In this week’s New York Minute, we’re spotlighting Marie Betti, a member of the Association’s board of directors, and highlighting a few New York credit unions named to Newsweek’s 2024 list of Best Regional Banks and Credit Unions. Then, read all about the potential impacts of not exploring cannabis banking. Finally, we’re looking for your feedback on EXCEL 24. Get all the latest New York credit union news in our weekly New York Minute!
Meet Our Board: Marie Betti
In this Director Spotlight, we introduce you to Marie Betti, CEO of Western New York FCU. Marie’s story is not just about career transitions—it’s about finding one’s place in the world of credit unions, a place that turned out to be both fulfilling and impactful. Her journey is packed with lessons about growth, leadership, and the power of community support.
For a deeper dive into Marie’s story, be sure to read her full interview on our blog. You’ll find inspiration in her dedication to the world of credit unions. Don’t miss out on this fascinating read!
New York Credit Unions Recognized as “America’s Best Regional Banks and Credit Unions”
We are proud to share that several New York credit unions have earned a spot on Newsweek’s list of “America’s Best Regional Banks and Credit Unions 2024.” This recognition highlights institutions that excel in serving their local communities with a commitment to personalized service and community involvement. New York credit unions named on the list include:
- ESL FCU
- Visions FCU
- Neighborhood Trust FCU
- State CS Employees FCU
- Corning CU
- Advantage FCU
- Broadview FCU
- One Credit Union of NY FCU
- UFirst FCU
- New York University FCU
- Empower FCU
These credit unions have been recognized for their financial services, but also for their deep roots in local economies and strong community engagement. This honor underscores the vital role that credit unions play in fostering a sense of trust and shared responsibility within their communities.
Congratulations to all the New York credit unions on the list! Your efforts to provide outstanding service and community support continue to set a high standard within the financial industry. To see the full list, click below.
The Hidden Costs of Not Banking Cannabis
By: Chris Van Dyck, Partner, Cogent Law Group
Much has been said about the costs and risks associated with financial institutions offering financial services to cannabis businesses. Indeed, there are legal, compliance, reputational, and other risks associated with banking cannabis. However, often overlooked by financial institutions when weighing whether or not to offer services to this industry are the lost opportunity costs associated with NOT banking cannabis.
It has been over ten years since FinCEN’s Guidance on cannabis banking was issued. Since that time, the number of states in which cannabis has become legal and in which there are state agencies in place to ensure effective regulation has almost doubled. The cannabis industry is here to stay and will continue to expand. As these businesses continue to grow, so too will the number of their employees and businesses ancillary to these businesses, all of whom will need banking services.
Several weeks ago, federal agencies announced moving forward with rule-making to move cannabis off Schedule I of the Controlled Substances Act and on to Schedule III. This long overdue sea-change in how the federal government will treat cannabis may tilt more financial institutions toward banking cannabis, at least the smaller community banks and credit unions.
In legal circles, there is talk of a “Cole Memo II” being issued from which a “FinCEN Guidance II” may also follow. The fact that the 2014 FinCEN Guidance has not already been revised after ten years has caused some commentators to voice their frustration and confusion. Now that cannabis is on its way to becoming rescheduled, FinCEN will likely be under even greater pressure to relax the compliance burdens associated with banking cannabis by issuing revised guidance.
If senior management and boards are not at least actively discussing banking cannabis now, by the time they do so, these businesses will likely have already partnered with another bank or credit union, thereby having lost out on a potentially very lucrative revenue source for their institution.
Chris Van Dyck is a partner at Cogent Law Group specializing in cannabis banking. He has been extensively involved in cannabis banking for ten years. Prior to joining Cogent, he was a financial regulatory attorney, and then general counsel and BSA Officer at a financial institution in Maine. He may be contacted at cvandyck@cogentlaw.co and at 207-844-0196.
EXCEL 24 Attendees: We Want to Hear From You!
Calling all EXCEL 24 attendees! We need your insights to make next year’s conference even better. Please take a moment to fill out our post-event survey. We welcome you toshare your experiences, insights, and any feedback you may have.. Your input is crucial in helping us enhance EXCEL’s experience for years to come. Click the link below to provide your feedback.
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