This week in the New York Minute, we introduce Vicky Burdick and highlight her decades-long journey in the credit union industry. Additionally, we delve into Bill Mellin’s important meeting regarding Minority Depository Institutions, celebrate five credit union leaders recognized for their influence in the financial sector, and provide updates on the New York State budget that affects CUs statewide.

Meet Our Board: Vicky Burdick

This week, we’re spotlighting Vicky Burdick, the CEO of Jamestown Area Community FCU and a member of the Association’s Board of Directors. Vicky reflects on her decades-long journey in the credit union industry, sharing insights into her path from her first role in 1978 to leading a thriving credit union and serving on the Association’s board.

In her interview, Vicky highlights the importance of collaboration among credit unions, the role of the Association in fostering these connections, and her contributions to the success of both the Association and the credit union movement. Learn about what drew her to the credit union movement, and the unique philosophy that has guided her throughout her career.

Association CEO William Mellin Discusses Minority Depository Institutions

On Wednesday, April 24th, the Association’s President and CEO William Mellin participated in an important gathering focusing on Minority Depository Institutions (MDIs) in New York and their lack of accessibility to City and State capital.

The meeting was hosted by Senator James Sanders Jr., Chair of the New York State Senate Banks Committee, Brad Lander, New York City Comptroller, NYC Council Member Justin Brannan, Chair of the City Council Finance Committee, Thomas DiNapoli, New York State Comptroller, and Preston Niblack, NYC Finance Commissioner. Also in attendance were various representatives from financial organizations and MDIs.

The meeting was held at the Office of the New York City Comptroller Brad Lander, in Manhattan, and provided a platform for open dialogue and collaboration. Many participants viewed the meeting as an important step forward in addressing the wealth gap. “During the meeting I had multiple opportunities to comment on the many ways New York’s credit unions are servicing minorities, helping them build wealth and stability,” said Mellin. “I also explained the lack of depository choice for New York municipalities and shared with the participants how public funds, deposited into credit unions, would advance our mission of financial equity for all.”

Mellin stated, “It was a privilege to be included in the conversation surrounding minority depository institutions. Credit unions remain committed to providing fair and equal opportunities to all members throughout the state and will continue to explore all options dedicated to enhancing and improving financial support initiatives and access to resources for minority populations.”

Read more about the event below!

Long Island Business News Recognizes Five CU Leaders

The Association proudly congratulates five New York credit union leaders for being recognized in Long Island Business News’ “Long Island Business Influencers:” in banking and finance. Linda Armyn of Bethpage FCU, Brad Calhoun of Teachers FCU, Michele Dean of Suffolk FCU, John Deieso of Jovia Financial FCU, and Joseph Tedesco of Ocean Financial FCU were honored with this recognition.

This distinction acknowledges their outstanding contributions and leadership that they bring to the financial sector and highlights their roles in supporting Long Island’s economic growth and development.

These leaders’ efforts contribute significantly to their local communities through various initiatives, grants, and philanthropic endeavors, and underscores the critical role credit unions play in promoting financial health and literacy across Long Island.

We congratulate these individuals for their achievements and commend them for their dedication to the credit union movement. To read the full report, click below!

New York State Budget Updates Impacting Credit Unions

The New York State Legislature has introduced and passed the final budget bills for the fiscal year. This budget contains several measures that directly impact credit unions.

Revenue: The budget closes the amended return loophole for personal income and corporate franchise taxes, allowing the Department of Taxation and Finance to take action on amended returns not related to existing petitions for the same tax year. This affects taxable years beginning on or after January 1, 2024. Additionally, it extends the sales tax exemption for transactions between financial institutions and their subsidiaries for one year.

Education, Labor, and Family Assistance Bill:

• This bill ensures 30 minutes of paid break time for nursing mothers to express breast milk, starting June 19, 2024. Time beyond 30 minutes can be covered by existing paid breaks or meal time.
• The COVID-19 sick leave law has been extended until July 31, 2025.
• Budget allocates $94.95 million from excess reserves to support community development and housing programs.
• Enhances protections against deed theft, establishing the crime of deed theft and protecting heirs’ property. It also provides for transfer-on-death deeds to prevent predatory practices.

Public Protection and General Government Bills:

• Starting January 1, 2025, employers will need to provide 20 hours of paid prenatal leave for pregnant employees in a 52-week period. This leave is in addition to existing sick leave and can be used for medical appointments, testing, and consultations with healthcare providers.
• In addition, the budget bill includes legislation to provide a framework for managing surplus funds from tax foreclosure sales, limits the removal of tax exemptions for nonpayment, and offers protections for homeowners, including installment plans and payment grace periods for STAR recipients.

The Association will continue to monitor these developments and provide guidance on how they may impact credit unions across New York State. If you have any questions regarding the New York State budget, please reach out to the Association’s Chief Advocacy Officer, Amy Kramer, at amy.kramer@nycua.org.

For more information, read the full summary from the Governor’s office below!

In this week’s New York Minute, we’re excited to announce the winners of the 2024 Scholarship Program. Additionally, don’t miss your chance to sponsor EXCEL 24, an event that supports the growth and success of New York credit unions. We also highlight four credit unions recently honored for their exceptional workplace culture, and hear from TruStage on finding the right fintechs.

Announcing Our 2024 Scholarship Award Winners!

We’re thrilled to announce the recipients of the 2024 Scholarship Program, an initiative from the Association to support the educational aspirations of young credit union members across the state. This year, our program received an overwhelming response of over 1,000 applicants participating from 55 credit unions across three chapters.

This year, students received scholarships totaling $28,500 in awards. Scholarship amounts ranged from $250 to $1,500. This program is one way we renew our commitment to the educational advancement of our community, and we are proud to aid these young members in reaching their academic goals. Thank you to all the participating credit unions and chapters that continue to make this important investment in our youth.

Congratulations to all the winners!

Reminder: Register Today to Sponsor EXCEL 24!

Time’s running out to seize the opportunity to become a sponsor for EXCEL 24. Your support plays a pivotal role in advancing the success and growth of New York credit unions. This year’s sponsorship opportunities are not only unique but are designed to make a significant impact across our community.

Here are just a few ways you can contribute:

• TruStage Golf Tournament: Show your competitive spirit and support the New York Credit Union Foundation.
• Wine Pull: Become a beacon of hope for the Children’s Miracle Network Hospitals.
• Silent Auction: Gain visibility with your name and logo featured on signage, tables, the Association website, and the silent auction app.
• Trivia Night: Support the Young Professionals Commission (YPC) with opportunities for verbal recognition and branded presence at the event.
• Bingo: Engage participants with fun and games, while receiving signage recognition.

These sponsorships support important causes and highlight your organization’s commitment to supporting the New York credit union community.

Don’t miss your chance! Secure your sponsorship today to make your mark on EXCEL 24, which promises to be an unforgettable event. For more details on each opportunity, please visit our sponsorship page.

Four Credit Unions Recognized As Top Workplaces

In recent honors for exceptional workplace culture, four New York credit unions have been recognized for their dedication to employee satisfaction and organizational excellence, demonstrating a strong commitment to fostering environments that prioritize the well-being and professional growth of their teams.

Reliant Credit Union and Family First Credit Union were both celebrated by the Democrat and Chronicle within the Rochester Metro Area. Reliant Credit Union, for its seventh consecutive year, was acknowledged for its superior benefits, standing out as the best in the market based on employee feedback regarding the benefits package. This distinction underscores Reliant’s ongoing effort to ensure its team members feel valued and well-compensated. Family First Credit Union, marking its third consecutive accolade, was recognized in the smaller company size category of 35-124 employees, emphasizing its commitment to maintaining a supportive and collaborative work environment.

First New York Federal Credit Union was lauded by the Times Union for the Capital District in the company size category of 100-299 employees, underscoring its commitment to fostering a positive work environment that supports both professional and personal development.

AmeriCU Credit Union received the title of “Best Place to Work” for the eighth year, demonstrating its ongoing commitment to creating a culture of excellence and collaboration. The credit union’s proactive approach to employee development and community engagement, which includes a leadership program and various team-oriented initiatives, was highlighted during the awards ceremony. AmeriCU’s holistic approach to employee wellness and development is reflected in its consistent recognition as a top employer, showing a genuine commitment to not only the financial health of its members but also the overall well-being of its employees.

The Association extends its congratulations to Reliant Credit Union, Family First Credit Union, First New York Federal Credit Union, and AmeriCU Credit Union for their exemplary achievements in creating standout workplace cultures. These awards reflect the strong commitment of New York’s credit unions to not only serving their members but also ensuring their teams are engaged, supported, and valued.

Here Are 5 Steps That Credit Unions Can Take To Find The Right Fintechs Today

By Brian Bodell, VP Fintech Solutions at TruStage^TM
Fintechs have disrupted the status quo by offering streamlined digital solutions that challenge traditional banking models, empowering individuals and businesses with greater control over their finances and democratizing access to financial services.

With a focus on user experience, innovation and agility, fintechs continue to reshape the financial landscape by driving increased competition, efficiency and inclusion within the industry. Which is why the relationship between fintechs and credit unions is tricky. While there can be direct competition with credit unions, there’s also a great opportunity for partnership and collaboration with the right fintechs that focus on empowering credit unions.

How Credit Unions Can Partner Successfully With A Fintech Today
There are many fintechs in the market today, nearly 30,000 worldwide to be exact1, which makes the decision of who to partner with a challenge. Many factors need to be considered, so having a framework and process in place to determine who to partner with is essential.

Try these 5 steps

1. Clearly define your objectives and success measures
   Start by defining what problem(s) you are trying to solve or what capabilities you need to add to your stack. For example, are you trying to reduce fraud, drive more deposits, make your lending more inclusive, or add real-time payment capabilities? For each of these objectives, you should benchmark your current state, define target improvements over time, and how those improvements will be measured.
2. Assign value
   Develop a scoring model to prioritize what features will drive the most value for your credit union and/or your members. Each component of the scoring model should be weighed based on its importance.
3. Scan, score and select with confidence
   Conduct a market scan to identify a handful of fintechs that can meet 80% of your needs. Narrow down options based on your initial review and invite the top three to five providers to respond to a reasonable RFI or RFP along with a comprehensive demo and architecture review. Understanding compatibility with your existing tech stack, your infrastructure, and your volume requirements is critical. There are several great firms that can assist credit unions with this partner selection process.
4. Do your due diligence
   After selecting a provider, conduct a thorough due diligence process, digging into financials, product investment trendlines, architecture, and deployment models. Evaluate factors like user experience, implementation, testing, and support processes, data management capabilities, cybersecurity profile, regulatory compliance and integration capabilities, to name a few!
5. Forge a partnership
   Work to form a partnership with the firm and understand how you will work together in good and challenging times to meet the objectives of both parties. Establish clear expectations, success measures and reporting along with regular check-ins to manage the partnership over time.

To recap, start with your strategy to understand what needs can be quickly filled by the right fintech partner(s). Then run through this five-step process with each partner and refine it over time to meet the needs of your particular credit union. Credit unions and fintechs must work together to quickly meet the evolving needs of members and the rapidly changing competition.

The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage.
1Statista, Number of fintechs worldwide 2018-2024, January 2024
TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
© TruStage
FT-6475841.1-0324-0426

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In this week’s New York Minute, we’re introducing you to another Association board member, celebrating Financial Literacy Month, providing you with an economic outlook from TruStage, and more! Read our weekly updates for all you need to know in New York credit union news.

Meet Our Board: Keith Stone

This week, we’re shining a spotlight on Keith Stone, an Association board member, President & CEO of The Finest FCU, and CEO of the New Jersey State PBA FCU. A native of Brooklyn and a significant figure in the credit union sector, Keith has dedicated his career to providing specialized financial services for law enforcement communities in New York and New Jersey. His journey from a humble beginning in a small credit union to leading substantial financial institutions exemplifies the credit union philosophy of “people helping people.”

Learn more about how Keith’s commitment to community service and development has shaped his impactful career. For a deeper dive into his story and contributions, click here to read the full blog.

The Association Celebrates Financial Literacy Month

This April, as we celebrate Financial Literacy Month, the Association is proud to reinforce our commitment to financial literacy for credit unions and members statewide. As not-for-profit organizations, credit unions are in a unique position that allows them to have their members’ best interest in mind and ensure they’re making the right financial decisions.

This month, and every month, the Association is committed to making financial literacy resources widely accessible to credit unions across the state as part of our broader mission to support the financial education of communities we serve. Through educational events, certifications programs, online resources, and more, we’re proud to share a plethora of opportunities to help credit unions improve the lives of their members through financial literacy. Furthermore, through the New York Credit Union Foundation, we’re able to provide grants to credit unions statewide to host their own events to improve financial literacy in their communities.

Our efforts are amplified by supporting legislation that seeks to integrate financial education into the curriculum at various educational levels, helping to lay a foundation for financial health from an early age.

Explore more online resources for credit unions below, and remember to keep your financial health in mind year round!

SeaComm Federal Credit Union Wins Two Diamond Awards

SeaComm FCU has been recognized by the Marketing & Business Development Council of America’s Credit Unions with two Diamond Awards that recognize outstanding marketing and business development achievements.

SeaComm, in the category for credit unions with assets between $500 million and $1 billion, won its first award for their innovative use of social media, and earned their second award in the Category’s Best “Diamond in the Rough” award for their “Plunky’s aMAZEing Race” sweepstakes. This creative campaign featured the beloved character Plunky O’Swoosh and involved a virtual maze game that attracted thousands of entries and significantly enhanced member and social media engagement.

Chantel Johnston, SeaComm’s Senior Marketing Multimedia Specialist, expressed pride in the character’s popularity and its effectiveness in fostering community connections online. SeaComm’s success in these categories highlights its commitment to excellence and innovation in serving its members and the broader community. With a strong focus on creative marketing strategies, SeaComm continues to set a high standard for credit unions nationwide.

To view the full list of Diamond Award Winners, click below!

Join Credit Union Real Estate Network for a Live Event!

You’re invited to Credit Union Real Estate Network’s (CUREN) live event! This event will be CUREN’s first in-person gathering and will feature a comprehensive 5-hour curriculum aimed at enhancing real estate practices within the credit union industry.

Date: May 7th, 2024
Time: 11:00 AM to 5:30 PM
Location: Sunmark Credit Union
1187 Troy-Schenectady Road, Latham, NY

The agenda includes an economic and market overview, a deep dive into the technological advancements in the mortgage sector focusing on AI and machine learning, and strategies for developing robust sales cultures and mortgage sales strategies. Additionally, a dynamic roundtable will discuss maximizing fair lending strategies and identifying new market opportunities.

Speakers and panelists for the day include industry experts

• Brad Tichneor, Accelergy Consulting
• Eric Lapin, FormFree
• John Dumonsau, Optimal Blue
• Vincent Furey, Meridianlink

Please register early as space is limited. This is a unique opportunity to gain actionable insights to implement within your organization and engage with peers. To learn more about this event and reserve your space, click below.

March 2024 Trends Report from TruStage

TruStage recently released its Economic and Credit Union Update and Trends Report for March 2024, offering a clear look at how recent economic changes are affecting credit unions. This report explores important topics like loan growth, consumer credit, and vehicle loans, giving a snapshot of the current financial landscape for credit unions. It provides essential insights into how these financial institutions are adapting to changes and what that means for their future.

Here’s a summary of the key findings and what they suggest for credit unions moving forward:

Highlights from the Credit Union Trends Report

• Home prices rose more than 6% over the last year, above the 4.1% long-run average.
• The credit union industry’s net income to average asset ratio, return on assets, fell to 0.68% in 2023, down from 0.88% in 2022.
• Total credit union memberships reached 142.1 million in January 2024.
• Credit union savings balances fell 0.3% in January due to members paying down credit card balances.

Highlights from the Economic Report

• The core PCE measure of inflation rose 2.8% during the last year ending in February, approaching the Federal Reserve’s target of 2%.
• The U.S. economy grew 3.4% in the 4th quarter of 2023, above the 2% natural growth rate and increased 3.1% from the 4th quarter of 2022.
• Average hourly earnings rose 4.3% during the last year, above the Federal Reserve’s target of 3.5%.
• The credit union loan-to-asset ratio rose to 71.2% in January, from 69.9% one year ago.

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As the President & CEO of The Finest FCU and CEO of the New Jersey State PBA FCU, Keith Stone has played a crucial role in shaping financial services tailored specifically for law enforcement communities in New York and New Jersey. Born and raised in Brooklyn and now a Marlboro, NJ resident, Keith’s story is deeply rooted in community service and growth. From his early days at the humble credit union operating out of his apartment building to leading major financial institutions, his journey is a testament to the profound impact of the credit union philosophy of “people helping people.” Explore how Keith’s lifelong dedication to service and community development has driven his career and fueled his commitment to enhancing the financial well-being of credit union members.

Can you share a brief introduction about yourself, your background, and your professional journey?
My name is Keith Stone and I’m the President & CEO of The Finest FCU and CEO of the New Jersey State PBA FCU, a newly chartered federal credit union. My wife Jackie and I have been blessed with 4 children. I was born and raised in Brooklyn, but have been residing in Marlboro, NJ for the past 25 years.

My credit union journey started as a high school student while working at Warbasse Cooperative FCU, a small federal credit union located in an office in the apartment building I lived in. It was open one night a week and we used one Radio Shack Tandy computer to run the credit union. It was here that I learned firsthand the mantra “people helping people” and the true effect that a credit union has on its community.

I started working for a local community savings bank, Greater New York Savings Bank, and maintained both jobs while attending CUNY Brooklyn College. Upon graduation, I immediately started my professional career working in many capacities for Smith Barney, Bear Stearns, Merrill Lynch, Consumers FCU, and Chinatown Federal Savings Bank.

In January 2015, I had the opportunity to be part of a team that chartered The Finest FCU, which serves New York State law enforcement. As a founding member, I was directly responsible for all start-up processes and systems. I provide strategic direction, vision, leadership, and management in all areas of operations. Today, The Finest FCU is a $30MM credit union with 8,600 members.

In November 2022, I was introduced to the president of the New Jersey State PBA, who was interested in starting a credit union for members. As of February 23, 2024, the New Jersey State PBA FCU was chartered. I have the privilege and honor to serve as the CEO for both law enforcement-based credit unions.

What drew you to the credit union industry?
My parents had a membership at the credit union in the apartment building we lived in. I always looked forward to visiting with my father. We were always treated like we were part of their family, and I always remembered my father telling me how much the “credit union people” helped him.

What motivated you to join the Association’s board of directors?
I wanted to contribute to our New York State credit unions. There were many credit unions that have helped me in my career, and I wanted to give back and be part of something bigger than myself.

In your view, what makes the Association distinct from other financial associations?
The Association is a family of our NYS credit union “peeps.” We have a great camaraderie where we help each other personally, our respective credit unions, and our communities.

Why are credit unions important to New Yorkers and the broader community?
The Finest FCU is a Community Development Financial Institution (CDFI) that helps members of our law enforcement community with services that they can’t receive elsewhere. This includes lending to individuals who have nowhere else to turn to than payday lenders. We also aren’t looking to “push” loans on our members. We speak to and financially educate all NYPD officers, up to 2,200 new recruits annually.

We stress to the new recruits that there are only 3 reasons to take a loan: to help purchase the equipment required to do their jobs, to pay off high-interest debt, and to build up their credit if they don’t have a credit history. Most banks and other financial organizations don’t subscribe to this same methodology.

What Association initiatives or projects are you most excited about?
Our EXCEL initiative is amazing. Most people couldn’t imagine the hard work that goes into planning, scheduling, and executing this event. Kudos to our President & CEO Bill Mellin and his awesome team of dedicated professionals for making this happen. EXCEL includes a tremendous collaboration of talented individuals, credit unions, and vendors, all mixed into a beautiful setting for the sake of promoting fun, education, and advocacy in our NYS credit union arena.

What advice would you give to someone considering a board position with the Association?
GO FOR IT! If you’re considering it, you already have most of what it takes. Sometimes we have to be uncomfortable for a short while in order to expand our horizons and grow. Being a board member gives me the rewarding opportunity to work with brilliant credit union-minded people which ultimately helps me and my credit unions.

In what ways has your experience on the board been rewarding?
I have been able to learn many new credit union strategies from my peers. In turn, I hope that I can convey my experience and benefit others. Moreover, at every board event, I leave feeling invigorated over the entire NYS credit union movement.

Outside of your professional life, what are some of your passions or hobbies?
I spend as much time as possible with my wife and children. This can be as simple as sharing a meal together. I also try to get out and walk several times a day.

What’s one way someone can understand the world of credit unions better?
I would recommend visiting as many credit unions as possible and walking through, observing their unique cultures, speaking to their staff, and reading their pamphlets and literature. Every credit union has its own “flavor” and offers a different spin on our beautiful credit union world.

Any additional information you’d like to share?
The best part of my day can be helping a member with something as simple as resetting their home banking password or explaining the difference between their checking and savings accounts. Many times, we are caught up in high-level issues, [so] when I’m working with our members, I’m pleasantly reminded of the reasons why we do what we do.

In my specific law enforcement credit union world, it’s always an honor and privilege to help those who valiantly serve us.

Our conversation with Keith Stone highlights his significant contributions to the credit union sector, particularly in services tailored for law enforcement communities. As the leader of The Finest FCU and The New Jersey State PBA FCU, Keith’s approach emphasizes the unique community support role that credit unions fulfill to enhance the well-being of their members. His involvement in the Association’s board of directors showcases the cooperative and supportive values of the credit union movement.