In this week’s New York Minute, we’re diving into the latest news and developments in the credit union world. From recognizing the achievements of outstanding leaders to highlighting impactful community initiatives to providing essential compliance updates and more, there’s plenty to catch up on!

Register Today! Final Compliance Quarterly Session of the Year

The last Compliance Quarterly session of the year will delve into the complex issue of fraudulent checks. Mitch Pollack, your Association’s General Counsel, will provide valuable insights and guidance on this critical topic.

During this session, you’ll learn about different types of fraudulent checks and how to identify them, understand the legal and regulatory implications of fraudulent checks, explore best practices for preventing and mitigating fraud, and discover strategies for recovering losses from fraudulent checks.

In addition to Mitch’s expert presentation, you’ll have the opportunity to engage with your peers and ask questions during a dedicated Q&A session. This interactive format will allow you to learn from other’s experiences and share your own insights.

Register below to save your spot!

Northern Credit Union Delivers Hope to Communities in North Carolina

Northern Credit Union has embodied the credit union spirit of people helping people through their recent charitable donations. Following Hurricane Helene, the credit union organized a donation drive to collect essential supplies for areas devastated by the storm.

A tractor-trailer filled with generous donations from Northern New York was delivered to Elkin, North Carolina, where it will be distributed to families in need across Western North Carolina. This remarkable effort highlights the power of community and the positive impact that credit unions can have on people’s lives.

We applaud Northern Credit Union for their compassion and generosity in supporting communities both near and far!

Credit Union Leaders Recognized on “Most Influential” List

We’re extending our congratulations to two exceptional leaders from the credit union industry who have been recognized on Long Island Business News’ “Most Influential Long Islanders” list.

John Deieso, President and CEO of Jovia Financial Credit Union, and Linda Armyn, President and CEO of Bethpage FCU, have been honored for their outstanding contributions to the Long Island community and the credit union movement.

Both John and Linda have proven exceptional leadership, innovation, and a commitment to serving their members. Their dedication to financial empowerment and community engagement has made a significant impact on the lives of many.

Please join us in congratulating John and Linda on this well-deserved recognition!

Palisades CU Contributes Thousands to Local Organizations

Palisades Credit Union is making a positive impact on the community through generous donations. Recently, they donated $7,500 to Tomorrow’s Children’s Fund, a nonprofit organization that supports children with cancer and serious blood disorders. This donation will help TCF continue providing essential services to families in need.

Additionally, Palisades CU contributed $10,000 to the Suffern Rotary Club’s Period Product Initiative, which aims to provide access to essential menstrual products for women in the community. The funds will be used to purchase period products for the Sloatsburg Food Pantry, which distributes them to low-income households.

We’re proud of Palisades CU for their commitment to giving back and improving the lives of their neighbors. By supporting these local organizations, they are making a real difference in the community.

---

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

In this week’s New York Minute, we’re celebrating the achievements of credit union leaders, highlighting innovative programs, and exploring important security considerations. From recognizing industry leaders to promoting financial well-being and community engagement, there’s a lot to catch up on!

Visions FCU Employee Designated Credit Union Development Educator

Congratulations to Tim Strong of Visions Federal Credit Union for being named a Credit Union Development Educator (CUDE)! Tim is among 54 credit union leaders nationwide who recently completed the National Credit Union Foundation’s signature Development Education (DE) program.

The DE program is an intensive training experience designed to equip participants with a deeper understanding of the credit union philosophy and its core principles. Through interactive sessions and workshops, participants explore topics like the “credit union difference,” building empathy with members, and promoting financial well-being for all.

By earning his CUDE designation, Tim is better equipped to be an active example of dedication to the credit union movement and passion for empowering members to achieve financial success. This recognition is a testament to Tim’s commitment to Visions FCU’s mission and his leadership within the credit union community. Click below to see the full list of designees.

Long Island Credit Union Leaders Recognized on Top 50 Women in Business List

Congratulations to Sarah McCandless of Suffolk Credit Union and Tricia Daley of Ocean Financial Federal Credit Union for being named to Long Island Business News’ prestigious Top 50 Women in Business list!

This recognition honors the outstanding achievements of women leaders on Long Island, and we’re proud to see two credit union professionals recognized for their contributions to the industry and their communities. Both Sarah and Tricia have demonstrated exceptional leadership, innovation, and a commitment to serving their members.

We commend Sarah and Tricia for their well-deserved recognition. To view the full list, click below!

Cornerstone Community FCU Gives Back to the Local Organizations

Cornerstone Community Federal Credit Union has shown its commitment to local communities by providing an impressive $27,000 donation to three local organizations: Niagara Hospice, Kenan Center, and Buddy’s Second Chance Rescue. Each of these beneficiaries will receive $9,000 to further their individual missions and it was made possible by the efforts of Cornerstone’s 2nd Annual Community Day.

This successful event brought together the community for a day of fun, food, and fundraising. With a variety of activities, including food trucks, raffles, games, and vendor booths, the event attracted a large crowd and raised significant funds for these worthy causes.

Cornerstone is dedicated to giving back through its ongoing support of local organizations and initiatives. By organizing events like Community Day, they are making a positive impact on the lives of many and living the credit union mission of “People Helping People.”

Cybersecurity Advisory: DFS Warns of Risks Associated with Remote Employees

The New York State Department of Financial Services (DFS) has issued a warning to all regulated entities about potential security risks associated with hiring remote technology workers. Recent reports indicate an increase in attempts by North Korean threat actors to gain access to company systems by posing as qualified IT job applicants.

These threat actors often use deceptive tactics, such as creating fake identities, using virtual private networks to mask their true location, and requesting remote access to company systems. To protect against these threats, the DFS recommends that companies implement rigorous hiring processes, including thorough background checks and identity verification. Additionally, companies should strengthen their cybersecurity measures, such as monitoring network activity, restricting remote access, and conducting regular security assessments. By taking these proactive steps, financial institutions can mitigate the risks associated with hiring remote workers and safeguard their sensitive information.

Read the full letter below.

---

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

In this week’s New York Minute, we’ve got the latest news from credit unions across the state. From advocacy comments and strategic partnerships to board leadership and community support, there’s plenty to catch up on.

Association and America’s Credit Unions Respond to Rep. Claudia Tenney’s Recent Comments in Joint Letter

Your Association and America’s Credit Unions have sent a letter to Rep. Claudia Tenney addressing recent comments she made about credit unions. The letter highlights the value of credit unions to the community and the importance of their tax-exempt status.

The letter, signed by both Association President/CEO William J. Mellin and America’s Credit Unions President/CEO Jim Nussle, emphasizes that credit unions are not-for-profit cooperatives that are owned by their members and exist to serve their best interests. They offer a range of financial services, including checking and savings accounts, loans, and investment products. Credit unions are known for their competitive rates, lower fees, and personalized service. They are also committed to giving back to their communities through financial education programs, volunteerism, and charitable donations.

The letter also addresses concerns about credit union field of membership and tax exemptions. It highlights the importance of these provisions in ensuring that credit unions can effectively serve their members and promote financial inclusion.

Take Action!
You can help support credit unions by contacting Rep. Tenney’s office and expressing your support for the credit union movement. You can also share your personal story about how a credit union has positively impacted your life.

Read the full letter below for more information.

The Association Enters Strategic Partnership with CUCollaborate

Your Association is excited to announce a new strategic partnership with CUCollaborate! This collaboration aims to empower credit unions across the state to achieve their growth and expansion goals.

This partnership will provide member credit unions with a range of benefits, including access to tools and resources that can help them expand their reach, improve their impact, and enhance their members’ experience. By leveraging CUCollaborate’s expertise and technology, credit unions will be able to leverage data-driven insights, access expert support, and implement effective growth strategies. This collaboration will enable credit unions to meet the evolving needs of their members and strengthen their position in the market.

“This partnership aligns perfectly with our mission to support, advocate for, and advance credit unions across New York State,” says William J. Mellin, Association President & CEO. “Together, we’ll ensure credit unions have the resources they need to grow, innovate, and meet the evolving financial needs of their communities.”

To hear more about what to expect from CUCollabortate, mark your calendars and register for an introductory webinar on November 20 at 10 am! Link to the webinar below.

Rochester Business Journal’s Power List Names Three CU Leaders

Congratulations to the three credit union leaders from the Rochester area who have been named to the Rochester Business Journal’s 2024 Power List for Banking & Finance!

Pamela Heald, President and CEO of Reliant Credit Union, has been recognized for her leadership in fostering a strong team culture and providing exceptional service to members. Under her guidance, Reliant has been named a top workplace multiple times and has been recognized for its commitment to community development.

Laurie Baker, President and CEO of The Summit Federal Credit Union, is known for her dedication to serving members and the community. She has led the credit union in numerous community initiatives, such as sponsoring events and supporting local nonprofits. Baker is also passionate about financial education and empowering members to achieve their financial goals.

Faheem Masood, President and CEO of ESL Federal Credit Union, has been recognized for his leadership in building a strong and member-focused organization. ESL has experienced significant growth under Masood’s leadership, and he is committed to delivering innovative financial solutions to members.

These three leaders exemplify the commitment to excellence and community service that is characteristic of the credit union movement. Their recognition on the RBJ Power List is a testament to their hard work and dedication. To view the full list, click below!

Mark Your Calendars: Federal Home Loan Bank of New York Board Election

The Federal Home Loan Bank of New York’s Board of Directors election will take place this November. We are excited to share that Brad Calhoun, President and CEO of Teachers Federal Credit Union is seeking election to the board.

As members of the FHLBNY, which serves a vast network of financial institutions across New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands, it’s crucial to have leaders who are committed to advancing FHLBNY’s mission of supporting housing and local community development. Let’s ensure our community and its interests are represented by voting in this important election.

Your vote is essential in electing representatives who understand the unique challenges and opportunities facing credit unions today.

“As the Federal Home Loan Bank of New York’s Board of Directors elections open, we have a unique opportunity to shape the future of our financial services community,” said Association President & CEO William J. Mellin. “It’s crucial that our leadership reflects the values and needs of credit unions. Having Brad Calhoun serve on the board assures us that our voice will be heard. I encourage all eligible members to participate in this important election.”

Meet the newest Account Executive from TruStage, Deb Perini!

We’re excited to introduce Deb Perini, a new TruStage Account Executive who will be supporting credit unions in Western and Central New York. Deb brings a wealth of experience to the table, with over 20 years in the financial services industry. She has held key managerial roles at credit unions like Belco Community CU and PSECU, as well as banks like PNC Bank, before joining TruStage as a Regional Program Consultant in their Wealth Management Division.

Deb’s passion for the credit union movement and her extensive knowledge of TruStage products make her a valuable asset to the team. She’s eager to connect with and help ensure her clients have the resources and support to provide exceptional value to members.

Suffolk Credit Union Supports G.O.O.D. with $10,000 Donation

We’re spotlighting Suffolk Credit Union for their $10,000 donation to Guardians Of Our Dependents (G.O.O.D.). This donation will help support the families of fallen and injured police officers in Suffolk County and beyond.

G.O.O.D. provides essential assistance to families during their time of need, helping to cover expenses like mortgages, groceries, and childcare. Suffolk Credit Union’s generous contribution will make a significant impact on these families, ensuring they have the support they need to cope with their loss and rebuild their lives.

We commend Suffolk Credit Union for their commitment to supporting our local heroes and their families.

---

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

In this week’s New York Minute, we’re diving into the latest news from credit unions across the state. From board member spotlights to industry awards and community initiatives, there’s plenty to catch up on.

Meet Our Board: Gary Gizowski

Learn about Gary Gizowski, President and CEO of Educational & Governmental Employees Federal Credit Union and a dedicated member of the Association’s board of directors. Gary has been a driving force in the credit union industry for over three decades, known for his passion for serving others and his commitment to the credit union movement. He has played a pivotal role on your Association’s board and in advocating for the rights of New York’s credit union members.

Read the full blog to learn more about Gary’s career, his insights, and his dedication to the credit union movement.

Inclusiv Awarded $1.87 Billion for Clean Energy Investment

The EPA has awarded Inclusiv $1.87 billion through the Greenhouse Gas Reduction Fund Clean Communities Investment Accelerator (CCIA) program. The program will prioritize communities that have historically faced barriers to accessing clean energy and financial services. This funding will enable Inclusiv to support credit unions in providing energy efficiency and clean energy solutions to low-income and disadvantaged communities across the country.

Inclusiv will use the CCIA award to provide grants for capitalization, staffing, training, and other resources to help credit unions build and scale effective green lending programs.
This will enable credit unions to offer loans for energy-efficient upgrades, renewable energy systems, and other clean energy projects to households and small businesses in underserved communities. Furthermore, Inclusiv will develop a consumer financial empowerment platform for climate resilience, providing resources and education to help individuals and businesses understand the benefits of clean energy and make informed financial decisions. The platform will also connect community lenders with minority- and worker-owned clean energy businesses, fostering collaboration and supporting economic development.

For more information on this program and what the grant means for Inclusiv, click below!

First New York FCU Celebrates 20 Years of In-School Student-Run Branch

Congratulations to First New York Federal Credit Union on the 20th anniversary of its in-school student-run branch program. This innovative program has been providing valuable real-world experience and financial education to students in the Capital Region.

The Schenectady City School District’s high school branch, the Patriot Branch, was the first in the region to participate in the program, which is exclusively offered through First NY FCU’s KIDS Banking Program. The Patriot Branch is staffed by student volunteers who provide banking services to their school district, staff, and colleagues. This experience helps students develop valuable skills and prepare for future career opportunities. Over the past two decades, students have gained hands-on experience as tellers, learned financial marketing and new account sales fundamentals, and earned rewards for their saving efforts.

Learn more about this program and the milestone below!

Photo courtesy of Schenectady City Schools

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

---

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