In this week’s New York Minute, our “Staff Spotlight” features Amy Kramer, the Chief Advocacy Officer at the Association, we celebrate Linda Armyn’s achievement as CEO of the Year, we detail chapter events across the state taking place this summer, and explain the implications of cannabis rescheduling on financial institutions. Don’t miss out on your weekly credit union news updates in the New York Minute!

Staff Spotlight: Meet Amy Kramer

Get to know Amy Kramer, the Chief Advocacy Officer at the Association, in our latest staff spotlight video. With over two decades of expertise in government, corporate, and association management, Amy brings a wealth of experience to the Association.

Between her job advocating and educating leaders on the importance of credit unions and keeping up with her two teenage daughters, Amy is a powerhouse in making sure things get done. Discover more about Amy’s journey and her impact on the credit union movement in our latest Staff Spotlight video.

Linda Armyn Named ‘CEO of the Year’ by Long Island Hispanic Chamber of Commerce

The Association extends congratulations to Linda Armyn, President & CEO of Bethpage Federal Credit Union, for being named ‘CEO of the Year’ by the Long Island Hispanic Chamber of Commerce. This accolade was awarded at the 18th Annual Latina Hat Luncheon held on May 22, at the Crescent Beach Club in Bayville.

Linda’s leadership at Bethpage FCU has been transformative, and this recognition is a testament to her commitment to excellence and impactful community engagement. Join us in celebrating Linda’s outstanding achievement in leadership and her dedication to advancing the credit union mission.

For more information on this event, check out the video at the link below!

Mark Your Calendar: Chapter Events Happening This Summer

This summer is packed with exciting events for New York’s credit union community! Whether you’re looking to celebrate achievements, enhance your professional network, or simply enjoy some fun and relaxation with peers, there’s something for everyone. Check out our lineup of upcoming activities across the state:

June Events:
Central New York Chapter Annual Dinner & Awards Night: This annual gathering is a chance to celebrate scholarship winners, enjoy guest speakers, and participate in raffles.
Wednesday, June 5th at 5:30 pm at
Dinosaur BBQ in Syracuse
Admission: $25 for affiliates, $35 for non-affiliates/vendors
RSVP by May 31st!

Southern Tier Chapter Annual Golf Tournament: This tournament supports Upstate Golisano Children’s Hospital & the Southern Tier Chapter.
Thursday, June 20th
Belden Hill Golf Club
Registration at 9:15 am, 10:00 am tee-off.

Rochester Area Credit Unions Scholarship Golf Tournament: This event offers a chance to support education through scholarships.
June 26th
Shadow Lake Golf Club
Penfield, NY
RSVP by May 1st for discounted pricing!

Long Island Chapter Networking Event: Meet, network, and enjoy an evening of cocktails and appetizers. The event supports the Tunnel to Towers Foundation, with a special guest speaker from the FBI, Rachel Cartwright.
June 26th
Lombardi’s on the Bay
Patchogue, NY
RSVP by June 7th

July Events:
Southern Tier Annual Clam Bake & 2nd Annual Corn Hole Tournament: Save the date for a day of delicious food and family fun! More details to follow.
July 10th
Mountain Top Grove

Capital Chapter Day at the Track: Experience the thrill of horse racing with fellow Capital Region credit union professionals. More details will be provided as the date approaches.
July 11th
Saratoga Race Course
267 Union Avenue
Saratoga Springs, NY

August Events:
Central New York Chapter–D’Amico Golf Tournament: Tee off on a full day of golf, starting with a putting contest and ending with a light fare dinner. This event mixes sport with networking in a scenic setting.
Tuesday, August 6th
Cazenovia Golf Course
10 am shotgun start
$125 per person

These events are perfect opportunities to connect with peers, celebrate achievements, and support meaningful causes within our communities.

Cannabis Rescheduling: What This Means for Financial Institutions

By: Chris Van Dyck, Partner at Cogent Law Group

On April 30th, the Department of Justice recommended that cannabis be rescheduled from Schedule I in the Controlled Substances Act, which includes drugs like cocaine and LSD, to Schedule III, which includes substances like ketamine and Tylenol containing codeine.

The rescheduling process will be a lengthy, months-long process conducted through rule-making. The rule-making process includes three-steps, initially involving publication by the Drug Enforcement Agency of a proposed rule, then, a period during which interested parties may offer their comments about the proposed rule, together with suggestions for amendments and, thereafter, publication of a final rule.

For now, nothing has changed regarding banking cannabis accounts. The accounts remain high risk and will continue to be subject to the expectations in the 2014 FinCEN Guidance, which include enhanced onboarding, monitoring, obtaining related party information, obtaining financial data, and ongoing SAR filings. Even when cannabis is rescheduled, these expectations will remain in place at least until FinCEN revises its Guidance.

While there are legal and reputational risks associated with banking cannabis, the greatest risk, in my view, has always been the compliance/regulatory risk. Financial Institutions’ prudential regulators will still expect their regulated entities to follow the FinCEN Guidance while it is still in place. Whether regulators take a more elastic approach when examining financial institutions’ cannabis programs with this news about rescheduling remains to be seen.

It is arguable that, when cannabis is rescheduled, this will lead to some legal and reputational de-risking for financial institutions. While cannabis will remain federally illegal even as a Schedule III drug, the chance of a financial institution being prosecuted which, in my view, has always been minimal, will become even more remote. Likewise, while the stigma of being associated with cannabis has diminished significantly over the years, it will likely all but go away with rescheduling. This may lead to more financial institutions jumping into the cannabis space. With greater competition, this may lead to downward pressure on pricing.

Chris Van Dyck is a partner at Cogent Law Group. He has worked extensively in the canna-banking space for the last ten years. He was the Maine Bureau of Financial Institution’s attorney from 2008 to 2014 and, thereafter, he was the General Counsel, Compliance Officer and BSA Officer at cPort Credit Union located in southern Maine. If you would like to talk with him about cannabis banking, please feel free to give him a call at 207-844-0196.

Want to hear more from Chris Van Dyck? Register for our Cannabis Banking Conference this fall, where Chris will be presenting! Click below to register today! 

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This week’s New York Minute features engaging updates and inspiring stories from across the credit union community. We shine the spotlight on Laurie Baker, President and CEO of The Summit Federal Credit Union, learn more about the Association’s participation in Habitat for Humanity’s Capitol Build Day, and celebrate the new leadership at Actors Federal Credit Union. Plus, get insights on preparing members for homeownership with valuable strategies and resources.

Director Spotlight: Meet Laurie Baker

This week, we spotlight Laurie Baker, President and CEO of The Summit Federal Credit Union and member of the Association’s Board of Directors. Discover Laurie’s inspiring journey within the credit union industry, from her early experiences as a teller to leading the credit union.

Dive into her story to learn about the impactful roles she has played, her dedication to community service, and her insights into the credit union movement. To read all about Laurie’s contributions and her vision for the future of credit unions, click below!

Credit Unions Participate in Capitol Build Day in Partnership with Habitat for Humanity

On Tuesday, May 21st, New York credit unions converged on the steps of the Capitol building in Albany to participate in Capitol Build Day organized by Habitat for Humanity New York State. This event allowed volunteers to frame the walls of a house to be donated to a New York resident. The purpose of this event was to bring people together to build homes, communities, and hope, as well as bring increased attention to affordable housing in New York State.

As the presenting sponsor, New York credit unions were able to raise over $50,000 to benefit the event and over 80 credit union volunteers participated in the build. The Association would like to thank all credit unions who raised funds for the event and/or provided volunteers. Thank you to:

Their contributions were instrumental in making Capitol Build Day a resounding success. The collaboration between credit unions and Habitat for Humanity, as well as the other volunteering organizations, highlights the significant impact that community-focused organizations can have when they work together towards a common goal. This event would not have been possible without your generosity and support.

We would also like to thank the many state senators and assembly members who stopped by throughout the day to join in on the build. The involvement of these lawmakers not only highlighted the bipartisan support for addressing housing issues, but also provided an opportunity for them to engage directly with their constituents and witness the positive impact of such community-driven efforts. Their hands-on participation and encouragement were greatly appreciated by all volunteers and organizers.

In addition to the physical build, the event included a brief ceremony where several key figures addressed the volunteers. Notable speakers were Bill Mellin, President & CEO of the New York Credit Union Association and Mary Robinson, President & CEO of Habitat for Humanity New York State.. Their speeches underscored the positive impact of collaborative efforts and emphasized the need to provide secure, stable homes for New York residents.

This is the second time Habitat for Humanity of New York State hosted this event at the Capitol and have been joined by New York’s credit unions as a presenting sponsor. “Capitol Build Day exemplifies the credit unions’ mission of ‘People Helping People’” stated Bill Mellin. “We’re honored to partner with Habitat for Humanity to be able to assist in providing affordable housing to New Yorkers, and we will continue to engage in initiatives that foster financial growth and opportunities in our communities.”

The successful Capitol Build Day has not only provided a deserving family with the hope of a new home but has also set a precedent for future events. Both Habitat for Humanity New York State and New York credit unions are committed to continuing their partnership and exploring more opportunities to support affordable housing projects across the state.

Chuck Brown Named as New President & CEO of Actors Federal Credit Union

The Association congratulates Chuck Brown on his appointment as the President and CEO of Actors Federal Credit Union. Chuck has been an integral part of Actors FCU since 1986 where he started as a lending underwriter and progressed to chief compliance and risk officer, and now to the helm of the organization.

Chuck’s deep commitment to an extensive experience within the credit union are set to guide Actors FCU into the future. His leadership is poised to enrich the credit union’s offerings, aligning with its mission to serve its members and the creative community with integrity and dedication. We look forward to seeing the impact of his vision and leadership at Actors FCU.

Read more about the appointment by clicking below!

Helping Members Prepare for Homeownership

By Opal Tomashevska, Director, Multicultural Business Strategy at TruStageTM

Preparation is paramount for first-time homebuyers embarking on the journey of homeownership – especially for members in underserved populations and communities who may be the first in their families to purchase a home. Fortunately, credit unions are uniquely positioned to offer the extra attention and personal service that many first-time homebuyers require.

But before they can do that, credit unions must ensure all members can get to that point in the first place.

Safeguard equal access
Credit unions should understand the disparities that exist in homeownership and work to eliminate barriers for underserved populations and communities. The effects of discriminatory practices like redlining throughout the U.S. can still be felt in many communities, which is why equal access is so important for all members. Working toward equal access to homeownership is really an extension of the core mission of credit unions. Homeownership can be a key to building generational wealth. When families can begin building wealth through homeownership, communities wind up thriving due to the economic stimulation and investment from enriched community members.

There are resources to help credit unions ensure all their members receive the same opportunities in the pursuit of homeownership. For example, the Fair Housing Assistance Program, administered by the U.S. Department of Housing and Urban Development (HUD), partners with various agencies committed to promoting fair housing practices. You or your members who believe they’ve experienced housing discrimination can reach out to these agencies for assistance. A list of participating agencies is available on HUD’s official website.

Financial readiness is next
Beyond ensuring your members have equal access to homeownership, one of the most import ways credit unions can help members is to focus on advising them about credit and finances since diligent financial preparation lays the foundation for a successful and fulfilling experience. Make sure your loan officers are covering all the important bases:

• Establishing a budget
• Saving for a down payment
• Understanding credit
• Describing the mortgage process and associated costs, such as earnest money, appraisal costs, closing costs, real estate fees, etc.
• Explaining different types of mortgages and low-down-payment options
• Educating on the types of documentation that are needed

Resources to help you educate your members
Being prepared and understanding the homebuying process can help foster a sense of confidence in first-time homebuyers and makes the process less intimidating and more enjoyable for your members.

One way to help members prepare for every step of the homebuying process is to share valuable information with them:

• Readynest.com is Mortgage Guaranty Insurance Corporation’s (MGIC’s) consumer website. It’s chock full of first-time homebuyer resources, such as tips for navigating the process, first-person stories that inform and inspire, and tools like affordability calculators.
• National Industry Standards for Homeownership Education and Counseling (NISHEC) ensures quality and consistency in homeownership education and counseling services, serving as a benchmark for excellence. NISCHEC provides a searchable database of organizations that have adopted these standards. Individuals can identify trusted service providers committed to upholding ethical practices and delivering up-to-date information.

Preparing for the wave of future homebuyers
With the U.S. population changing and people of color accounting for future growth, it’s important that credit unions build trust and a positive reputation through partnering with members on their homeownership journey. Together with their communities, credit unions can empower dreams and create enduring relationships, enriching each homeowner’s journey and reinforcing the foundation of a solid community.

To learn how you can ensure you’re helping your members to have equal access to homeownership, register for TruStage^TM and MGIC’s upcoming webinar “Are YOU Prepared to Help Members Prepare for Homeownership?” on June 27 at 1:00 PM CT. Join us for this webinar to understand homeownership disparities and how you can help work to eliminate barriers in underserved populations and communities.

Co-author: Irma Yepez Klassen, Director, of Equitable Homeownership Strategy and Product

Development at Mortgage Guaranty Insurance Corporation
TruStage^TM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.

© TruStage
CORP-6542308.1-0424-0526

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Can you share a brief introduction about yourself, your background, and your professional journey?
I’m a native Long Islander. I grew up in a town called West Islip on the south shore of Long Island. After high school, I ventured upstate to attend college at SUNY Geneseo. It was a bit of a culture shock, but I loved the area. I graduated, returned to Long Island, and eventually migrated back to the Binghamton area where I attended SUNY Binghamton. I needed a job to make ends meet and wound up securing a teller position at a local credit union. I was familiar with credit unions, but basically stumbled upon my new role.

After several years, I moved to Rochester and applied for a position at The Summit Federal Credit Union. The rest is history. My tenure at The Summit has been very rewarding. I’ve had the opportunity to work with amazing people, assume many different roles, and wear many hats. I’ve been serving as President & CEO since February of 2020.

On a personal note, I have a very understanding and supportive husband who helps me juggle our family obligations. Jerry and I have two kids living at home who continue to keep us on our toes! I wouldn’t have it any other way.

What drew you to the credit union industry?
I was familiar with the concept of credit unions from a very young age. I was a member of Bethpage Federal Credit Union since I was a baby. My whole family belonged. As a college student working for Northrup Grumman, I would cash my paycheck each week in a trailer that served as the credit union’s on-site branch. I guess credit unions are just part of my DNA.

When an opportunity arose to work at a credit union, I found it a bit intriguing. Securing a job at a credit union was one of those full-circle moments for me.

What motivated you to join the Association’s board of directors?
My sole purpose for pursuing and maintaining a career in the credit union industry is to make a difference. I’m always looking for new ways to contribute and give back. My journey has literally taken me from the shores of Long Island to Rochester, with several interesting detours along the way. Because I migrated across the state, I feel very familiar and at home almost anywhere in New York.

When the opportunity arose to represent credit unions across the state, it was a natural fit. I love New York and the uniqueness of the various regions. The opportunity to meet new people, represent credit unions of various sizes, and help foster unity within our industry is a privilege.

In your view, what makes the Association distinct from other financial associations?
It always comes back to the credit union mission of “people helping people” and the reason credit unions exist. Attend EXCEL, our annual convention, and you will see the comradery in action. Comradery is a feeling of trust and a bond created by a shared goal or experience. The Association effectively sets the stage for the magic to occur, and the result is unmatched.

Can you share a memorable moment or experience from your tenure on the board?
I remember being elected for my first term to the Board of Directors and being so excited to receive a phone call letting me know that. It was actually Bill Mellin who made that call, and I remember saving the message for quite a while. It was an honor.

What Association initiatives or projects are you most excited about?
I’m most excited about our Young Professionals Commission. We attract so many passionate and energized young people who want to make a difference. At The Summit, we have a line of people waiting to get involved. Everyone has raved about their experience. We need to develop the next generation of credit union leaders, and this is one way to accomplish that. (And they are fun!).

What advice would you give to someone considering a board position with the Association?
Always follow your instincts. If you think a Board position would be a rewarding experience for you, just take the leap and run. It’s a unique opportunity.

In what ways has your experience on the board been rewarding?
The experience has been rewarding in so many different ways. I think most significant is the relationships I’ve built with fellow board members, legislators, association staff, and other credit union leaders around the state. As a board member, there are many opportunities to network and learn from others.

Why should someone consider joining the Association board or becoming more involved with credit unions in general?
The industry needs dedicated individuals to help move credit unions forward in many different capacities. The world is changing and we have to change with it. Helping to generate solutions and usher in that evolution is so necessary – and rewarding.

Outside of the Association and your professional life, what are some of your passions or hobbies?
I love traveling, spending time with my family, and entertaining. I like volunteering for community organizations. I’m a bit of a political junkie – I follow CNN and Fox News every day. Our political system fascinates me.

What’s one book or resource you’d recommend to someone looking to understand the world of credit unions better?
Always consider visiting other credit unions as the ultimate learning opportunity. Many of us attend conferences, webinars and the like, but nothing beats seeing a different credit union with your own eyes.

Share a fun fact or a memorable anecdote related to your time at the Association.
Fun fact: If you need someone to drive a group of you to a restaurant in a borrowed mini-van and effectively parallel park in the smallest parking spot you have ever seen, Keith Stone, President & CEO of The Finest FCU, is that person!

Laurie represents the power of dedication, community spirit, and the unique impact of the credit union movement. Her journey from a teller position to becoming the President and CEO of The Summit FCU is a story of growth and building meaningful relationships. Through her active involvement with the Association’s Board of Directors, Laurie continues to champion the values of unity, support, and growth within the credit union industry.

This week in the New York Minute, we’re highlighting a new partnership between the Association and a cutting-edge fintech platform, contributions towards the AACUC Future Fund, one credit union professional featured in the Albany Business Review, and announcing nominations for the prestigious Herb Wegner Memorial Awards. Read the latest New York credit union news in the New York Minute!

Association Enters Strategic Partner Agreement With Fintech Platform Clutch

Albany, New York – Clutch, a leading fintech platform specializing in omni-channel consumer loan and deposit account opening solutions exclusively for Credit Unions, proudly announces its strategic partnership with the New York Credit Union Association.

With Clutch’s innovative platform, credit unions gain access to cutting-edge technology aimed at enhancing member experiences while streamlining operations. Leveraging its expertise and collaborative approach, Clutch aims to empower Credit Unions to fulfill their digital aspirations and better serve their members in today’s rapidly evolving financial landscape.

Clutch, a Credit Union Service Organization (CUSO), boasts a robust portfolio of north of 110 clients and has garnered significant investment from distinguished entities such as Andreessen Horowitz, TruStage Ventures, and Curql. Founded by Nicholas Hinrichsen and Chris Coleman, both Stanford Business School alumni with a proven track record of success, Clutch is uniquely positioned to drive Credit Unions toward digital transformation while upholding the industry’s core values of “People helping people”.

“This partnership marks a significant milestone in our mission to revolutionize consumer banking for Credit Unions,” said Nicholas Hinrichsen, CEO of Clutch. “We are thrilled to join forces with the New York Credit Union Association to further our commitment to empowering Credit Unions and their members.”

The collaborative ethos of credit unions resonates deeply with Clutch’s values. “We believe in the power of collaboration and the mantra of ‘People helping people’,” added Nicholas. “Together with our Credit Union partners, we are dedicated to fostering financial wellness and driving positive change in communities across the nation.”

The New York Credit Union Association’s President & CEO William J. Mellin expressed enthusiasm about the partnership, stating, “I look forward to our partnership with Clutch and being able to offer innovative services to credit unions which will lead to enhanced member experiences.”

Brian Kaas, President and Managing Director of TruStage Ventures, one of Clutch’s investors, emphasized the transformative potential of this partnership. “TruStage Ventures is committed to bringing innovative solutions to credit unions that complement the breadth of solutions offered by TruStage.”

Similarly, Curql highlighted the strategic significance of Clutch’s partnership with the Credit Union Association. “Clutch was one of our first investments and we are really proud to see their products evolve and their fast growth in the industry. We applaud any effort on their part to reach even more Credit Unions and partnering with the Association certainly highlights the collaboration we like to see,” said Nick Evens, CEO of Curql Collective.

With Clutch’s state-of-the-art platform, Credit Unions can efficiently identify and address members’ financial needs, ultimately enhancing member satisfaction and loyalty. By embracing digital innovation, Credit Unions can stay ahead in today’s competitive landscape while staying true to their mission of empowering communities.

For more information about Clutch and its partnership with the New York Credit Union Association, please visit www.withclutch.com and https://nycua.org/supporting/strategic-partners

Visions FCU Contributes to Creation of the AACUC Future Fund

Recently, during the African American Credit Union Hall of Fame ceremony at the Governmental Affairs Conference in Washington, DC, Visions Federal Credit Union announced its significant contribution to the founding of the African-American Credit Union Coalition (AACUC) Future Fund. Industry leaders joined Visions FCU’s President/CEO Ty Muse, who also serves as the founding Chairperson of the initiative, to launch this visionary project aimed at sustaining impact and influence in underserved communities.

The Future Fund focuses on three pillars: internships and leadership development, sustainability for small credit unions, and wealth-building and community impact programs. This strategic funding source is designed to bolster AACUC’s efforts in securing financial inclusion and access, particularly for communities of color, regardless of prevailing economic or socio-political challenges.

For more details about this transformative initiative and to learn how you can support, visit read below.

Jerilee Beaudoin Highlighted in Albany Business Review’s ‘People on the Move’

As part of the Albany Business Review’s “People on the Move” feature, Jerilee Beaudoin was recently recognized after her appointment as the Interim Chief Executive Officer at Sunmark Credit Union. The feature by the Albany Business Review frequently highlights professionals within the Capital-area business community to showcase individuals who have recently taken on new roles or responsibilities. The Association congratulates Jerilee on this exciting new opportunity!

For more details on other professionals on the move in the Capital area, check out the full list in the Albany Business Review.

Herb Wegner Memorial Awards Now Accepting Nominations

The National Credit Union Foundation has officially opened nominations for the prestigious 2025 Herb Wegner Memorial Awards. These are the highest honors in the U.S. credit union sector and recognize individuals and organizations that have made significant contributions to advancing the credit union movement.

Nominees can be recognized in two categories: Outstanding Individual Achievement, for those whose leadership and innovative concepts have notably impacted the credit union movement at various levels, and Outstanding Organization or Program, which honors organizations or programs that have introduced innovative concepts or services with significant impacts.

Nominations Due: July 26, 2024
Recipients Notified: September 2024
Awards Reception: Foundation Dinner
March 3, 2025
Washington D.C.

This is an opportunity to honor the leaders and innovators who embody the credit union philosophy of “people helping people.” For detailed nomination procedures and to access the nomination packet, click below!

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This week in the New York Minute, read our feature on Joe Chiara, Director of Public Relations and Marketing at the Association, catch up on Bill Mellin’s testimony from a recent Senate hearing on mortgage banking inequalities, and celebrate the recognition of our credit unions by the Children’s Miracle Network Hospitals. Plus, stay informed about the latest state labor law updates affecting non-compete clauses and overtime pay thresholds.

Staff Spotlight: Meet Joe Chiara

This week, the Association shines a spotlight on Joe Chiara, our Director of Public Relations and Marketing. Joe plays a pivotal role in ensuring that our credit unions have the resources they need to get the most out their membership. When he’s not handling our many press releases and communications, Joe enjoys embracing the great outdoors. Outside of his career, you can find him hiking with his dog or cheering on his favorite team at a game.

Through his continuous efforts to connect New York credit unions with the tools they need to succeed, Joe Chiara is playing a major role in supporting the credit union movement statewide.

Mellin Testifies on Inequalities in the New York Mortgage Banking Industry

On Tuesday, May 7th the Association’s President and CEO, William J. Mellin testified in front of the New York State Senate Banks Committee on behalf of New York’s credit unions. Specifically, the topic of discussion was ‘Inequalities in the New York Mortgage Banking Industry.’

The hearing consisted of three panels, each of which had unique experiences and stories to share in regard to the current mortgage lending landscape in New York:

The first panel consisted of Max Dubin, Esq., the Special Counsel to the Superintendent of the New York State Department of Financial Services, Sandra Park, Chief of the Civil Rights Bureau for the Office of Attorney General Letitia James, and Christopher D’Angelo, Chief Deputy Attorney General for Economic Justice for the Office of Attorney General Letitia James.

The second panel consisted of William J. Mellin, President & CEO of the New York Credit Union Association, Jeff Pinard, President of the New York Mortgage Bankers Association, and John J. Witkowski, President & CEO of the Independent Bankers Association of New York State.

The third panel consisted of Michael Corcoran, Deputy Director of the Homeowner and Consumer Rights Project for Queens Legal Services, Latoya Allen, the Deputy Executive Director of Home HeadQuarters, Inc., and Christie Peale, CEO/Executive Director of the Center for NYC Neighborhoods.

“New York credit unions are working to alleviate disparities present in mortgage banking and are actively looking for solutions and developing strategies to bring more New Yorkers into mainstream financial services by providing fair products to improve their lives. Credit unions meet New Yorkers where they are and believe that regardless of location or socioeconomic status, everyone should have access to pro-consumer financial services, and to homeownership. Credit unions are dedicated to their mission of ‘People Helping People’ and will continue to do their part to ensure financial inclusion for all New Yorkers,” said Association President & CEO William J. Mellin.

The Association would like to thank Senator James Sanders Jr., the Chairman of the NYS Senate Banks Committee, and other members of the committee for including credit unions in the discussion on how to better serve all New Yorkers financially.

Click below to watch the full hearing and hear more from Sen. James Sanders Jr.

Credit Unions Recognized by Children’s Miracle Network Hospitals

The Credit Unions for Kids National Advisory Board recently accepted the Founders Award on behalf of the entire credit union industry. This special award, given during Children’s Hospitals Week, recognizes the significant contributions credit unions have made to Children’s Miracle Network Hospitals (CMN Hospitals) and highlights the credit union community’s dedication to improving pediatric healthcare through CU4Kids.

This collaboration between CMN Hospitals and CU4Kids has raised over $200 million since 1996, directly benefiting children and their families across the nation.

This award is a testament to the generous mission of credit unions. Congratulations to all credit unions across the country for achieving this honor and for continuing to make a difference in the lives of so many. New York’s credit unions consistently provide tremendous support to the many CMH Hospitals throughout the state. In addition, the Association will be hosting its annual wine pull for CMN Hospitals during EXCEL 24 on June 13 in our exhibit hall. For more details about this recognition, our wine pull, and the ongoing efforts of credit unions in supporting children’s health, click below.

State Labor Law Updates Affecting Credit Unions

New York credit unions need to prepare for key regulatory changes originating from recent federal rulings aimed at enhancing worker rights and promoting economic dynamism. These changes pertain primarily to non-compete clauses and overtime pay thresholds.

Non-Compete Clauses:

The Federal Trade Commission (FTC) has implemented a final rule that bans non-compete clauses nationwide, a decision motivated by a desire to bolster competition, protect workers’ freedom to switch employers, spur innovation, and encourage new business development. This rule, affecting roughly 30 million U.S. workers, aims to eliminate barriers that have historically suppressed wages, stifled innovation, and restricted economic growth. The prohibition of these clauses, except for senior executives with substantial earnings, marks a significant shift in employment law that credit unions must adapt to by revising employment contracts and considering alternatives like non-disclosure agreements to protect intellectual property.

Overtime Pay Thresholds:

Simultaneously, the U.S. Department of Labor (DOL) has revised the overtime exemption criteria under the Fair Labor Standards Act. Announced on April 23, 2024, the new rule significantly raises the minimum weekly salary required for white-collar exemptions. This adjustment aims to extend overtime protections to a broader group of employees, ensuring they are compensated fairly for overtime work. The planned increases will require credit unions to reassess their payroll strategies and ensure compliance with both state and federal thresholds, which could be particularly challenging given New York’s already stringent standards.

These regulatory updates will require careful planning and adjustments by credit unions to adhere to federal standards while managing costs and employee benefits. For information on these changes, read below.

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