As we approach 2024, I wanted to take a moment to extend my heartfelt gratitude to each and every one of you. The holiday season is a time of reflection, gratitude, and appreciation for the connections that enrich our lives.
This year has been filled with challenges, yet your unwavering support and trust have been the guiding light for the New York Credit Union Association. Your commitment to financial wellness, community engagement, and mutual support is the bedrock of the credit union movement.
Together, through our collective efforts, we’ve made a positive impact in the lives of many, and I’m immensely proud of our shared accomplishments. Your resilience and determination have been an inspiration to me and to everyone else at the Association.
Thank you for being an integral part of our credit union community and may the holidays bring you bliss, peace, and cherished moments with your loved ones. Wishing you and your families a joyful holiday season and a prosperous New Year!
Warm Regards,
Bill
William J. Mellin | President/CEO New York Credit Union Association Ph: (800) 342-9835, ext. 8260 | (518) 437-8260 william.mellin@nycua.org | nycua.org
Welcome to this week’s NY News Roundup, where we celebrate remarkable achievements and deep-rooted community engagement within New York’s credit union sector. From prestigious inductions and awards to innovative charitable initiatives, join us in recognizing the impactful contributions of our member organizations.
Cliff Rosenthal Inducted into the Cooperative Hall of Fame
The New York Credit Union Association is thrilled to congratulate Clifford Rosenthal on his induction into the Cooperative Hall of Fame, a prestigious recognition for those who have significantly contributed to the cooperative movement in the United States. With a career spanning over four decades, Rosenthal has been a formidable advocate for financial equity and inclusion, particularly in marginalized and underserved communities. As the leader of the National Federation of Community Development Credit Unions, now known as Inclusiv, Rosenthal played a pivotal role in the creation of the CDFI Fund and championed the cause of low-income credit unions. His dedication and transformative efforts have not only empowered communities but have also reshaped the landscape of financial inclusion nationwide.
“I want to congratulate Cliff on his induction into the Cooperative Hall of Fame. His dedication to the credit union industry has been truly remarkable,” said Association President & CEO William J. Mellin. “He has worked tirelessly to improve the lives of members and has been a true champion of cooperative values. This achievement is a testament to his tireless efforts and unwavering commitment to the credit union industry. Congratulations, Cliff!”
Rosenthal’s induction into the Cooperative Hall of Fame is a testament to his enduring impact and commitment to the principles of cooperation and community development.
Jovia FCU Receives 2023 LUMINARIES Award
Congratulations to Jovia Fiancial FCU on being awarded the 2023 LUMINARIES Award for Community Impact by the Credit Union Times. This prestigious award recognizes Jovia’s significant efforts in community engagement and financial literacy, particularly through its innovative Curio app. Their commitment to charitable initiatives, youth mentorship, and educational programs demonstrates a strong dedication to community service and member well-being. The award highlights Jovia’s leadership in the credit union industry. We recognize their exemplary role in setting standards for corporate citizenship and community impact.
First New York FCU to Benefit Several Capital Region Charities in Annual “Toilet Paper Take Down”
On Wednesday, First New York FCU and Catholic Charities Tri-County Services successfully held their “Toilet Paper Take Down” event at First New York Headquarters in Albany. This unique event saw the donation of over 12,000 toilet paper rolls, creatively assembled into large Christmas trees, to Catholic Charities Tri-County Services. The highlight of the event was the dismantling of these toilet paper trees, creating a remarkable cascade of rolls, which were then distributed to Catholic Charities Tri-County Services’ five food pantries and two soup kitchens in the Capital Region. This charitable initiative was made possible through the generous support of members, staff, community, and contributions from Hummel’s Office Plus, The Brick House Bakery, and Alchar Printing.
The event not only provided essential personal care items to local families and individuals but also showcased the commitment of First New York Federal Credit Union and Catholic Charities Tri-County Services in addressing the growing needs of those they serve.
2024 Enhanced FiCEP Program Announcement
The New York Credit Union Association is excited to announce an enhanced Financial Counseling Certification Program (FiCEP), in partnership with REAL Solutions. This program is designed for credit union professionals who would like to achieve a Certified Credit Union Financial Counselor designation. This initiative aims to equip credit union staff with skills to offer impactful financial counseling, enhancing member services and financial stability.
The registration deadline to participate is March 1, 2024.
Welcome to this week’s edition of the NY News Roundup, where we bring you the latest and most exciting happenings in the world of New York credit unions. In this issue, we cover State Assemblywoman Pamela Hunter’s visits to various credit unions, a meeting with Senator Daniel Stec, Michele Dean’s local recognition, a helpful webinar from Posh, and a festive showcase from recent holiday chapter events.
NYCUA Adirondack Chapter Meets with Senator Daniel Stec
Recently, the Adirondack Chapter hosted a meeting with New York State Senator Dan Stec. In addition to the Senator and his Chief of Staff, attendees included representatives from UFirst FCU, Dannemora FCU, and Mountain Valley FCU.
Senator Stec’s district encompasses a large portion of Upstate New York, including parts of the Adirondack Mountains and the Champlain Valley. The district covers Clinton, Essex, Franklin, Warren, Washington, and parts of St. Lawrence Counties. As a lawmaker, Senator Stec has focused on issues such as job creation, economic development, and expanding education opportunities within his communities.
Among many topics, discussions focused on the current nature of fraud within the financial services industry, the future implications of artificial intelligence, and the impact that credit unions have in supporting community organizations to help improve the lives of those within their community. The discussion was informative and thought-provoking, highlighting the importance of ongoing dialogue and collaboration between credit unions and policymakers.
The New York Credit Union Association would like to extend our sincere appreciation to Senator Stec for taking the time to meet with us. We look forward to continuing to work together to ensure a better future for all New Yorkers.
Leading with Innovation: President and CEO of Suffolk FCU Named in 2023 Influencers List
Michele Dean of Suffolk Credit Union has been named in the Long Island Business News (LIBN) 2023 Influencers List, highlighting her impactful leadership since joining in 2020. Dean has led the credit union to surpass $1 billion in loan balances, a historic milestone reflecting a $181 million growth in 2022. Her strategies also resulted in significant deposit balance increases and a 10% growth in new memberships.
Dean’s focus on member experience and innovation is evident in her introduction of market-leading rates and the credit union’s first Interactive Teller Machine. This commitment to service quality has earned Suffolk Credit Union the title of “Best Credit Union on LI” for two consecutive years.
With a 30-year career in financial institutions and a strong educational background, Dean’s expertise is well-recognized. Her role in LIBN’s 2023 Influencer’s List is a testament to her significant contributions to Long Island’s financial sector, especially in a challenging economic climate.
Join us in congratulating Michele for this recognition of her hard work!
Unlocking AI: The Power of AI for Small Credit Unions with Posh
The New York Credit Union Association, in conjunction with other state leagues, will be partnering with Posh to host a complimentary webinar to explore the transformative power of Artificial Intelligence (AI) for small credit unions. Please join us on Wednesday, December 13 at 2 pm EST. Nick Leonard, SVP & GM of Posh Technologies, will delve into the basics of AI for financial institutions, outlining practical applications specifically tailored for credit unions. He will also present an actionable plan of how credit unions under $300M in assets can kickstart their AI journey within the next 30 days.
Please note, this webinar is tailored specifically for CUs with assets $300M and below
Posh’s mission is to accelerate the responsible adoption of AI for financial institutions, empowering them to best serve their communities. Posh’s AI solutions address challenges unique to the financial services industry, such as:
Alleviating long wait times in favor of warm, conversational customer self-service
Enabling 24/7 access to banking services
Creating lead-generation opportunities without compromising VIP customer service
Streamlining knowledge management
Also being discussed will be Posh’s newest AI web assistant, Poshie. Poshie learns from your website to answer common member questions. It can be set up on your site in less than a day and serves your members 24/7, in over 50 languages. Through a partnership with the NYCUA, Poshie is free to all CUs under $300M in assets. Together our goal is to empower as many small CUs as possible, who historically have been marginalized in their access to cutting-edge technology.
Any questions can be directed to Lawrence Quan, Director of GTM for Posh, at Lawrence.quan@posh.tech
Assemblywoman Pamela Hunter Visits Local Credit Unions
Credit unions play a vital role in providing affordable financial services to their communities and promoting financial literacy. Through collaboration and participation, those in attendance were able to gain a deeper understanding of the challenges these institutions face and the advocacy required for policies that align with the mission of ‘People Helping People’. The New York Credit Union Association thanks Assemblywoman Hunter for her commitment to these important causes and looks forward to continuing to work with her to support credit unions and their members across the state.
Chapters Across the State are Feeling the Holiday Spirit
Credit union chapters across the state have gathered this week for their annual holiday parties! Members and attendees enjoyed food and drinks while catching up with old friends and making new ones. The parties also featured fun activities, like raffles, festive games, and donation events for local charities. These events leave all with a renewed appreciation for the credit union movement and the warm community that credit unions foster. These gatherings serve as a reminder that our organizations are more than just financial institutions, but active parts of the communities we serve.
Credit unions have a long-standing tradition of giving back and supporting local causes, and these holiday parties are just one way they showcase that commitment. Thanks to our dedicated efforts, we’ve proudly made significant contributions to the following organizations: Catholic Charities, Community Hunger Outreach Warehouse (CHOW), St. Luke’s Mission of Mercy, and The Regional Foodbank of NENY. By bringing people together in a festive atmosphere, credit unions build and strengthen relationships among members. Building community through events like these is what sets credit unions apart from other financial institutions and is a big reason why so many choose to be a part of them. As the new year approaches, credit unions will continue to be an important part of their communities, working to make a positive impact and provide financial services that benefit everyone.
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This edition of the NY Credit Union Roundup brings into focus the significant developments and community contributions of New York’s credit unions. From important updates in cybersecurity regulations to celebrating exceptional achievements and heartwarming community outreach during the holiday season, explore the inspiring stories shaping our credit union landscape.
Cybersecurity Regulation: Key Updates and Reminders
The Department of Financial Services (DFS) recently amended its Cybersecurity Regulation for financial service businesses. Upon announcing the amended regulation, DFS also shared that it would provide regular updates and assistance throughout the roll-out of the regulation.
Here are three key cybersecurity updates to know this month:
More Businesses Now Qualify for Exemptions
Effective November 1, 2023, the DFS Cybersecurity Regulation will accommodate a broader range of businesses. Entities are classified into three categories: Large (“Class A”), Small (“Exempt”), and “Standard”, each with tailored requirements. Entities qualifying for exemptions should submit a Notice of Exemption via the DFS Portal within 30 days. Instructions on applying for or amending a Notice of Exemption are available on DFS’s Cybersecurity Resource Center: Part 500 Exemptions.
Additional Cyber Incidents Reportable Effective December 1
Beginning December 1, 2023, Covered Entities are required to report additional types of cybersecurity incidents within 72 hours to DFS. This includes ransomware impacts on information systems and any ransom payments made. Reporting procedures remain unchanged and are detailed on the DFS Portal. See detailed instructions on reporting a cybersecurity incident or extortion payment.
Cybersecurity Resources Available
DFS’s Cybersecurity Resource Center provides extensive tools and information for businesses, featuring regulation texts, FAQs, and training resources. The Center is also the hub for the latest cybersecurity industry guidance and alerts, including recent advisories like the Citrix system vulnerability alert.
Spotlighting Success: Celebrating Credit Union Achievements
TruNorthern Federal Credit Union Named Business of the Year
TruNorthern Federal Credit Union was recognized as Business of the Year by the Malone Chamber of Commerce, receiving accolades from Assemblyman Billy Jones. This award celebrates TruNorthern’s commitment to community enrichment and its investment in the local Veteran’s Field Fund, an initiative that not only brought semi-professional baseball to the area but also boosted local economic growth. Congratulations to TruNorthern FCU!
Joseph Tedesco of Ocean Financial Federal Credit Union Honored in LIBN 2023 Business & Finance Awards
Joseph Tedesco, President and CEO of Ocean Financial Federal Credit Union (OFFCU), has been named an honoree in the Long Island Business News’ (LIBN) Business & Finance Awards Class of 2023. With a distinguished career that includes leadership roles in several financial institutions and active community involvement, including a record-breaking fundraising achievement for Catholic Charities of Long Island, Tedesco has made a significant impact in the region. The LIBN Business & Finance Awards celebrate outstanding professionals in the banking and finance sectors for their business excellence and community service. Learn more about the accolade on CUInsight.
Community Impact: Credit Unions Making a Difference
AmeriCU Credit Union Joins Forces with Syracuse Crunch for Mental Health Awareness
AmeriCU Credit Union has partnered with the Syracuse Crunch for their season-long mental health awareness initiative. The collaborative effort includes personal stories from players, mental health tips during games, and a dedicated Mental Health Awareness Night in the 2023-24 season. Kudos to AmeriCU for supporting this vital cause!
Broadview Teams Up for ‘Stuff the Trucks’ Winter Coat Drive for Children
Broadview Federal Credit Union is set to launch its ‘Stuff the Trucks’ campaign, teaming up with Toys for Tots to deliver over $10,000 worth of winter coats to children in need along the Toys for Tots train route in New York. This initiative will see more than 500 coats collected and distributed, starting with a public event on November 30 at Lodge’s Department Store in Albany. The coats will accompany toys on the Marine Corps Reserve Toys for Tots Train, spreading holiday warmth and cheer to various communities from Schenectady to Binghamton. See the Toys for Tots Train stops here.
Reliant Credit Union Spearheads Community Giving This Holiday Season
Reliant Credit Union is embracing the holiday spirit by supporting various local nonprofits across New York. Each branch will engage in community service, from collecting goods and gifts to making donations and volunteering. The initiatives include food drives, sponsoring families, and providing winter essentials like coats and gloves. Members and the public are invited to join in at their local branches to contribute to these meaningful causes. Learn more about the initiative on CUInsight.
Share your credit union’s recent achievements with us at publications@nycua.org for a chance to be featured in upcoming NYCUA and New York Minute communications!
Last Call: 2023 Annual Membership Survey Closing December 1st!
Your input is crucial! Take a moment to complete the 2023 Annual Membership Survey by December 1st and help shape the future of our community.
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Stay informed with this week’s NY Credit Union roundup! This week, we’re announcing new NYCUA board member additions, key changes in cybersecurity regulations, and the vital 2023 Membership Survey. Keep reading for essential news every New York credit union leader needs to know.
NYCUA Welcomes Four New Directors to its Board
(Pictured from left to right: Jonathan Roberts, Kevin Mietlicki, Brian May, and Brad Calhoun)
The New York Credit Union Association is pleased to welcome new executives to its board of directors. In recent months, there have been a total of four new credit union leaders joining the board. Please join us in welcoming Jonathan Roberts, President & CEO of Hudson Valley Credit Union, Kevin Mietlicki, President & CEO of Alternatives FCU, Brian May, President & CEO of ACMG FCU, and Brad Calhoun, President & CEO of Teachers FCU.
“I’m thrilled to have Jonathan, Kevin, Brian, and Brad join our board,” said NYCUA President & CEO William J. Mellin. “Their recent addition to our already dynamic and influential board of directors is going to further aid in our ability to help strengthen the credit union movement in New York State. I look forward to personally working alongside each of them,” Mellin stated.
For a full listing of our current board members, please visit the Board of Directors page on our website.
Shape the Future of NY Credit Unions: Participate in the 2023 Membership Survey
We are pleased to share that our 2023 membership survey is now live, giving you the opportunity to provide thoughts and comments on the effectiveness of the New York Credit Union Association during 2023.
As your trade association, our mission is to foster an environment where your credit union can succeed and deliver on its mission of ‘People Helping People.’ We do this by providing you with four core services: advocacy, education, support, and unity.
Help support our work in the industry by taking our Association’s Annual Membership Survey, which is live through Friday, December 1. All comments and feedback from the survey are carefully reviewed and act as a guide in developing plans and evaluating current services. We appreciate your feedback and support!
Cybersecurity Amendment Update: What You Need to Know
The New York Department of Financial Services (DFS) has recently updated its cybersecurity regulations, releasing the final version of the 23 NYCRR 500 amendment on November 1, 2023. This change is significant for credit unions in New York, as it brings new requirements and deadlines for compliance.
Extended Deadlines and Compliance Requirements
One of the key aspects of this amendment is the extension of compliance deadlines, a move advocated for by the New York Credit Union Association. The majority of credit unions now have until April 29, 2024, to align with the new regulations. It’s important to note that different sections of the amendment may have varying deadlines.
Understanding Who is Affected
The amended rules broadly apply to entities operating under New York’s Banking, Insurance, or Financial Services laws. This definition includes institutions licensed by other government agencies. If your credit union falls under these categories, you are required to comply with the updated cybersecurity regulations.
Exceptions and Encouragements
The amendment makes a distinction for certain types of entities, such as exempt Mortgage Loan Servicers, which may not be directly covered unless they hold specific licenses. Despite these exceptions, given the rising tide of cyber threats, DFS is advocating for all financial institutions to adopt robust cybersecurity measures in line with the new regulations.
Clarifications on Program Requirements
Credit unions are expected to maintain cybersecurity programs to safeguard their systems and the private information they contain. These programs must be capable of combating malicious software and educating staff about cybersecurity, including risks like social engineering.
Documentation and Specific Company Requirements
There’s an emphasis on documentation for credit unions that adopt cybersecurity programs from their affiliates. In such cases, they must provide detailed records of these programs when requested. Additionally, the amendment introduces specific and more stringent requirements for Class A Companies.
For a more in-depth analysis from a legal standpoint, please view this article written by Mitchell B. Pollack, Attorney at Law.
Event Recap: NYCUA’s CEO Roundtable
In the recent video recap of the NYCUA’s CEO Roundtable event, the enthusiasm and value of the gathering were clear. Highlighting the event as an invaluable networking platform, especially for those new to the CEO role, participants praised the opportunity to connect with a diverse range of peers from across the state. Attendees emphasized the immediate accessibility to answers for pressing questions, a benefit of the open and collaborative environment. The consensus among the CEOs was clear: whether a seasoned leader or a newcomer, the NYCUA CEO Roundtable is an unmissable event, offering a unique blend of networking, learning, and collaborative discussion.
