In this week’s New York Minute, our “Staff Spotlight” features Amy Kramer, the Chief Advocacy Officer at the Association, we celebrate Linda Armyn’s achievement as CEO of the Year, we detail chapter events across the state taking place this summer, and explain the implications of cannabis rescheduling on financial institutions. Don’t miss out on your weekly credit union news updates in the New York Minute!
Staff Spotlight: Meet Amy Kramer
Get to know Amy Kramer, the Chief Advocacy Officer at the Association, in our latest staff spotlight video. With over two decades of expertise in government, corporate, and association management, Amy brings a wealth of experience to the Association.
Between her job advocating and educating leaders on the importance of credit unions and keeping up with her two teenage daughters, Amy is a powerhouse in making sure things get done. Discover more about Amy’s journey and her impact on the credit union movement in our latest Staff Spotlight video.
Linda Armyn Named ‘CEO of the Year’ by Long Island Hispanic Chamber of Commerce
The Association extends congratulations to Linda Armyn, President & CEO of Bethpage Federal Credit Union, for being named ‘CEO of the Year’ by the Long Island Hispanic Chamber of Commerce. This accolade was awarded at the 18th Annual Latina Hat Luncheon held on May 22, at the Crescent Beach Club in Bayville.
Linda’s leadership at Bethpage FCU has been transformative, and this recognition is a testament to her commitment to excellence and impactful community engagement. Join us in celebrating Linda’s outstanding achievement in leadership and her dedication to advancing the credit union mission.
For more information on this event, check out the video at the link below!
Mark Your Calendar: Chapter Events Happening This Summer
This summer is packed with exciting events for New York’s credit union community! Whether you’re looking to celebrate achievements, enhance your professional network, or simply enjoy some fun and relaxation with peers, there’s something for everyone. Check out our lineup of upcoming activities across the state:
June Events:
Central New York Chapter Annual Dinner & Awards Night: This annual gathering is a chance to celebrate scholarship winners, enjoy guest speakers, and participate in raffles.
Wednesday, June 5th at 5:30 pm at
Dinosaur BBQ in Syracuse
Admission: $25 for affiliates, $35 for non-affiliates/vendors
RSVP by May 31st!
Southern Tier Chapter Annual Golf Tournament: This tournament supports Upstate Golisano Children’s Hospital & the Southern Tier Chapter.
Thursday, June 20th
Belden Hill Golf Club
Registration at 9:15 am, 10:00 am tee-off.
Rochester Area Credit Unions Scholarship Golf Tournament: This event offers a chance to support education through scholarships.
June 26th
Shadow Lake Golf Club
Penfield, NY
RSVP by May 1st for discounted pricing!
Long Island Chapter Networking Event: Meet, network, and enjoy an evening of cocktails and appetizers. The event supports the Tunnel to Towers Foundation, with a special guest speaker from the FBI, Rachel Cartwright.
June 26th
Lombardi’s on the Bay
Patchogue, NY
RSVP by June 7th
July Events:
Southern Tier Annual Clam Bake & 2nd Annual Corn Hole Tournament: Save the date for a day of delicious food and family fun! More details to follow.
July 10th
Mountain Top Grove
Capital Chapter Day at the Track: Experience the thrill of horse racing with fellow Capital Region credit union professionals. More details will be provided as the date approaches.
July 11th
Saratoga Race Course
267 Union Avenue
Saratoga Springs, NY
August Events:
Central New York Chapter–D’Amico Golf Tournament: Tee off on a full day of golf, starting with a putting contest and ending with a light fare dinner. This event mixes sport with networking in a scenic setting.
Tuesday, August 6th
Cazenovia Golf Course
10 am shotgun start
$125 per person
These events are perfect opportunities to connect with peers, celebrate achievements, and support meaningful causes within our communities.
Cannabis Rescheduling: What This Means for Financial Institutions
By: Chris Van Dyck, Partner at Cogent Law Group
On April 30th, the Department of Justice recommended that cannabis be rescheduled from Schedule I in the Controlled Substances Act, which includes drugs like cocaine and LSD, to Schedule III, which includes substances like ketamine and Tylenol containing codeine.
The rescheduling process will be a lengthy, months-long process conducted through rule-making. The rule-making process includes three-steps, initially involving publication by the Drug Enforcement Agency of a proposed rule, then, a period during which interested parties may offer their comments about the proposed rule, together with suggestions for amendments and, thereafter, publication of a final rule.
For now, nothing has changed regarding banking cannabis accounts. The accounts remain high risk and will continue to be subject to the expectations in the 2014 FinCEN Guidance, which include enhanced onboarding, monitoring, obtaining related party information, obtaining financial data, and ongoing SAR filings. Even when cannabis is rescheduled, these expectations will remain in place at least until FinCEN revises its Guidance.
While there are legal and reputational risks associated with banking cannabis, the greatest risk, in my view, has always been the compliance/regulatory risk. Financial Institutions’ prudential regulators will still expect their regulated entities to follow the FinCEN Guidance while it is still in place. Whether regulators take a more elastic approach when examining financial institutions’ cannabis programs with this news about rescheduling remains to be seen.
It is arguable that, when cannabis is rescheduled, this will lead to some legal and reputational de-risking for financial institutions. While cannabis will remain federally illegal even as a Schedule III drug, the chance of a financial institution being prosecuted which, in my view, has always been minimal, will become even more remote. Likewise, while the stigma of being associated with cannabis has diminished significantly over the years, it will likely all but go away with rescheduling. This may lead to more financial institutions jumping into the cannabis space. With greater competition, this may lead to downward pressure on pricing.
Chris Van Dyck is a partner at Cogent Law Group. He has worked extensively in the canna-banking space for the last ten years. He was the Maine Bureau of Financial Institution’s attorney from 2008 to 2014 and, thereafter, he was the General Counsel, Compliance Officer and BSA Officer at cPort Credit Union located in southern Maine. If you would like to talk with him about cannabis banking, please feel free to give him a call at 207-844-0196.
Want to hear more from Chris Van Dyck? Register for our Cannabis Banking Conference this fall, where Chris will be presenting! Click below to register today!
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