This week’s New York Minute is packed with exciting news and valuable insights from the credit union world. We celebrate the achievements of our member credit unions, recognize the contributions of our staff with another edition of our spotlight series, and provide you with important updates on industry trends and upcoming opportunities. Get all the latest credit union news in our blog!

Staff Spotlight: Zach Ogden

This week, we’re shining the spotlight on Zach Ogden, the Association’s Director of Member Engagement. Zach shares with us the details of his professional journey, his passion for connecting with members, and the rewarding aspects of his role. He discusses the importance of collaboration and the dedication of the entire engagement team in creating impactful events and training opportunities for credit union professionals.

Zach also provides a glimpse into his life outside of work, sharing his love for golf and travel with his family. To learn more about his work at the Association, watch the full spotlight video below!

Sunmark Credit Union Names Jerilee Beaudoin as President & CEO

Jerilee Beaudoin has been appointed as the next President & CEO of Sunmark Credit Union. Her extensive experience, leadership, and commitment to Sunmark’s mission uniquely position her to guide the credit union into its next chapter of success and innovation.

Beaudoin brings a wealth of knowledge to the table having spent over 34 years in the financial services industry. More than half of her career has been focused on leadership roles, where she has undoubtedly honed her strategic thinking and ability to inspire and motivate teams. Her dedication to professional development is further evidenced by her MBA as well as her active participation in organizations like the Women’s President Organization, the Forum for Executive Women in Albany, and her service on the board of the Epilepsy Foundation of Northeastern New York, Inc., among others.

As the Sunmark community welcomes Beaudoin into her new role, we are confident that her leadership will drive innovation, foster collaboration, and ensure the credit union continues to thrive while serving the needs of its members.

Please join us in congratulating Jerilee and the Sunmark team!

SUMA Federal Credit Union Announces Strategic Leadership Transition

SUMA Federal Credit Union has announced a significant and exciting leadership transition designed to strengthen the organization and enhance its ability to serve members. This change went into effect on January 1, with Andrij G. Burchak being appointed to the role of Chief Executive Officer, as Roman G. Kozicky continues to serve as President. The decision to divide the roles of President and CEO leverages the strengths of both leaders and aims to drive innovation, improve member experiences, and accelerate strategic initiatives while maintaining the credit union’s strong community focus.

Andrij Burchak brings a wealth of experience with over 21 years of service on the SUMA FCU Board of Directors and four years as Executive Vice President of Governance, Planning & Development. His leadership experience in various organizations positions him well to lead the credit union into the future.

Roman Kozicky’s continued role as President ensures stability. His leadership has been instrumental in guiding SUMA FCU’s growth and success.

This leadership transition marks an exciting new chapter for SUMA FCU. By leveraging the combined strengths of Andrij and Roman, the credit union is poised to continue its tradition of delivering exceptional value to its members.

Please join us in congratulating Andrij, Roman, and the SUMA team!

Calling All Young Professionals: Join the CU4Kids at Children’s Hospitals Week

The CU4Kids program is offering a unique opportunity for young professionals in the credit union industry to attend Children’s Hospitals Week 2025! This annual network-wide conference for Children’s Miracle Network Hospitals brings partners and hospitals together to celebrate their impact and explore ways to further improve children’s health.

This opportunity is available to 10 young professionals who are passionate about corporate social responsibility and eager to learn more about the critical work of CMN Hospitals. The credit union professionals chosen will be able to network with industry peers, gain valuable insights, and experience the transformative impact of the CU4Kids program firsthand.

Flight, hotel, and registration will be fully covered for the selected participants. Applications are now open and will be accepted until January 31. Don’t miss this incredible opportunity to join the CU4Kids Crew at CHW 2025! Click below to apply.

2025 U.S. Economic Outlook And Its Potential Impact On Credit Unions

By Steve Rick, Chief Economist for TruStage^TM

As we look ahead to 2025, the economic landscape presents a mixed but cautiously optimistic picture. Although overall growth is expected to be moderate, with a 2% gross domestic product (GDP) increase—slightly lower than the 2.4% growth this year—there are several key trends and economic factors to consider.

It should be noted that a change in presidential leadership could lead to economic shifts in 2025, driven by key policy decisions such as universal tariffs, immigration reform, tax cuts and deregulation. These policies could impact inflation, GDP and deficits, creating both opportunities for growth and challenges to economic stability.

Let’s explore the implications of inflation, interest rates, consumer behavior, and the labor market on the US economy and credit unions.

2025 inflation and interest rate predictions
The primary factor influencing the 2025 economic outlook is the persistence of high interest rates. Despite slight decreases, the Federal Reserve’s interest rates remain above the desired neutral level. These elevated rates will likely dampen economic growth, slowing overall activity to around 2% GDP growth in 2025. However, the higher rates are not expected to trigger a severe recession, as consumer spending remains resilient.

Inflationary pressures are expected to continue, though some relief may come through deregulation policies. Lowering regulatory burdens on small businesses could reduce costs, enhance productivity, and, over time, help curb inflation.

2025 Consumer Price Index (CPI) and real Gross Domestic Product (GDP) predictions
In terms of GDP, there’s a projected growth rate of 2% in 2025, slightly below this year’s 2.4%. This moderate growth aligns with long-term trends but reflects the restrictive impact of high interest rates. Consumer spending is expected to remain robust, supported by healthy debt-to-income ratios and rising real wages, which should continue to buoy confidence in the economy. However, high inflationary expectations and rising treasury yields will help keep pressure on consumer prices and economic activity.

Deregulation could play a key role in stimulating the economy by helping to reduce unnecessary compliance costs, particularly for small businesses. This, in turn, could help reduce inflationary pressures and increase overall productivity, leading to stronger GDP growth in the long run.

Unemployment and job market
The current unemployment rate stands at 4.1%, with part-time work on the rise while full-time job growth has plateaued. The tight labor market poses challenges for credit unions, particularly in relation to loan repayment. Many members face financial stress due to stagnant wages and high living costs, and part-time work may exacerbate this issue. Credit unions must stay alert to these trends and offer solutions that help accommodate the changing workforce.

Mortgage rates and housing market
The housing market is facing significant challenges, particularly due to rising mortgage rates. The 30-year mortgage rate has climbed to around 6.92%, and in some cases, even surpassed 7%. These increases have caused many potential homebuyers to adopt a wait-and-see approach, hoping for lower rates in the future.

This slowdown in housing activity could reduce mortgage loan growth, affecting credit unions’ lending volumes. However, with interest rates holding steady or continuing to rise, we may see further delays in housing transactions in the short term.

Impact on credit unions
Credit unions are facing a mixed outlook as they navigate the economic challenges of 2025. Loan growth is forecasted to reach around 6%, a slight rebound from this year’s 3%, but still below the long-run average of 7%. Higher interest rates will continue to limit lending activity, particularly for mortgages and personal loans. However, credit unions can help mitigate this by focusing on areas where they can provide more value, such as offering support to members dealing with financial strain.

Delinquencies and charge-offs are expected to remain a challenge, particularly with younger members struggling under the weight of high student debt and rising rent costs. Car insurance premiums, which have surged by 30%, are another strain, leading some members to reduce coverage and increasing the likelihood of repossessed vehicles being in poor condition. This trend could lead to more charge-offs for credit unions.

Supporting credit union members in 2025
To address these challenges, credit unions can explore various strategies to assist their members. Offering flexible loan products, such as payment programs for struggling borrowers, will be critical. Stay flexible in offering personalized solutions to members, helping them adjust to the changing job market and economic conditions.

Additionally, providing financial counseling services can help members manage their debt and make informed decisions. It will be important to support younger members, who are particularly vulnerable to financial stress, by offering tools to manage student debt and rising living costs.

The 2025 economic outlook suggests a year of moderate growth, tempered by high interest rates and inflationary pressures. While these challenges will certainly affect credit unions, there are opportunities for them to play a pivotal role in supporting their members. By offering flexible loan products, financial counseling, and proactive support programs, credit unions can help their members navigate these uncertain times.

The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage.

TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.

© TruStage

CORP-7410156.1-1224-1226

---

Stay ahead of the curve by subscribing to receive credit union news and updates directly to your inbox.

This week’s New York Minute is jam-packed with industry news and valuable insights. From kicking off EXCEL 25, recognizing industry achievements, and keeping you informed on legislative changes, we’ve got everything you need to know in this week’s credit union news.

Registration Open: Save Your Spot at EXCEL 25!

Registration is now open for EXCEL 25, the Association’s Annual Meeting & Convention! Claim your spot now and take advantage of special early bird pricing.

Date: June 12-15, 2025
Location: Sagamore Resort in Bolton Landing, NY

EXCEL, our annual convention, offers a unique opportunity to connect with industry peers, learn from the experts, and gain valuable insights to drive your credit union’s success. Together, we’ll explore the latest trends, share best practices, and collaborate on initiatives that will shape the future of the credit union industry. Learn more and save your spot today!

New Trustees Appointed to FOCUS NY and New York Credit Union Foundation

Your Association welcomes new trustees to both FOCUS NY and the New York Credit Union Foundation. These individuals bring a diverse range of skills and perspectives to the table that can help achieve our mission of supporting credit unions and their members.

FOCUS NY welcomes Andrew Smith, Chief Retail Officer at Sidney FCU, to its board.

The New York Credit Union Foundation welcomes Adam Amesbury, President/CEO of St. Pius X Church FCU, Michele Walczak, CEO of Kaleida Health FCU, and Caroline Schierloh, Chief Experience Officer, Executive VP, TCT FCU, as new trustees. Kasey Kirk, CEO of UFirst FCU, has also been reappointed to a second term to the Foundation’s Board.

We extend a warm welcome to these dedicated individuals and look forward to their valuable contributions.

Stay Updated on New York State Employment Law Changes

With a new year upon us, several significant employment law updates are taking effect in New York State that may impact credit unions and their employees.

Minimum Wage Increase: The minimum wage is increasing across the state, impacting both employee compensation and operating costs for credit unions.

Expanded Paid Leave: The introduction of Paid Prenatal Leave will require credit unions to adjust their leave policies and ensure compliance with these new regulations.

Expiration of COVID-19 Leave: The expiration of COVID-19 quarantine leave in July will impact leave policies and may require adjustments to existing HR procedures.

These changes may require credit unions to review and update their HR policies and procedures to ensure compliance with the new regulations. For more details on these and other important employment law updates, please visit the New York State Department of Labor website.

New York Credit Union Leaders Attend Congress Swearing-In Ceremony

To celebrate the swearing-in of the 119th Congress, credit union leaders from across the country, including representatives from New York, descended upon Washington D.C. to connect with members of Congress and their staff.

These in-person meetings are a unique opportunity for credit union leaders to build relationships and advocate for the credit union industry by highlighting their positive impact on communities. The start of a new Congress provides a valuable opportunity to build and strengthen these relationships and ensure that the voices of credit unions are heard at a national scale.

New York Credit Unions Named by Newsweek as America’s Best

Congratulations to the numerous New York credit unions recognized as “America’s Best Regional Banks and Credit Unions 2025” by Newsweek! This annual list honors financial institutions that demonstrate strong financial performance, exceptional customer/member service, and a commitment to their communities.

We extend our congratulations to the following Association members for this outstanding achievement:

This recognition is a testament to the hard work and dedication of these credit unions to serving their members and communities. See the full list of named institutions below.

Last Call for Scholarship Program Submissions

Don’t miss out! The deadline to apply for the 2025 NYCUA Scholarship Program is Friday, January 17th.

This scholarship program offers financial assistance to high school seniors who are members of participating credit unions. Scholarship funds can be used towards tuition, room and board, textbooks, or other school-related expenses.

To apply, students need to submit the application form, high school transcript, and an essay answering the prompt provided in the application.

---

Stay ahead of the curve by subscribing to receive credit union news and updates directly in your inbox.

A Holiday Message

As we prepare for 2025, I want to take a moment to express my deepest gratitude to each of you. The holiday season offers a special opportunity to reflect on the meaningful connections that enrich our lives and communities.

This year has been defined by your steadfast support and trust, which continue to be the foundation of the New York Credit Union Association. Your dedication to financial wellness, community engagement, and mutual support exemplifies the true spirit of the credit union movement.

Thank you for being an essential part of our credit union community. It is through your unwavering commitment and collaboration that we continue to make a difference, building a brighter future for all.

May this holiday season bring you peace, joy, and treasured moments with your loved ones. Wishing you and your families a season full of happiness and a bright, prosperous New Year!

Warm regards,

This week’s New York Minute is a celebration of the credit union movement. We celebrate the careers of two credit union leaders, recognize the outstanding achievements of our staff and member credit unions, and highlight the importance of giving back to the community.

Staff Spotlight: Kim Cartonia

This week, we’re shining the spotlight on Kim Cartonia, an Engagement Consultant at the Association. She travels statewide to connect with credit unions, sharing valuable insights and resources. Kim actively participates in chapter events, plays a key role in promoting the Lucky Savers Program, and encourages participation in our advocacy initiatives.

When she’s not working, Kim enjoys spending time with her family, playing games, and attending local concerts. Learn more about Kim’s role and her life outside of the Association in her staff spotlight video!

A Fond Farewell to Credit Union Leaders: Recent Retirements

We’re bidding farewell and a happy retirement to two esteemed credit union leaders, Vicky Burdick and Peter Nalaskowski.

Vicky Burdick, CEO of Jamestown Area Community FCU, has dedicated decades to the credit union movement. Her passion has driven her to make a positive impact on the lives of members. As she retires, she leaves behind a legacy of strong leadership and community involvement. The position will be filled by Chris DeLong, the current COO/Manager. We extend our heartfelt thanks to Vicky for her many contributions to the credit union industry and the Association’s Board of Directors.

Peter Nalaskowski, President/CEO of Greater Metro FCU, has also made an impact on the credit union movement. Under his leadership, Greater Metro FCU has experienced significant growth and success. His strategic vision, dedication to members, and commitment to innovation have left a lasting impact. Peter will be succeeded by Keith Kurman, the organization’s current COO. We wish Peter a well-deserved retirement.

We wish both Vicky and Peter a happy and fulfilling retirement. Their contributions to the credit union industry will be remembered for years to come.

Amy Kramer Named as One of the ‘Responsible 100’

We’re thrilled to announce that Amy Kramer, the Association’s Chief Advocacy Officer, has been named one of City & State’s “Responsible 100” for 2024! This prestigious recognition honors individuals who exemplify social responsibility and make a positive impact on their communities.

Amy’s dedication to advocacy and her commitment to improving the lives of New Yorkers have earned her this well-deserved honor. Her work at the Association involves representing the interests of credit unions at the state and federal levels, advocating for policies that promote financial inclusion and economic opportunity.

Congratulations, Amy! To view her full article, click below!

First New York FCU Hosts Annual Toilet Paper Drive

First New York FCU recently wrapped up their annual toilet paper drive, collecting an impressive 13,000 rolls! This generous donation will benefit Catholic Charities Tri-County Services, helping to support local families and individuals in need.

The credit union’s commitment to community service is evident in their successful toilet paper drive. By partnering with Catholic Charities, First New York FCU is making a tangible difference in the lives of those in need.

Act Fast: Your Free Webinar Codes Expire Soon

Friendly reminder: Your complimentary webinar codes are set to expire on December 31! Take advantage of this opportunity to enhance your knowledge and skills with our extensive library of on-demand webinars. Whether you’re interested in compliance, lending, marketing, or other relevant topics, we have something for everyone.

To redeem your codes, click below and look under number 1, “Access Your Promotional Codes.”

Don’t let this valuable resource go to waste!

---

Stay ahead of the curve by subscribing to receive credit union news and updates directly in your inbox.

We are thrilled to share the following news: Governor Hochul has vetoed the controversial bill, A.9230B/S.9383A, which posed significant challenges to New York’s credit unions and their members. This decision reflects the power of our collective advocacy and the unified voice of our credit union community. A copy of the Governor’s veto message (Veto No. 110) can be found here.

This outcome is a direct result of the tireless efforts of your Association, its Governmental Affairs Committee (GAC), and dedicated credit union advocates like you. Together, we highlighted the operational challenges, confusion, and unnecessary costs this legislation would have imposed, ensuring these concerns were brought to the forefront of the Governor’s considerations.

Your participation—whether through sending messages, engaging your teams, or spreading the word—played a critical role in this success. This achievement is a testament to the strength and resilience of our credit union movement when we unite to protect the interests of our members and communities.

“I’d like to thank Governor Hochul for listening to the concerns of New York credit unions and taking the important action of vetoing this bill,” said Association President & CEO William J. Mellin. “This decision reflects her understanding of the vital role credit unions play in supporting millions of New Yorkers and the potential harm this legislation would have caused to their operations and members.”

While we celebrate this milestone, it also serves as a reminder of the importance of staying vigilant and prepared to address future challenges. Advocacy is at the heart of what we do, and your unwavering support makes all the difference.

Thank you for standing with us in this effort. Together, we’ve demonstrated the impact of a collective voice and ensured a brighter future for credit unions across New York.

With gratitude and shared pride,

New York Credit Union Association