New York Credit Union Association President/CEO William J. Mellin and Compliance Director Linda Bow shared industry updates at the Metropolitan Chapter’s dinner meeting on Thursday. The event drew credit union professionals and volunteers from throughout the New York City-region.
During the event, Bow provided the group with a compliance update and highlighted several approaching regulatory issues that credit unions should prepare for. Notably, Bow discussed—from a Bank Secrecy Act standpoint—cryptocurrencies, such as Bitcoin, and marijuana banking.
Following Bow’s discussion, Mellin addressed the group, touching on a wide range of topics. Mellin’s comments focused on the tax reform legislation making its way through Congress, and in particular its potential impact on New Yorkers and New York businesses.
He also provided the group with an update on the state Legislature, a potential re-unification of the Democratic conference in the state Senate and what a Democratic-controlled Legislature would mean for the Association’s legislative priorities.
Mellin then talked about the leadership fight taking place at the CFPB, as well as some of the challenges and potential challenges posed by the two-member NCUA board.
On the regulatory front, Mellin explained the close relationship the Association has with the state Department of Financial Services and highlighted some of the Association’s recent regulatory advocacy victories at the state level.
Additionally, Mellin briefly updated attendees on the state of the taxi medallion industry, and the impact the declining values are having on credit unions with participation interests.
“It was a pleasure to spend time with the credit union professionals and volunteers in the Metropolitan Chapter,” said Mellin. “The event included lively dialogue and important updates on the credit union system. I’m looking forward to continuing the conversation with our statewide chapters in the year ahead.”