In this week’s New York Minute, we’re celebrating International Credit Union Day and this year’s theme, One World Through Cooperative Finance! Additionally, see the latest legislative updates affecting credit unions and stay up to date on current student loan scams. Get the latest New York credit union news in our weekly blog!
Happy International Credit Union Day!
International Credit Union (ICU) Day® has served as a momentous occasion to honor the global credit union movement since 1948. Celebrated annually on the third Thursday of October, this year’s theme, “One World Through Cooperative Finance,” underscores the unique role credit unions play in uniting communities through member-owned financial institutions that prioritize people over profit.
As we celebrate the 76th anniversary of ICU Day, I want to extend my deepest gratitude to all credit union leaders, employees, and volunteers for your hard work and dedication. Your contributions are at the heart of what makes the credit union movement so powerful. In a world where inequality and financial challenges persist, the cooperative model of credit unions continues to offer hope and solutions. Your work continues to empower individuals and strengthen communities across New York.
On behalf of our entire organization, I encourage you to join us in marking this special day. Show your pride in our movement by sharing your celebration on social media using #ICUDay2024. Let’s continue to demonstrate the impact of cooperative finance and the values that unite us.
Thank you for being a vital part of this movement. Together, we are making a difference.
Sincerely,
William J. Mellin
President & CEO
New York Credit Union Association
Gov. Hochul Signs Law Updating Firearm Regulations
The new law will create new merchant category codes for gun and ammunition retail businesses and dealers to enable financial institutions to monitor suspicious purchasing patterns. California enacted a similar law this year.
On or before May 1, 2025, the law requires credit or debit card issuers to assign the merchant codes to transactions.
MCCs are four-digit codes maintained by the International Organization for Standardization (ISO), which classify merchants by the nature of their businesses. Financial institutions and payment networks, including MasterCard and American Express, use the ISO standard to assign MCCs to merchants in order to determine interchange rates, assess transaction risks, and generally categorize payments. This law will apply to both state and federally chartered financial institutions. Click here to read the bill.
Sponsors of the legislation believe the use of MCC for gun and ammunition retail stores is the first step towards facilitating the collection of valuable financial data that could help law enforcement in countering the financing of terrorism efforts. The use of MCC code could make it easier for financial institutions to monitor certain types of suspicious activities including straw purchases and unlawful bulk purchases that could be used in the commission of domestic terrorist acts or gun trafficking schemes. Such coordination between financial institutions and law enforcement has been instrumental in efforts across the Federal government to identify and prevent illicit activity.
The Attorney General may bring action if violations are not cured within 30 days following written notice.
Read the full press release below!
Student Loan Borrowers: Beware of Scams and Protect Your Credit
The New York Department of State’s Division of Consumer Protection is warning student loan borrowers about the risks of scams and negative credit reporting consequences as the federal student loan grace period ends.
With the grace period over, missed or late payments can now be reported to credit bureaus, potentially impacting your credit score. It’s crucial to stay informed about your loan details, understand the repayment process, and be wary of fraudulent offers.
To protect yourself, avoid sharing personal information with unsolicited callers or emails, verify communication with your loan servicer, and report any suspicious activity. For more information and assistance, read the full release below!
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