection solutions to assuage member worry.
Borrower Sentiment Supports Relationship-Based Growth Strategy
For credit unions that hope to gain trust through fiduciary relationships and member-centered experiences, it’s critical to understand as much as they can about how personal financial decisions are motivated and made. Research into consumer sentiment serves a meaningful purpose for our industry, which continues to grow thanks to its commitment to meeting people where they are, not where we expect them to be. Borrower insights are particularly important for credit unions lenders today when money anxieties can either freeze a member with fear or motivate them to action.
To learn more about borrower expectations and concerns, credit unions may download the 2023 TruStage Lending Consumer Preferences Survey.
The views expressed here are those of the author and do not necessarily represent the views of TruStage.
All data in this report is sourced from the 2023 Consumer Lending Preferences Research, conducted by TruStage in partnership with Epsilon, 2023.
TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters: 5910 Mineral Point Road, Madison WI 53701.
© TruStage
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