Business View Magazine June 2023

117 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 NEW YORK STATE CREDI T UNION ASSOCIAT ION This is achieved by driving people to better financial services by providing them with the best education on fiscal matters and allowing better access to affordable financial products. Structurally, banks are responsible to shareholders, stockholders, or other third- party backers, while credit unions are only responsible to their own members. “We have nothing against banks. But we are accountable to only our members as a not-for- profit, tax-exempt entity. That means we can focus on being more involved in educating our members on how to manage their finances,” says William Mellin, President and CEO of the New York Credit Union Association. The Association has several key and notable initiatives. Regarding advocacy, the Association focuses on the legislative side, whether it is working with the state house, state assembly members, governor’s office, congressional delegation, or state senators representing the state of New York, of which there are two. When consulting with these various levels of government, the Association’s role is to ensure that the party they’re liaising with is educated about why credit unions are tax-exempt and understand the mission and purpose of these institutions. “We inform these individuals about the services we bring and how we bring them to our members and their constituents in the state of New York,” says Mellin. Under the advocacy umbrella, the Association will also drill down and educate these government officials about how pending and introduced bills in Congress or the State Senate will impact credit unions, whether positively or negatively. While most legislation is drafted with the best intentions, some can result in unforeseen outcomes. Only through education can these legislators and elected leaders understand the side effects. “There are a lot of bills going around that impact financial services, and we review how they’ll impact credit unions. This means on the legislative and regulatory side, our organization works with the Department of Financial Services to ensure they understand our view about different regulations,” says Mellion. Regarding consumer advocacy, the Association ensures potential members understand the differences between credit unions and banks, as well as the benefits and opportunities of going with a credit union. The rising interest rate in the sector has put some strain on credit unions as they try to remain competitive regarding consumer choice. The Association currently assists members to put in place excellent strategic and operational plans and inform them of new regulations. This is William J. Mellin, President/CEO of the New York Credit Union Association.