In this week’s New York Minute, we’re celebrating International Credit Union Day! Then, we’re recapping the Association’s testimony on data privacy and consumer protections, answering frequently asked questions about inflation return checks, and more. Get weekly updates from credit unions across the state in our blog!
Happy International Credit Union Day!
Each year, credit unions around the world come together to celebrate the cooperative spirit that drives our movement—and today marks the 77th anniversary of International Credit Union (ICU) Day®! Since 1948, this day has honored the positive impact that credit unions make in communities across the globe.
This year’s theme, “Cooperation for a Prosperous World,” recognizes the power of collaboration and the role credit unions play in building financial well-being for all. On behalf of the New York Credit Union Association, we thank you for your continued dedication to people over profit and encourage you to celebrate by proudly sharing photos on social media using #ICUDay2025.
Together, we’re building a brighter, more inclusive financial future—one member at a time. Learn how you can get involved below!
The Association Testifies on Data Privacy and Consumer Protections
This Tuesday, the Association participated in a joint legislative hearing on data privacy and consumer protections, held by the Assembly Standing Committees on Consumer Affairs and Protection and on Science and Technology.
Jeremy Newman, the Association’s Vice President of Legislative and Regulatory Affairs, provided oral testimony on behalf of New York’s credit unions. His remarks emphasized the importance of protecting consumer data while maintaining fair and practical compliance standards for community-based financial institutions.
The hearing brought together industry experts and stakeholders to discuss potential solutions for enhancing transparency, ensuring informed consent, and creating robust privacy safeguards for all New Yorkers. The Association remains committed to working with state policymakers to advance thoughtful, balanced frameworks that protect consumers while preserving credit unions’ ability to serve their members effectively. Watch the recording of the full hearing in the link below.
Sunmark Credit Union Named ‘Best Place to Work’
Congratulations to Sunmark Credit Union, recently named one of the Best Places to Work by the Albany Business Review!
Now in its 22nd year, the Best Places to Work program honors employers across the Capital Region who foster outstanding workplace cultures. Winners were selected through employee surveys conducted by Quantum Workplace, which measures satisfaction, engagement, and organizational trust. Only companies receiving strong participation and exceptional ratings from staff earn a spot on the list.
Sunmark’s leadership credits the recognition to the dedication and collaboration of its talented team, whose passion continues to drive the credit union’s success. This achievement highlights Sunmark’s ongoing commitment to empowering employees and delivering exceptional service to members.
Cornerstone Community FCU Named ‘Best of 716’
The Buffalo News has awarded the winners of its fifth annual Best of 716 Awards, including Cornerstone Community Federal Credit Union in the Credit Union category!
This year’s program received a record-breaking 110,900 nominations and more than 443,300 votes—a 37% increase from last year. The community’s overwhelming participation showcases the strong connection between Western New Yorkers and their favorite local organizations.
Cornerstone’s recognition reflects its trusted reputation, community commitment, and dedication to improving members’ financial lives across the region. The Association congratulates Cornerstone on this well-deserved distinction and thanks The Buffalo News readers for shining a light on the credit union difference.
See the full announcement video from Cornerstone Community FCU featuring Buffalo Bills wide receiver Joshua Palmer below!
Inflation Reduction Checks Notification & Frequently Asked Questions
To help provide financial relief amid rising costs, New York State has begun issuing Inflation Refund Checks to eligible residents. As credit unions continue to support members and communities across the state, it’s important to understand how these payments may impact your operations and member interactions. The following further explains Inflation Refund Checks and provides insight into frequently asked questions addressing deceased payees and a credit union’s right to offset these funds. This resource will help ensure your team is informed and ready to assist members effectively.
What are the inflation refund checks?
New York State is providing a one-time payment to New Yorkers who have paid increased sales taxes due to inflation.
How will the inflation check be paid?
The inflation refund checks will be mailed to the current address that the Department of Taxation and Finance has on file for the member. For example, if the member moved after they filed their 2023 return, but they filed a 2024 return with their new address, the check will be mailed to the address utilized on the more recent 2024 tax return.
Does the member need to deposit the inflation check in the same account associated with their tax returns?
No, the member can deposit the check payable to their name into any account they have with the Credit Union.
If the inflation check is made payable to joint account members, must both account parties endorse it?
Yes, if the check is made payable to one member AND another, both parties must endorse the check prior to it being deposited into either member’s account. If the check is made payable to one member OR another member, then only one payee is required to endorse the check.
If the inflation check is made payable to joint members, can they deposit it into a single account, or must it be deposited in a joint account?
If the inflation check is made payable to one member AND another, both parties must endorse the check, and the check can be deposited into a single member’s personal account or to their joint account.
What happens if a member received a check payable solely to a deceased member?
The check can be deposited into an estate account for the deceased member; or the survivor can contact NYS Department of Taxation and Finance at 518-457-5181 to have the check reissued in survivor’s name. The Department will mail the member paperwork to complete to have the check reissued in the surviving member’s name only. When calling, the member should have a copy of their most recent tax return for the phone verification process.
What happens with a check that is jointly payable to a surviving member and their deceased spouse?
The surviving member should contact NYS Department of Taxation and Finance at 518-457-5181 to have the check reissued in survivor’s name only. When calling, the member should have a copy of their most recent tax return for the phone verification process. The Department will mail the member paperwork to complete to have the check reissued in their name only. Then the check can be deposited into the surviving member’s Credit Union account.
Is the NYS Inflation Refund Check protected by NYS EIPA from garnishments?
No. It is not considered a public assistance fund nor is it considered as any other fund protected under the EIPA. The inflation check is considered a tax-based rebate that is subject to federal income tax.
If a member has defaulted on a loan with the Credit Union, can the funds be offset from the member’s account?
Yes. Credit Unions have the right to offset such funds deposited into their Credit Union accounts which can be used to satisfy any debt owed to the Credit Union provided notice of such offset rights are included in the member’s account agreement or in the loan agreement.
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