Two new initiatives will help further connect small credit unions with the credit union system
The New York Credit Union Foundation board of trustees has approved two new measures that will help small-asset-sized credit unions in the state gain further access to critical resources within the credit union system.
The trustees approved an initiative that will cover the full cost of membership in the New York Credit Union Association for all credit unions in the state with up to $1 million in assets. As of Dec. 1, 2021, the move will pay for the membership dues of 23 credit unions.
As the official state trade association for New York’s credit unions, NYCUA provides member credit unions with a full range of services, including governmental affairs, events and training, consulting and engagement services, regulatory compliance support, and more.
Additionally, the Foundation approved a “small credit union professional development discount program” for credit unions with up to $50 million in assets. The program will automatically provide approximately 150 New York credit unions in the asset tier with a discounted rate on NYCUA’s events and professional development offerings. The program is valued at approximately $25,000.
Kathryn Getz, CEO of Sweet Home Federal Credit Union in Amherst, New York, said: “It’s no secret credit unions must evolve in order to stay relevant in today’s hyper-competitive market, but smaller credit unions in particular face enormous hurdles when it comes to implementing new initiatives. The Foundation has always been there for our credit union and served as a vital lifeline when we needed to train staff or volunteers, develop new products and harness new technologies. I’m thrilled to see the Foundation is expanding its reach so even more small credit unions can benefit from the organization’s efforts.”
Laurie Wiest, chair of the Foundation board of trustees and chief engagement officer at The Summit Federal Credit Union in Rochester, said: “Every credit union in New York has a unique and important role to play in shaping our statewide movement, and every credit union should have the tools and resources they need to thrive. The New York Credit Union Foundation is proud to step up and support the state’s smaller-asset-sized credit unions. New York may be the financial capital of the world and the home of multinational institutions, but these Main Street credit unions are the financial backbone of so many communities throughout the state. They truly deserve our attention and support.”
About the New York Credit Union Foundation:
The New York Credit Union Foundation is the 501(c)(3) public charity operated by the New York Credit Union Association and funded by the generous support of organizations and individuals. To achieve our mission of “fostering the financial independence of New Yorkers through credit unions,” we provide the New York credit union community with grants and other financial aid. These grants are used by credit unions to deliver adult and youth financial education, enhance member service, train staff/volunteers and assist those impacted by natural disasters. To learn more, visit www.nycuf.org.
To help credit unions maintain service continuity amid the COVID-19 pandemic — as well as providing valuable member account access solutions beyond this crisis — the New York Credit Union Foundation, UsNet and Alloya are collaborating to assist smaller-sized member credit unions.
Credit unions $100 million in assets and below are eligible for Foundation grants to offset the core processor integration costs associated with joining the CO-OP Shared Branch Network.
The Foundation, UsNet and Alloya have each pledged $15,000 for the grants, making available $45,000 in total funds for this grant initiative processed through the Foundation. Total funds per recipient will not exceed $5,000.
The New York Credit Union Association and UsNet’s management teams, along with their respective boards of directors and Foundation trustees, created the initiative.
Participation with UsNet provides credit unions with solutions in offering members immediate access to CO-OP’s 24/7 contact center and the mobile application known a Sprig®. The CO-OP contact center will service general member inquires, including account and balance inquiries, transfers (between share, checking, and loan accounts) and transaction look-up. Sprig® by CO-OP is a mobile banking application inclusive of credit union account aggregation, remote deposit capture and P2P within shared branch participants.
Cost for solutions are assessed on per transactional basis. Credit unions may elect to opt-out of these ancillary services.
The Small Credit Union Grant application can be accessed on the Foundation website.