In this week’s New York Minute, we pay tribute to the life and legacy of John Prumo, a true pioneer in the credit union industry. Additionally, we highlight the achievements of several credit unions, from recognizing industry leaders to supporting community initiatives. Join us as we celebrate the impact and power of New York’s credit unions.

Celebrating the Legacy of John Prumo

We are deeply saddened to announce the passing of John Prumo, a true icon in the credit union industry. John’s contributions to the New York credit union movement were immeasurable, and his legacy will continue to inspire generations to come.

John served as a dedicated leader at GPO Federal Credit Union for over four decades as President & CEO, guiding the credit union to significant growth and success. His leadership extended beyond GPO, as he served on the boards of the New York Credit Union Association and the Credit Union National Association (now America’s Credit Unions).

John was a visionary and a pioneer, always striving to improve the lives of credit union members. His induction into the Credit Union House Hall of Leaders and the New York Credit Union Association Hall of Fame is a testament to his extraordinary achievements.

“While we mourn John’s passing, we honor his legacy, which will continue to inspire us all,” said Association President & CEO William J. Mellin. “Our thoughts and deepest sympathies are with his family, friends, and everyone touched by his tremendous contributions.”

We extend our deepest condolences to John’s family and friends. His memory will forever be cherished by the credit union community. Additional details can be found here.

Carl Swan Named as Inner Lakes FCU’s Next President & CEO

Inner Lakes Federal Credit Union has announced the appointment of Carl Swan as its new President and CEO. With over 20 years in the financial services industry, Carl has a proven track record of success. Most recently, he served as the Senior District Manager at Community Bank, N.A., where he led the Buffalo and Western New York market.

Carl is actively involved in various organizations. He serves on the boards of the Westfield Development Corporation, Chautauqua Home Rehabilitation and Improvement Corporation, and the Westfield Hospital Foundation Audit Committee. He has also volunteered as a karate instructor at the YWCA of Westfield and has coached youth basketball, football, and Bible quizzing.

Please join us in congratulating Carl and the Inner Lakes team!

TrailNorth FCU Opens First Student Branch

TrailNorth Federal Credit Union is promoting financial literacy among the next generation with the grand opening of their first-ever student branch at Ticonderoga High School! This innovative initiative provides over 300 students with a convenient on-campus location to learn essential money management skills.

The branch, located next to the school cafeteria, will be staffed by a TrailNorth representative alongside student ambassadors. The student branch offers Ticonderoga High School students and faculty the opportunity to open accounts, gain real-world experience, and exercise financial literacy. Kudos to TrailNorth FCU for their commitment to empowering the next generation with the knowledge and tools to manage their financial health early.

O&R Utilities Employees FCU Donates to Hospice of Orange & Sullivan for Giving Tuesday

O&R Utilities Employees FCU recently celebrated Giving Tuesday by making a donation of $10,000 to Hospice of Orange & Sullivan. This gift will support the hospice’s mission of providing compassionate care to patients and families facing terminal illness throughout Orange and Sullivan counties.

The credit union’s donation highlights their commitment to giving back to the community. By supporting Hospice of Orange & Sullivan, O&R Utilities Employees FCU is helping to ensure that patients and their families receive the care and support they need during difficult times.

Sunmark CU Celebrates Giving Tuesday with 10 Local Organizations

This Giving Tuesday, Sunmark Foundation, the charitable organization from Sunmark CU, spread holiday cheer by donating $10,000 to ten local non-profit organizations. The funds will support a variety of causes, from empowering young women and promoting animal welfare to assisting those in need.

• The recipients of this generous donation include:
• Girls Inc. of the Greater Capital Region (Albany)
• YWCA of Northeastern NY (Schenectady)
• City Mission of Schenectady
• Pride Center of the Capital Region (Albany)
• Alliance for Safe Kids (Yorktown Heights)
• Night Out for You (Latham)
• Capital District Women’s Employment & Resource Center (Albany)
• The Charlton School (Charlton)
• Perfect Ten (Hudson)
• Mohawk Hudson Humane Society (Menands)

By supporting these organizations, Sunmark Credit Union is making a tangible difference in the lives of countless individuals and families. We commend Sunmark for using their reach to make a positive impact on their community. It’s a great example of the credit union philosophy of “People Helping People.”

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In our latest New York Minute, we celebrate the achievements of our member credit unions, from fostering exceptional workplaces to giving back to the communities they serve, and explore expert info on mitigating loan delinquencies, a critical topic in today’s economic climate. Get this week’s credit union news in our New York Minute!

New York CUs Named Best Places to Work in Financial Services & Insurance Industries

We’re proud to announce that three New York credit unions have been recognized among the best workplaces in the financial services industry! ESL FCU, Bethpage FCU, and Quorum FCU have all made the Fortune Best Workplaces in Financial Services & Insurance list for 2024.

This list recognizes these credit unions’ commitment to creating positive and inclusive work environments. By prioritizing employee well-being, fostering a strong company culture, and offering opportunities for growth and development, these credit unions have set a high standard for the industry.

We congratulate ESL FCU, Bethpage FCU, and Quorum FCU on this well-deserved honor. Their success demonstrates the power a positive work environment can have on employees and members alike. See the full list below!

Credit Union CEOs Named 2024 Top Chief Officers

Please join us in congratulating Michele Dean, CEO of Suffolk Credit Union, and Joseph Tedesco, President & CEO of Ocean Financial FCU, for being named to Long Island Herald’s 2024 Top Chief Officers on Long Island in the Business & Finance category!

Michele Dean is a seasoned financial services executive and has been instrumental in Suffolk CU’s success. Her strategic leadership, combined with her commitment to community development and employee empowerment, has positioned Suffolk CU as a leading financial institution on Long Island.

Joseph Tedesco has led Ocean Financial FCU with vision and dedication. His focus on employee development, talent management, and member satisfaction has propelled the credit union to new heights. Tedesco’s commitment to giving back to the community is evident through his involvement with various charitable organizations.

We commend both Michele and Joseph for their outstanding leadership and their contributions to the Long Island community. Their recognition as Top Chief Officers is a testament to their exceptional work. To see the full list, click below.

Cornerstone Community FCU Receives Niagara Hospice Labor of Love Award

Cornerstone Community Federal Credit Union has been recognized for its outstanding community service by Niagara Hospice. The credit union received the 2024 Niagara Hospice Labor of Love Award, which honors organizations that embody the hospice’s values of compassion, care, and commitment to the community.

Cornerstone has been a steadfast supporter of Niagara Hospice for over 25 years, contributing to various initiatives such as the Spring Bouquet Sale, Gran Fondo, and the Hospice House expansion. Their dedication to giving back to the community has made a significant impact on countless lives.

First Choice Financial FCU Supports St. Mary’s Cancer Center

First Choice Financial Federal Credit Union has shown its commitment to community health by donating $2,000 to the St. Mary’s Cancer Center. The funds were raised through a month-long campaign involving both members and staff. This generous donation will be used to support the St. Mary’s Patient Transportation Fund, ensuring that patients have access to essential medical care.

First Choice Financial FCU’s dedication to giving back to the community is commendable. Their support of St. Mary’s Cancer Center will make a significant difference in the lives of many patients and their families.

Mitigating Loan Delinquencies, Protecting Members and Strengthening Credit Union Resilience with Embedded Payment Protection Insurance

By Danielle Sesko, Director of Product Management at TruStage™

In today’s continually challenging economic landscape, more and more credit unions are becoming acutely aware of the potential impacts – and fallout – defaulting and delinquent borrowers pose. With the U.S. economy continuing to be affected by ongoing inflation, consumers’ purchasing power has been reduced, putting pressure on household budgets, and making it challenging for borrowers to repay their consumer loans. With some rate relief likely on the way, previous rate hikes aimed at controlling inflation have still increased borrowing costs considerably, further exacerbating debt management problems for members.

Consequently, the debt-to-income ratio (DTI) is also rising across all demographics, especially among lower-income earners who must allocate a larger portion of their income towards existing debt payments. Larger households are particularly impacted, facing exponential increases in debt obligations, including credit card and auto loan balances.

The statistics are stark. Recent American debt reporting has revealed that younger generations are struggling with debt more than ever, especially credit card and auto loan debt, with delinquency rates now exceeding pre-pandemic levels.

According to data from Debt.org, in December 2023¹, the average nonmortgage debt across different age groups includes:

18-29-year-olds: $69 billion total, $12,871 average
30-39-year-olds: $1.17 trillion, $26,532 average
40-49-year-olds: $1.13 trillion $27,838 average
50-59-year-olds: $98 billion, $23,719 average
60-69-year-olds: $64 billion, $16,661 average
70 and older: $36 billion $9,827 average¹

These numbers further underscore the financial struggles faced by so many of today’s consumers. Credit unions understand that their members seek loans out of necessity – to cover unexpected expenses or make significant purchases like a vehicle or home. By gaining a deeper understanding of the underlying trends, demographic variations, and economic drivers affecting their members, credit unions could more effectively implement strategies to better mitigate risks and promote financial stability.

An increasing number of credit unions are adopting strategies like payment protection insurance to shield their members from vulnerabilities and unforeseen financial hardships, such as unexpected job loss or disability that could impact their ability to repay loans. The key lies in integrating this insurance seamlessly into the lending process itself – especially within the digital channels – without adding complexity or friction for members. This approach ensures payment protection insurance is seen as the valuable solution it truly is, one that aligns with members’ primary financial goals, helping to provide them with extra protection and peace of mind in an uncertain economy.

And it is not only the members who benefit. An embedded payment protection insurance strategy also helps the credit union. Not only does it help mitigate risk for the institution’s loan portfolio, but it also enhances member experience. In an increasingly competitive lending market, offering insurance that protects members against default due to unforeseen circumstances, enables credit unions to differentiate their services, expand their member base and focus on building relationships. By showing genuine care and a clear dedication to members’ financial well-being, credit unions can not only foster long-term loyalty but also create new opportunities to grow accounts and drive revenue.

Credit unions understand the rippling impacts and effects of defaulting borrowers and the necessity for a robust loan delinquency risk mitigation strategy, one that seamlessly integrates prudent lending practices, proactive risk management, and comprehensive data aggregation. By addressing the needs of both the institution and its members alike, an embedded payment protection insurance strategy may provide the financial security that supports members’ primary financial goals while also helping credit unions achieve their business objectives, ensuring a more sustainable and secure environment for everyone.

Danielle Sesko is the Director of Product Management at TruStage. Danielle has been with TruStage for over 10 years and has held a variety of roles ranging from financial leadership to transformation and product development. Prior to joining TruStage, Danielle spent her career in financial services and Mergers and Acquisitions. Danielle currently leads TruStage’s Digital Lending Insurance initiative which is focused on creating new digitally native products for new markets. 

¹Debt.org, Demographics of Debt, December 2023
The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage.
TruStageTM Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.
PGI-6875798.2-0924-1026

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Happy Thanksgiving from the New York Credit Union Association! This week, we celebrate with a message from your Association, highlight Inna Sprague of Teachers FCU for her recent recognition, provide important event updates, and more!

A Holiday Message from President/CEO William J. Mellin

Happy Thanksgiving!

As we gather with loved ones to celebrate Thanksgiving, I wanted to take a moment to express my gratitude for each and every one of you. Your hard work, dedication, and commitment to New York credit unions, and the credit union movement as a whole, has made this year a success, and for that, I am truly thankful.

This year has been filled with opportunities for growth, unity, and success. Together, we have faced every moment with determination, turning challenges into stepping stones for progress. Your resilience, hard work, and dedication have been truly inspiring. Through your collective effort and unwavering commitment, we have achieved remarkable goals and continue to have a positive impact on our communities. Thank you for your enthusiasm, teamwork, and perseverance in making this year extraordinary.

From my family to yours, I wish you a happy and safe Thanksgiving!

Sincerely,
Bill

Inna Sprague of Teachers FCU Named to American Banker’s “Most Powerful Women in Credit Unions” List

A round of applause for Teachers Federal Credit Union‘s Inna Sprague for her recognition on American Banker’s “Most Powerful Women in Credit Unions” list for 2024. This prestigious list honors female leaders who are shaping the future of the credit union industry.

Sprague, the Chief Experience Officer at Teachers FCU, is a champion for both innovation and human connection. Her leadership has been instrumental in Teachers FCU’s recent brand refresh, website redesign, and expansion into new markets. Sprague also recognizes the challenges members face in today’s economic climate.

Congratulations to Inna and Teacher’s FCU! To view the full list, click below.

Mark Your Calendar: America’s Credit Unions Swearing-in Events in Washington, D.C.

Join fellow America’s Credit Union members in Washington, D.C. for the upcoming swearing-in ceremony of our newly elected officials as well as other ACU events, which offer a unique chance to connect with your credit union industry peers from across the country.

Thursday, January 2
5 pm-7 pm: Welcome Happy Hour at Hilton Washington DC Capitol Hill

Friday, January 3
8 am-9 am: Welcome Breakfast at Hilton Washington DC Capitol Hill
1 pm-4 pm: Swearing-In Reception

Accommodations: ACU has secured a room block at the Hilton Washington DC Capitol Hill for the night of January 2nd. To book your room at this discounted rate, click below!

To RSVP, please email Andy Byun at abyun@americascreditunions.org or Ophelie Maurice at omaurice@americascreditunions.org. We look forward to seeing you in Washington, D.C. in January as we celebrate a new chapter!

Last Chance! Send in Your Crash the GAC 2025 Application

Calling all young credit union professionals looking to make a difference! The Cooperative Trust’s Crash the GAC program offers an incredible opportunity to immerse yourself in the credit union movement. By applying to Crash the GAC 2025, you’ll have the chance to network with industry leaders, advocate for credit unions on Capitol Hill, and gain valuable insights into the latest trends and challenges facing the industry.

To apply, submit a 60-second video explaining why you should be selected to represent your credit union and state at the GAC. Applications will be judged based on passion and enthusiasm for the credit union movement. For more information and to apply, click below!

Island Federal Names Craig Booth as New President & CEO

Island Federal Credit Union has announced Craig A. Booth as its new President and Chief Executive Officer! Bringing over 25 years of credit union experience and a decade of experience within Island Federal itself, Craig’s dedication to the industry and his community shines through. His journey at Island Federal has seen him excel in various roles, including Senior VP of Technology and most recently, Executive VP and Chief Operating Officer.

Craig is a proud National Guard veteran, a graduate of the prestigious Credit Union Executive Society CEO Institute, and currently serves as a director on the board of trustees for the New York Credit Union Foundation.

Congratulations to Craig and the Island Federal team!

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This week’s New York Minute is packed with exciting updates. Learn about the latest achievements of credit union leaders, discover how credit unions are making a positive impact on their communities, and more. Tune in for the latest news shaping the credit union industry.

Staff Spotlight: Meet Marge Kazz

Marge Kazz is a valued member of the Association team and has been a driving force in supporting credit unions across the state. With a passion for the industry and a wealth of experience, Marge has dedicated her career to helping credit unions thrive.

In her role, Marge provides invaluable support to credit unions, assisting with strategic planning, field of membership expansions, and other essential services. She takes pride in helping credit unions grow and succeed, and her dedication is evident in the positive impact she has on the industry.

To learn more about Marge and her work, watch her staff spotlight below!

Linda Armyn Gives Keynote Address at Women’s Leadership Conference

Linda Armyn, President and CEO of Bethpage Federal Credit Union, recently delivered a keynote address at the Hauppauge Industrial Association’s (HIA-LI) 14th Annual Women’s Leadership Conference. Her inspiring talk focused on leadership, innovation, and the importance of empowering women in the workplace.

In her address, Linda shared the story of her journey as a female leader in the financial services industry. Under her leadership, Bethpage FCU has become a leading financial institution on Long Island and is known for its commitment to community engagement and financial education.

Congratulations to Linda for her outstanding leadership and her dedication to empowering women. Her participation in this conference highlights the significant role that credit union leaders play in shaping the future of business and finance.

United Nations FCU Hosts 7th United in Sustainability Summit for Credit Union Industry

The 7th United in Sustainability (UIS) Summit, hosted by the United Nations Federal Credit Union, brought together credit unions from around the world to discuss and implement sustainable practices. The event highlighted the crucial role credit unions play in addressing climate change, social inequality, and financial inclusion.

The summit provided a platform for credit unions to explore strategies for measuring and reducing their carbon footprints, financing sustainable projects, promoting social innovation, and effectively communicating their sustainability efforts through ESG reporting and disclosure.

By collaborating and sharing best practices, credit unions can drive positive change and build a more sustainable future.

Suffolk Credit Union Donates $10,000 to “Give Vets a Smile Day”

Suffolk Credit Union has shown its commitment to supporting veterans by donating $10,000 to Catholic Health St. Charles Hospital’s “Give Vets a Smile Day.” This program aims to provide essential dental care to underserved veterans who may not qualify for VA dental benefits. By partnering with healthcare providers like Catholic Health St. Charles Hospital, Suffolk Credit Union is helping to ensure that veterans have access to the oral health care they need.

This initiative aligns with the American Dental Association’s goal of promoting oral health equity for all. By supporting programs like “Give Vets a Smile Day,” Suffolk Credit Union is making a positive impact on the lives of veterans and helping to address a critical healthcare need.

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New York credit union leaders met with Representative Claudia Tenney (R-NY, 24th District) to address concerns raised by her recent comments regarding the credit union industry. Organized collaboratively by the Association and America’s Credit Unions, this meeting served as a follow-up to a previous letter sent to Rep. Tenney.
 
During the discussion, New York credit union leaders shared compelling data and real-life examples highlighting their community impact and unwavering commitment to their members, particularly in lower income and underserved areas. Credit union leaders emphasized their commitment to working with all policymakers to ensure a sustainable future for the industry while also addressing any concerns Congress may have. Rep. Tenney engaged actively, acknowledging the important work of credit unions and the valuable role they play in promoting financial inclusion.
 
“We appreciate Rep. Tenney’s willingness to engage in this productive discussion,” said Association President & CEO William J. Mellin. “We look forward to continued collaboration to advance the mission of our credit unions in delivering essential financial services to their members and communities.”
 
Your Association will continue to ensure the unique contributions of credit unions and the crucial role they play within the financial services landscape are recognized and understood by our elected officials. We thank the leadership efforts of the credit union representatives who attended the meeting.