Business View Magazine June 2023

118 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 to ensure that when it comes time for the credit union’s annual exam, any damage to financial and strategic elements has been repaired. If expectations and standards are unmet, the Association will educate its members about the multiple opportunities they can select to rectify the situation. Whether it is working with the Federal Reserve Bank, Federal Home, and Loan Bank, or with collaborative New York Credit Union Association lawyers, all of these channels will help with managing the union’s funds. According to the Association, the market share for credit unions is becoming smaller. There are fewer memberships, institutions, and dollars deposited into credit unions. The reason for the shrinking market could be attributed to several reasons. “Whether it is a lack of ability to recruit exemplary leadership, or that the board of directors chooses to merge together, this is an issue for the New York Credit Union Association as fewer credit unions mean lower membership numbers,” says Mellin. Another industry issue that the Association has earmarked is the rising rate of credit union service fees and how to best deal with serving members. For almost all financial institutions, service fees are the predominant revenue stream. While most credit unions wrestle with this reality, the interest rate environment has been high for quite some time, meaning someone in the sector will have to innovate a new solution or allow the fees to become untenable for the members. “I think Credit Unions are always wrestling with this balancing act. How do we not “fee” our members to death, but at the same time, how does the institution remain solvent and strong for our members - and I know this is a discussion point at the board level,” says Mellin. To address and alleviate these concerns, the Association will visit Washington DC with a large delegation for its annual government affairs conference. Before attending the meeting, the delegation team will ensure that they are up to date with all the bills that may impact credit unions. The Association will also ensure that they are ready to meet with their legislators to remind them of the excellent work that credit unions do on a day-to-day basis. After attending this conference, the Association will focus on the state-level government affairs conference. Part of the planning for this event will involve getting members engaged and becoming more politically active. This will also include ensuring that they attend fundraisers, programs, and events for legislators in the state. The Association hopes to have the opportunity to meet with governors, superintendents, the Department of Financial Services, as well as elected leaders to share the excellent work that credit unions are doing. William J. Mellin, New York Credit Union Association president/CEO, met one on one with Gov. Kathy Hochul at an event in Saratoga Springs, N.Y.