This week in the New York Minute, we introduce Vicky Burdick and highlight her decades-long journey in the credit union industry. Additionally, we delve into Bill Mellin’s important meeting regarding Minority Depository Institutions, celebrate five credit union leaders recognized for their influence in the financial sector, and provide updates on the New York State budget that affects CUs statewide.

Meet Our Board: Vicky Burdick

This week, we’re spotlighting Vicky Burdick, the CEO of Jamestown Area Community FCU and a member of the Association’s Board of Directors. Vicky reflects on her decades-long journey in the credit union industry, sharing insights into her path from her first role in 1978 to leading a thriving credit union and serving on the Association’s board.

In her interview, Vicky highlights the importance of collaboration among credit unions, the role of the Association in fostering these connections, and her contributions to the success of both the Association and the credit union movement. Learn about what drew her to the credit union movement, and the unique philosophy that has guided her throughout her career.

Association CEO William Mellin Discusses Minority Depository Institutions

On Wednesday, April 24th, the Association’s President and CEO William Mellin participated in an important gathering focusing on Minority Depository Institutions (MDIs) in New York and their lack of accessibility to City and State capital.

The meeting was hosted by Senator James Sanders Jr., Chair of the New York State Senate Banks Committee, Brad Lander, New York City Comptroller, NYC Council Member Justin Brannan, Chair of the City Council Finance Committee, Thomas DiNapoli, New York State Comptroller, and Preston Niblack, NYC Finance Commissioner. Also in attendance were various representatives from financial organizations and MDIs.

The meeting was held at the Office of the New York City Comptroller Brad Lander, in Manhattan, and provided a platform for open dialogue and collaboration. Many participants viewed the meeting as an important step forward in addressing the wealth gap. “During the meeting I had multiple opportunities to comment on the many ways New York’s credit unions are servicing minorities, helping them build wealth and stability,” said Mellin. “I also explained the lack of depository choice for New York municipalities and shared with the participants how public funds, deposited into credit unions, would advance our mission of financial equity for all.”

Mellin stated, “It was a privilege to be included in the conversation surrounding minority depository institutions. Credit unions remain committed to providing fair and equal opportunities to all members throughout the state and will continue to explore all options dedicated to enhancing and improving financial support initiatives and access to resources for minority populations.”

Read more about the event below!

Long Island Business News Recognizes Five CU Leaders

The Association proudly congratulates five New York credit union leaders for being recognized in Long Island Business News’ “Long Island Business Influencers:” in banking and finance. Linda Armyn of Bethpage FCU, Brad Calhoun of Teachers FCU, Michele Dean of Suffolk FCU, John Deieso of Jovia Financial FCU, and Joseph Tedesco of Ocean Financial FCU were honored with this recognition.

This distinction acknowledges their outstanding contributions and leadership that they bring to the financial sector and highlights their roles in supporting Long Island’s economic growth and development.

These leaders’ efforts contribute significantly to their local communities through various initiatives, grants, and philanthropic endeavors, and underscores the critical role credit unions play in promoting financial health and literacy across Long Island.

We congratulate these individuals for their achievements and commend them for their dedication to the credit union movement. To read the full report, click below!

New York State Budget Updates Impacting Credit Unions

The New York State Legislature has introduced and passed the final budget bills for the fiscal year. This budget contains several measures that directly impact credit unions.

Revenue: The budget closes the amended return loophole for personal income and corporate franchise taxes, allowing the Department of Taxation and Finance to take action on amended returns not related to existing petitions for the same tax year. This affects taxable years beginning on or after January 1, 2024. Additionally, it extends the sales tax exemption for transactions between financial institutions and their subsidiaries for one year.

Education, Labor, and Family Assistance Bill:

• This bill ensures 30 minutes of paid break time for nursing mothers to express breast milk, starting June 19, 2024. Time beyond 30 minutes can be covered by existing paid breaks or meal time.
• The COVID-19 sick leave law has been extended until July 31, 2025.
• Budget allocates $94.95 million from excess reserves to support community development and housing programs.
• Enhances protections against deed theft, establishing the crime of deed theft and protecting heirs’ property. It also provides for transfer-on-death deeds to prevent predatory practices.

Public Protection and General Government Bills:

• Starting January 1, 2025, employers will need to provide 20 hours of paid prenatal leave for pregnant employees in a 52-week period. This leave is in addition to existing sick leave and can be used for medical appointments, testing, and consultations with healthcare providers.
• In addition, the budget bill includes legislation to provide a framework for managing surplus funds from tax foreclosure sales, limits the removal of tax exemptions for nonpayment, and offers protections for homeowners, including installment plans and payment grace periods for STAR recipients.

The Association will continue to monitor these developments and provide guidance on how they may impact credit unions across New York State. If you have any questions regarding the New York State budget, please reach out to the Association’s Chief Advocacy Officer, Amy Kramer, at amy.kramer@nycua.org.

For more information, read the full summary from the Governor’s office below!