In this week’s New York Minute, we’re introducing you to another Association board member, celebrating Financial Literacy Month, providing you with an economic outlook from TruStage, and more! Read our weekly updates for all you need to know in New York credit union news.
Meet Our Board: Keith Stone
This week, we’re shining a spotlight on Keith Stone, an Association board member, President & CEO of The Finest FCU, and CEO of the New Jersey State PBA FCU. A native of Brooklyn and a significant figure in the credit union sector, Keith has dedicated his career to providing specialized financial services for law enforcement communities in New York and New Jersey. His journey from a humble beginning in a small credit union to leading substantial financial institutions exemplifies the credit union philosophy of “people helping people.”
Learn more about how Keith’s commitment to community service and development has shaped his impactful career. For a deeper dive into his story and contributions, click here to read the full blog.
The Association Celebrates Financial Literacy Month
This April, as we celebrate Financial Literacy Month, the Association is proud to reinforce our commitment to financial literacy for credit unions and members statewide. As not-for-profit organizations, credit unions are in a unique position that allows them to have their members’ best interest in mind and ensure they’re making the right financial decisions.
This month, and every month, the Association is committed to making financial literacy resources widely accessible to credit unions across the state as part of our broader mission to support the financial education of communities we serve. Through educational events, certifications programs, online resources, and more, we’re proud to share a plethora of opportunities to help credit unions improve the lives of their members through financial literacy. Furthermore, through the New York Credit Union Foundation, we’re able to provide grants to credit unions statewide to host their own events to improve financial literacy in their communities.
Our efforts are amplified by supporting legislation that seeks to integrate financial education into the curriculum at various educational levels, helping to lay a foundation for financial health from an early age.
Explore more online resources for credit unions below, and remember to keep your financial health in mind year round!
SeaComm Federal Credit Union Wins Two Diamond Awards
SeaComm FCU has been recognized by the Marketing & Business Development Council of America’s Credit Unions with two Diamond Awards that recognize outstanding marketing and business development achievements.
SeaComm, in the category for credit unions with assets between $500 million and $1 billion, won its first award for their innovative use of social media, and earned their second award in the Category’s Best “Diamond in the Rough” award for their “Plunky’s aMAZEing Race” sweepstakes. This creative campaign featured the beloved character Plunky O’Swoosh and involved a virtual maze game that attracted thousands of entries and significantly enhanced member and social media engagement.
Chantel Johnston, SeaComm’s Senior Marketing Multimedia Specialist, expressed pride in the character’s popularity and its effectiveness in fostering community connections online. SeaComm’s success in these categories highlights its commitment to excellence and innovation in serving its members and the broader community. With a strong focus on creative marketing strategies, SeaComm continues to set a high standard for credit unions nationwide.
To view the full list of Diamond Award Winners, click below!
Join Credit Union Real Estate Network for a Live Event!
You’re invited to Credit Union Real Estate Network’s (CUREN) live event! This event will be CUREN’s first in-person gathering and will feature a comprehensive 5-hour curriculum aimed at enhancing real estate practices within the credit union industry.
Date: May 7th, 2024
Time: 11:00 AM to 5:30 PM
Location: Sunmark Credit Union
1187 Troy-Schenectady Road, Latham, NY
The agenda includes an economic and market overview, a deep dive into the technological advancements in the mortgage sector focusing on AI and machine learning, and strategies for developing robust sales cultures and mortgage sales strategies. Additionally, a dynamic roundtable will discuss maximizing fair lending strategies and identifying new market opportunities.
Speakers and panelists for the day include industry experts
- Brad Tichneor, Accelergy Consulting
- Eric Lapin, FormFree
- John Dumonsau, Optimal Blue
- Vincent Furey, Meridianlink
Please register early as space is limited. This is a unique opportunity to gain actionable insights to implement within your organization and engage with peers. To learn more about this event and reserve your space, click below.
March 2024 Trends Report from TruStage
TruStage recently released its Economic and Credit Union Update and Trends Report for March 2024, offering a clear look at how recent economic changes are affecting credit unions. This report explores important topics like loan growth, consumer credit, and vehicle loans, giving a snapshot of the current financial landscape for credit unions. It provides essential insights into how these financial institutions are adapting to changes and what that means for their future.
Here’s a summary of the key findings and what they suggest for credit unions moving forward:
Highlights from the Credit Union Trends Report
- Home prices rose more than 6% over the last year, above the 4.1% long-run average.
- The credit union industry’s net income to average asset ratio, return on assets, fell to 0.68% in 2023, down from 0.88% in 2022.
- Total credit union memberships reached 142.1 million in January 2024.
- Credit union savings balances fell 0.3% in January due to members paying down credit card balances.
Highlights from the Economic Report
- The core PCE measure of inflation rose 2.8% during the last year ending in February, approaching the Federal Reserve’s target of 2%.
- The U.S. economy grew 3.4% in the 4th quarter of 2023, above the 2% natural growth rate and increased 3.1% from the 4th quarter of 2022.
- Average hourly earnings rose 4.3% during the last year, above the Federal Reserve’s target of 3.5%.
- The credit union loan-to-asset ratio rose to 71.2% in January, from 69.9% one year ago.
Stay ahead of the curve by subscribing to receive credit union news and updates directly in your inbox.