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.
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.
"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," said Kathryn Getz, CEO of Sweet Home Federal Credit Union in Amherst, N.Y. "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.”
“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," said Laurie Wiest, chair of the Foundation board of trustees and chief engagement officer at The Summit Federal Credit Union in Rochester, N.Y. "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.”