In this week’s New York Minute, we highlight the exciting events of GAC 2024. New York credit unions joined over 6,000 of their peers this week at the Governmental Affairs Conference (GAC) in Washington, D.C. hosted by America’s Credit Unions. The conference, held annually, serves as a crucial platform for credit unions to advocate for legislative and regulatory issues impacting the industry, as well as to network and collaborate on strategies for growth and innovation.
On Sunday, March 3rd, credit union leaders from New York kicked off GAC 2024 with a reception hosted by the Association at Root & Vine located within the Westin Hotel. The event provided a prime opportunity for NY attendees to mingle, exchange insights, and forge valuable connections.
Opening Flag Ceremony
On Monday, March 4th, the Association’s President & CEO, Bill Mellin, along with Board Chairman Eric Hepkins, had the distinct honor of participating in the state league opening flag ceremony, marking the commencement of GAC 2024 in Washington, DC. We are grateful for the opportunity to represent our members on such a prestigious platform. The Association’s involvement in this significant event underscores our ongoing commitment to leadership and collaboration within the credit union community. We are deeply grateful for the opportunity to represent our members and the values we hold dear at such a noteworthy gathering.
Legislative Briefing for NY Credit Unions
The Association’s President & CEO Bill Mellin, Chief Advocacy Officer Amy Kramer, and Chief Operating Officer Chris Pajak took a proactive step in preparing New York credit unions for their crucial engagement with lawmakers. Ahead of the scheduled Capitol Hill visits, they delivered an in-depth legislative briefing designed to arm our representatives with the latest insights, strategic talking points, and critical updates on regulatory issues. This comprehensive session was tailored to equip attendees with the necessary knowledge and confidence to effectively communicate the priorities and concerns of New York credit unions to policymakers. By providing this detailed briefing, the Association aimed to ensure that our voices are heard clearly and our positions are well-represented, fostering a productive dialogue that could influence future legislative outcomes in favor of our community.
Discussions with Policy and Lawmakers
During the conference, New York credit union representatives engaged in discussions with policymakers and lawmakers to address key issues facing their industry, including regulatory reform, consumer protection, and access to affordable financial services. They emphasized the unique role that credit unions play in serving their communities and highlighted the importance of preserving the cooperative, member-owned structure that sets credit unions apart from traditional financial institutions.
The Association would like to extend an enormous thank you to all policymakers who took the time out of their schedules to meet with credit union leaders from New York. Specifically, we’d like to thank Congressman Brandon Williams (R-NY-22), Congresswoman Grace Meng (D-NY-6), Congresswoman Claudia Tenney (R-NY-24), Congressman Jerrold Nadler (D-NY-12), Congresswoman Yvette Clark (D-NY-9), Congressman Hakeem Jefferies (D-NY-8), Congressman Michael Lawler (R-NY-17), Congressman Pat Ryan (D-NY-18), Congressman Jamaal Bowman (D-NY-16), Congressman Paul Tonko (D-NY-20), Congressman Nick Langworthy (R-NY-23), Congresswoman Alexandria Ocasio-Cortez (D-NY-14), Congresswoman Nydia Velazquez (D-NY-7), Congressman Andrew Garbarino (R-NY-2), Congressman Dan Goldman (D-NY-10), Congresswoman Nicole Malliotakis (R-NY-11), Congressman Anthony D’Esposito (R-NY-4), Congressman Joe Morelle (D-NY-25), Congressman Marc Molinaro (R-NY-19), Congressman Thomas Suozzi (D-NY-3), Congressman Ritchie Torres (D-NY-15), Congressman Nick LaLota (R-NY-1), Rep. Elise Stefanik (R-NY-21), Rep. Adriano Espaillat (D-NY-13), Senator Kirsten Gillibrand, and Senator Chuck Schumer.
Representative Claudia Tenney
Congressman Nick Langworthy
Congressman Jerry Nadler’s office
Congressman Mike Lawler
Congressman Mike Lawler
Congressman Ritchie Torres
Congressman Marc Molinaro
Congressman Nick LaLota’s office
Congresswoman Nydia Velazquez’s office
Representative Paul Tonko
Congressman Joe Morelle
Senator Kirsten Gillibrand
Congressman Andrew Garbarino
Representative Alexandria Ocasio-Cortez’s office
Senator Chuck Schumer
As the conference concluded, participants left with renewed energy and a strengthened commitment to advancing the interests of their members and communities. By coming together with their peers from across the country, they reinforced the collective voice of the credit union movement and reaffirmed their dedication to serving as trusted financial partners for their members.
Interested in participating in GAC 2025? Save the date of March 2-6 for next year’s event in Washington, D.C.
We will be hosting the 2024 State Government Affairs Conference on March 25-26. Join us as we influence, network, and ignite change in the New York credit union landscape.
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In this week’s New York Minute, we discuss significant conversations and achievements within the New York credit union community. From William J. Mellin’s impactful testimony to the innovative strides in member service technology by Visions FCU, and a recognition in “Who’s Who in Budget & Finance,” our community’s leadership and commitment to inclusivity, innovation, and advocacy shine through.
Mellin Provides Testimony to Senate Banks Committee on Disparities in Banking
On Tuesday, February 27th 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 ‘Disparities in New York’s Banking Industry: Banking Access for Consumers and Small Businesses’.
The hearing consisted of three panels, each of which had unique experiences and stories to share in regard to the current financial environment in New York. The first panel consisted of Samantha R. Darche, Deputy Superintendent of the Consumer Examinations Unit of the New York State Department of Financial Services and Dedrick Asante-Muhammad, the President of the Joint Center for Political and Economic Studies. The second panel consisted of William J. Mellin, President & CEO of the New York Credit Union Association and John J. Witkowski, President & CEO of the Independent Bankers Association of New York State. The third panel consisted of Dr. Darrick Hamilton the Henry Cohen Professor of Economics and Urban Policy at The New School.
“My gratitude is extended to the NYS Senate Banks Committee for the opportunity to participate in this hearing,” said Mellin. “The commitment to inclusive dialogue and collaboration is commendable, and we appreciate the platform to contribute to meaningful discussions shaping our financial landscape. We look forward to participating in future discussions.”
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.
Nominations Open for the Young Professionals Commission
Nominations for the Young Professionals Commission are now being accepted. This Commission plays a key role in developing and implementing initiatives for their peers, aiming to support the growth and engagement of future industry leaders.
Eligibility and Terms
Open to individuals 39 and under, employed by NYCUA member credit unions.
Members serve two-year terms, with a maximum of two consecutive terms.
Nomination Details
Deadline for submissions: March 15, 2024.
Each credit union may nominate one candidate, committing to provide necessary support for their participation.
Getting Involved In addition to Commission work, young professionals are encouraged to engage through local meet-ups, the YP Network email listserv, and the Commission’s Facebook page.
For nomination forms and further information, click the button below. This is an opportunity for young professionals to contribute to the credit union movement and shape its future.
Visions FCU Enhances Member Experience with Innovative Technology
Visions Federal Credit Union is at the forefront of integrating cutting-edge technology to enhance member services, particularly for those facing language or hearing barriers. The credit union is piloting a new use of Badger, a high-tech name badge developed by Satellite Displays, which offers real-time closed captioning of conversations and can translate over 20 different languages. This innovative tool not only functions as a traditional name badge but also displays text on its screen, making communication clearer and more inclusive for all members.
By incorporating Badger in select branches, Visions FCU demonstrates its commitment to building deeper relationships with members by breaking down communication barriers, highlighting its dedication to inclusivity and member satisfaction.
For more on how Visions FCU is leveraging technology to improve member interactions, read the full story below.
Linda Armyn Recognized in “Who’s Who in Budget & Finance”
Bethpage Federal Credit Union’s President and CEO, Linda Armyn, has been honored in City & State’s “Who’s Who in Budgeting & Finance.” This accolade celebrates New York’s financial experts who significantly impact the state’s fiscal health. Her roles, including co-chairing the Long Island Regional Economic Development Council and contributing to strategic regional planning, underscore her dedication to community development and affordable housing initiatives.
Linda’s leadership has been pivotal in establishing Bethpage FCU as a great place to work and bank, emphasizing team-centric approaches and a strong commitment to community support through grants, volunteerism, and sponsorships. Armyn’s involvement extends beyond Bethpage, serving in various influential roles including co-chair of the Long Island Regional Economic Development Council and active participation in key regional and national credit union associations.
Congratulations, Linda, on this well-deserved recognition! For more details on her recognition and contributions, click below.
In this edition of the New York Minute, we spotlight significant achievements and initiatives that underscore the dynamic leadership and innovative spirit within our community. Dive into our blog for a closer look at everything going on this week.
Sue Commanda Appointed to State Charter Advisory Board
The Association congratulates Sue Commanda, CEO of Hudson River Community Credit Union, on her appointment to the State Charter Advisory Board by the Department of Financial Services (DFS). Sue’s selection to this prestigious group marks a significant milestone, reflecting her deep commitment to the credit union movement and her exceptional leadership within the financial community.
The State Charter Advisory Board, consisting of nine members representing a broad spectrum of financial institutions of varying sizes and locations, is instrumental in enhancing New York’s banking landscape. It collaborates with the Superintendent of the DFS to retain and attract state charters and promotes the state banking system’s vitality. Sue’s appointment as the credit union representative highlights the significant role credit unions play in this ecosystem.
“As the only member of the State Charter Advisory Board appointed to represent credit unions, I am committed to providing insight that ensures a strong and equitable state charter banking system. Just like the credit union principle of promoting the well-being of our members, I hope to use this opportunity to be a strong voice for state chartered credit unions of all sizes, and to provide important input on DFS policies and regulations that put consumers first and serve the needs of local economies. It is an honor to serve as the board’s only credit union representative,” said Sue Commanda.
“Let me congratulate Sue on her appointment to the NY State Charter Advisory Board,” stated William J. Mellin, Association President & CEO. “Sue is a dynamic and well-versed credit union leader. I’m confident she will do an excellent job in representing our state charters and the greater New York credit union community.”
As we celebrate Sue, we also extend our gratitude to Lisa Whitaker, President & CEO of CFCU Community Credit Union, for her three years of dedicated service as the previous credit union representative on the board. Lisa’s contributions have assisted in advancing the interests of credit unions and their members throughout the state.
Sue’s appointment brings her extensive experience and visionary leadership to the forefront, promising to significantly benefit the credit union community and New York’s broader financial landscape. Congratulations, Sue, on your well-deserved recognition; your dedication to enhancing the state banking system and inspiring leadership within the credit union movement are invaluable assets that we look forward to seeing in action.
Introducing the Compliance Quarterly Series
The Association is announcing our new Compliance Quarterly series, a four-part educational initiative designed to address the intricate compliance challenges faced by credit unions. This series, facilitatedby the Association’s General Counsel, Mitchell Pollack, promises to dissect and demystify the compliance questions most frequently posed by our members.
Upcoming Session: Levies and Restraints Embark on a deep dive into “Levies and Restraints” with Mitchell Pollack, who brings over 35 years of legal expertise in commercial, bankruptcy, and real estate law, including significant experience representing credit unions since 1989. This session will cover everything compliance professionals need to know about handling restraining notices, levies, executions, Child Support Orders, and Tax Levies from both New York State and the IRS, including how to analyze these documents and calculate applicable exemptions.
Date: Thursday, March 14, 2024 Sessions: 11:00 am: For Credit Unions Up to $100 Million in Assets 2:00 pm: For Credit Unions Over $100 Million in Assets
Speaker: Mitchell Pollack, General Counsel, NYCUA Mitchell Pollack brings a wealth of experience as the Association’s General Counsel, through our alliance with Mitchell Pollack & Associates, PLLC, a firm he founded and manages. Mitch’s extensive legal career includes representing credit unions across the country and serving as lead counsel in complex litigation matters, making him an invaluable resource for our members.
Take advantage of this learning opportunity brought to you by the Association! Click below to register.
In the spirit of strengthening our advocacy efforts and supporting candidates who stand with the credit union movement, we are excited to launch FOCUS NY’s Day of Giving. This special initiative is set to coincide with the first day of the 2024 State GAC in Albany, showcasing our commitment to fostering a pro-credit union legislative environment in New York.
FOCUS NY, our dedicated political action committee, strategically channels bipartisan support to key state office candidates who share our values and mission. The Day of Giving aims to jumpstart our ambitious goal of raising $100,000 in 2024 to back these crucial allies. Your participation on this day is more than a donation—it’s a powerful statement of our collective vision and influence.
We invite the entire New York credit union community to join us in this pivotal initiative. Together, we can ensure our advocates in the state government have the resources they need to succeed, furthering our mission and extending our reach across New York.
Leveraging 3 Strategic Frameworks To Shape Your 2024 Strategic Planning
By Steve Heusuk, Director of Competitive and Market Intelligence, and Adam Leslie, Director of Strategic and Business Planning at TruStageTM
As we step into the new year, the industry is met with an elevated volume of new developments and trends that are accelerating at breathtaking speeds. Credit unions find themselves navigating a landscape shaped by a liquidity crunch, economic challenges, changing consumer expectations, and growing fraud and cybersecurity risks. As we embark on the new year, the urgency to formulate strategies that align with overarching annual plans has never been more critical.
Strategic frameworks for the New Year
To guide credit union senior leaders through this dynamic landscape, we advocate the integration of three strategic frameworks tailored for the challenges and opportunities that await in the coming year.
Political, economic, social, technological and industry forces analysis (PESTI)
Strengths, weaknesses, opportunities, and threats (SWOT) matrix
Change agenda
Below, we share how these three frameworks may be used together to help your credit union determine the right strategic choices for your desired outcomes.
Using PESTI to understand external forces
PESTI analysis is a strategic planning tool used to study how external forces and trends can affect a market or company. The goal is to develop a deep understanding of the external forces impacting your credit union to feed into your SWOT matrix and inform your strategic choices.
To create your own customized version of the PESTI, here’s a step-by-step guide:
Engage your leadership team in pinpointing external trends that can impact your credit union and group them into the five PESTI categories.
Next, score trends based on evaluator’s knowledge of trend, impact, and the likelihood of occurrence over the next 3–5 years. Evaluators’ impact and likelihood scores should be given more weight if they are very knowledgeable about a trend.
Prioritized trends ranking high on your weighted impact and likelihood scores should be included in the PESTI analysis and grouped under the appropriate PESTI categories.
Now, it should be said that the true value of frameworks lies in the actions that follow. Once the PESTI analysis is complete, the stage is set for strategic decisions that resonate with the credit union’s goals.
Using a SWOT matrix to visualize opportunities and threats
Next, we recommend taking the PESTI and using it to develop a SWOT matrix. This framework helps us gather, analyze, and select potential future strategic choices. Using the PESTI, collide external opportunities and threats with an honest evaluation – using third party analysis where available – of your own internal strengths and weaknesses. To help teams visualize, we use a 2×2 grid and sticky notes to start documenting potential choices. These choices fall into four unique categories on our grid:
External opportunity & internal strength = Exploit for growth
External threat & internal strength = Leverage for advantage
External opportunity & internal weaknesses = Improve for the future
External threat & internal weakness = Protect the business
This SWOT matrix framework should generate lots of choices. Some will be mutually exclusive, and others will be dependent on other choices being made in the matrix. Aim for a good mix of “predictable” choices and bold choices. Focus on the breadth and depth of the choices and don’t worry yet about communicating what finds its way onto your SWOT matrix. This way, you are ready for the next and final step – the change agenda.
Using a change agenda to make specific strategic choices
The change agenda is the result of the hard work put in on the PESTI and SWOT matrix. It acts as the bridge between the current state and the envisioned future state of a strategy via simple “from” and “to” change dimensions. These change dimensions are where the shifts need to occur to create new outcomes and benefits. The outcomes could be used in a vision statement, strategic priorities, or strategic themes.
Creating a strategic change agenda will help you visualize the key choices you want to focus on making. And any choices that do not make the change agenda are equally – if not more – valuable. You now have broad agreement these are choices your credit union will not pursue.
To frame up the choices in the change agenda:
Review SWOT matrix and select a series of choices that are mostly likely to create the outcomes the leadership team is seeking.
Next, review your strengths and weaknesses and document where you are coming from.
Lastly, determine how far you want to look into the future (e.g., 3 years, 5 years) and agree upon what your future state is. State what you will look like when this choice is fully realized.
Now, you possess a collection of practical strategic options topped with a clear objective. Next steps will be to determine how you will communicate this strategy to a broader audience including your board and employees.
Conclusion
By intertwining these three frameworks, credit unions can better translate industry information and emerging trends, analyze the best choices they can make using their own internal strengths and weakness and into actionable choices, and make specific choices to drive the change they want. As we step into the new year, these strategic approaches will empower credit unions to not only weather the challenges but also thrive amidst the opportunities that lie ahead.
Ready to navigate the dynamic landscape of the new year with strategic precision? Download the essential resources here and pave the way for a resilient and successful year ahead.
TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
In this week’s New York Minute, we’re spotlighting influential leaders and recognizing significant contributions within the New York credit union community. From Association leadership nominations to celebrating prestigious awards, these updates reflect the ongoing commitment and impact of our members
Nominations Open for The Association’s Board of Directors and Chapter Leadership Positions
The Association is announcing the opening of the nomination period for its Board of Directors and Chapter Leadership positions. This year, we have five Association director seats open for nomination: three in Asset Tier 1 (up to $250 million) and two in Asset Tier 2 ($250 million and over).
Additionally, each of our regional chapters will be electing two new council members, who will serve a three-year term contributing to the leadership and direction of the Association’s initiatives.
Key Dates for Nomination and Elections:
Nominations open on February 16, 2024.
The deadline for Association Board and Chapter nominations is April 17, 2024.
Elections will run from May 10 to June 6, 2024, with elected individuals being officially seated at the Association’s Annual Membership Meeting on June 16, 2024.
Candidates must be supported by their credit union and committed to serving if elected. This is a significant opportunity for leaders within the New York credit union community to shape the future direction of the Association and contribute to the growth and success of credit unions across the state.
For more details on the nomination process and to submit your candidacy, visit our Board Election Center or Chapter Nomination Center. Join us in shaping the future of New York’s credit unions by stepping into a leadership role within The Association.
We’re announcing our annual lineup of educational and advocacy events designed to empower and unite the credit union community across New York. From on-demand webinars tailored for frontline staff to live conferences in Washington, D.C., Albany, Saratoga Springs, and more, there’s something for every credit union professional looking to enhance their skills, engage in meaningful advocacy, and network with peers.
Compliance Essentials for Frontline Staff: An on-demand webinar series ending with a Compliance Specialist Certificate.
America’s Credit Unions Governmental Affairs Conference (March 3-7, Washington, D.C.): A chance to advocate for credit unions at a national level.
State Governmental Affairs Conference (March 25-26, Albany, NY): Focuses on advocacy within New York State.
Lending School (May 7, Albany, NY, and May 8, Lockport, NY): Offers expert insights and hands-on training for lending professionals.
EXCEL 24 (June 13-16, Saratoga Springs, NY): A multi-day event filled with learning and networking opportunities.
Financial Counseling Certification Program (FiCEP) (June – September): Equips staff with knowledge to guide members to financial security.
Emerging Credit Union Leaders Conference (September 12, Albany, NY): Aims to develop influential leaders within credit unions.
Compliance & Legal Conference (September 26-27, Verona, NY): Focuses on compliance and legal issues affecting credit unions.
Volunteer & Executive Leadership Conference (October 4-5, Verona, NY): Provides learning and networking for credit union volunteers and executives.
Cannabis Banking Conference (October 9, Albany, NY): Discusses the challenges and opportunities in cannabis banking.
CEO Roundtable for CUs up to $100M in Assets (October 23-24, Verona, NY): An opportunity for CEOs to share ideas and strategies.
CUTrends-The NY Marketing & Sales Conference (November 6-7, Saratoga Springs, NY): Focuses on the latest marketing and sales strategies.
For more details and to register for these events, please visit the respective event pages linked in our blog. Don’t miss these opportunities to grow professionally, advocate for the credit union movement, and connect with peers from across the state.
Honoring Senator Monica Martinez and Assemblyman Fred Thiele for Their Exemplary Leadership on Depository Choice
In recognition of their unwavering commitment and exemplary leadership in advocating for government depository choice, we proudly acknowledge Long Island Senator Monica Martinez (D) and Assemblyman Fred Thiele, Jr. (D). As Chairs of Local Government Committees, both Members circulated letters among their colleagues in support of granting governments banking choices via the 2024-2025 New York State Budget legislation. Their experiences as former local elected officials influence their support of issues facing local government leaders.
Sen. Martinez and the Association’s Bill Mellin at a FOCUS NY-supported fundraiser.
Senator Monica R. Martinez has dedicated her career to serving the people of New York. Elected to the New York State Senate in 2018, she represents the 3rd Senate District, which includes Brentwood, Central Islip, Brentwood, and East Farmingdale in Suffolk. Prior to her service in the Senate, Senator Martinez served as a member of the New York State Assembly from 2013 to 2018.
Senator Martinez earned a master’s degree in Secondary Education with a concentration in Social Studies from NYU and obtained her administrative degree at Stony Brook University in 2008. In 2010, Senator Martinez was selected to lead the administration of Brentwood’s East Middle School as Assistant Principal, and in government as the County Legislator for Suffolk County’s Ninth District in 2014, where she faithfully served for five years.
As Chair of Local Governments, Senator Martinez is a leading voice in advancing depositor choice legislation. She has worked tirelessly to promote transparency and accountability within the banking sector, advocating for policies that empower consumers to make informed decisions about their financial futures. Senator Martinez’s dedication to fostering a fair and competitive marketplace reflects her unwavering commitment to serving the best interests of her constituents.
Assemblyman Fred W. Thiele, Jr. has been a dedicated public servant for over three decades. First elected to the New York State Assembly in 1995, he represents the 1st Assembly District, which includes portions of Suffolk County on Long Island. Assemblyman Thiele is known for his independent leadership and bipartisan approach to governance, earning him widespread respect and admiration from colleagues on both sides of the aisle. The Assemblymember announced he is not running for re-election but will continue advocating for important local government initiatives throughout 2024.
Assemblymember Thiele attended Cornell University and is a graduate of Southampton College of Long Island University. He received a Bachelor of Arts degree, summa cum laude, in Political Science and History. In 1979, he received his law degree from Albany Law School. Mr. Thiele served as Southampton Town Attorney, Town Supervisor, and as a Suffolk County Legislator, before his election to the Assembly in 1995. His district includes the Town of East Hampton, the Town of Southampton, the Town of Shelter Island, and the southeastern portion of the Town of Brookhaven.
In conclusion, we extend our heartfelt appreciation to Local Governments Committee Chairs Senator Monica Martinez and Assemblyman Fred Thiele for their outstanding leadership and dedication to advancing depositor choice. We are grateful for their continued commitment to serving the public good and look forward to their ongoing efforts in championing meaningful reforms that benefit us all.
Celebrating Our Members: Annie Vamper Helping Hands Award
The Association would like to celebrate the accomplishments of two remarkable members of our community, Melissa Marquez and Kathya Pierre, who have been honored with the prestigious Annie Vamper Helping Hands Award for 2024. This award, named after Annie Wilma Vamper and awarded by Inclusiv, reflects the highest recognition for individuals whose work embodies the spirit of the credit union movement, particularly in serving low-income communities.
Melissa Marquez, CEO of Genesee Co-op Federal Credit Union in Rochester, has dedicated her career to grassroots cooperative economics, significantly impacting community development and financial inclusion. Her work with Genesee Co-op FCU, alongside her involvement in various coalitions and boards, exemplifies her commitment to compassion, justice, and community development.
Kathya Pierre, CEO of 1199 SEIU Federal Credit Union since 2015, has shown exceptional leadership in growing the credit union and championing financial education and independence. Her journey from a loan officer to CEO showcases her dedication to the credit union’s motto of “people helping people” and her passion for empowering under-resourced communities.
Both Melissa and Kathya’s contributions to their respective credit unions and the broader New York community are commendable. Their efforts in promoting inclusivity, financial education, and empowerment align with the legacy of Annie Vamper, inspiring us all to continue working toward a more equitable financial future. Congratulations to Melissa Marquez and Kathya Pierre on this well-deserved recognition. Your work truly embodies the credit union philosophy of service, education, and community.
This week’s New York Minute brings updates from the Association, including our new spotlight series for our board of directors, generous contributions to community development, and expert economic forecasts.
Highlighting Our Board: Meet Eric Hepkins
Dive into our latest blog post featuring Eric Hepkins, Chairman of the Association’s Board of Directors and CEO of Cornerstone Community FCU. Eric’s blend of strategic leadership in the credit union sector, alongside his personal dedication to family and endurance sports, paints a picture of a well-rounded and passionate leader. His journey reflects a deep commitment to leveraging his experience for community upliftment and the broader success of credit unions in New York.
Eric’s journey in the credit union world has been driven by a strong belief in the industry’s core values and a desire to actively contribute at a higher level through the Association Board. He emphasizes the importance of credit unions in building a community-focused culture and their critical role in serving New Yorkers.
For a deeper insight into Eric’s professional ethos and his outlook on the future of credit unions, we encourage you to visit our blog.
CU Recognition: Municipal Credit Union Commits $2 Million to Support New York Communities Through MCU Foundation
The Association celebrates Municipal Credit Union’’s (MCU) generous donation of $2 million to the MCU Foundation, a move that significantly enhances the foundation’s efforts to combat poverty and promote generational wealth in New York City. Announced by MCU CEO Kyle Markland, this donation marks a pivotal expansion of MCU’s philanthropic outreach, fostering community support for New Yorkers in need.
The investment is set to bolster the foundation’s operational capacity and fund key programs aimed at providing essential resources, educational opportunities, and pathways to homeownership. MCU Foundation President George Chacon expressed excitement about the foundation’s potential through these initiatives by stating, “The future of New York City is bright, and we can make it brighter by working together to help New Yorkers not just break out of poverty but also build the generational wealth that ensures a better future for all.”
For further information on how the MCU Foundation plans to utilize this donation to make a lasting difference in the community, visit their website.
Association Congratulates Walter Bobesky on His Retirement!
The Association congratulates Walter Bobesky on his retirement as President and Chief Executive Officer of SECNY Federal Credit Union after his 32 years of service. Walt led the credit union during a period of both growth and innovation, including the introduction of the nation’s first indoor drive-thru and the expansion of the credit union’s branch network.
Walt’s dedication to the core values of service, education, and community has benefited SECNY FCU while contributing to the broader New York credit union community. His role in steering the credit union to success and creating a foundation for future growth is well recognized.
“I wish Walt a happy retirement and congratulate him on his many years of service to credit unions,” said Association President & CEO William J. Mellin. “I’m sure we all wish him well as he begins the next chapter in his life.”
As we begin 2024, the question on the minds of many credit union leaders is what the economic environment will look like during the next few years. Looking in the rear-view mirror, the economy performed surprisingly well in 2023 producing 2.5% more goods and services compared to 2022, which is above the 2% long-run natural growth rate (see figure below). Growth was broad-based as consumer, residential, government, and export spending reported robust growth.
Other signs of recent economic strength include strong monthly job growth across most sectors and industries, a very low 3.7% unemployment rate, and wage and price pressures continuing to decline. As the inflation rate falls throughout 2024 this should allow the Federal Reserve to begin lowering short-term interest rates sometime this summer.
So, with this economic backdrop we are forecasting real gross domestic product to rise 1.5% in 2024, slightly below the long-run average of 2%, creating the “soft landing” scenario the Federal Reserve is shooting for. So why are we forecasting below trend growth? First and foremost, the long and variable lags of monetary policy will weigh on job gains which in turn slows economic growth.
Other factors reducing economic growth include slowing inventory accumulation, a rise in the personal savings rate, some reduction in consumer spending by lower-income households who must start repaying student loans and the tightening of welfare eligibility requirements. Even though a recession is always a possibility, we are putting its probability at 33% for 2024. Factors that could push us into negative growth would be a combination of significantly higher energy prices, higher long-term interest rates, and a sharp drop in commercial real estate prices leading to a banking crisis.
