Straight to The Point

OwnersChoice welcomes Jeff Avella to lead client relations, development
Jeffery Avella has joined OwnersChoice Funding as the director of client relations and development. Avella, who has extensive financial services and mortgage-lending experience, will be responsible for managing and developing strong working partnerships between credit unions and OwnersChoice.

Avella’s responsibilities include managing and developing strong working partnerships with credit unions, and training their staff to effectively utilize the products and services offered by OwnersChoice.

“We’re pleased to welcome Jeff Avella as the newest member of the OwnersChoice team,” said New York Credit Union Association President/CEO William J. Mellin. “Jeff’s extensive background in the financial services industry, and particularly in the area of residential mortgage lending, will serve as a valuable resource for OwnersChoice and its client credit unions.”

Melrose CU conserved
NCUA announced Friday that the state Department of Financial Services had taken control of the Queens-based Melrose CU and appointed NCUA as the conservator. Member deposits at Melrose CU are insured up to $250,000, and the credit union will continue normal member services.

“The Association has been in contact with the regulators, and we are monitoring the situation closely,” said New York Credit Union Association President/CEO William J. Mellin. “We remain committed to serving the state’s credit unions and their nearly 5.4 million members, including Melrose CU, which has a long history of member service.”

For more information, visit NCUA’s website.

CUs, individuals encouraged to participate in Chapter events
The New York Credit Union Association has 13 Chapters statewide, each of which play an important role in promoting cooperation among credit unions at the local level. The Chapters, along with their volunteer leadership councils, work to provide networking opportunities, advance community-outreach efforts and raise consumer awareness about the credit union difference.

Credit union professionals and volunteers are encouraged to take advantage of the following Chapter events:

  • Feb. 24: Central New York Chapter’s 8th Annual Curtin Cup Tournament;
  • March 7: Erie-Niagara Chapter BSA Training & Managers Meeting;
  • March 8: Erie-Niagara Chapter Breakfast Meeting;
  • March 8: Capital Chapter Meeting;
  • March 14: Catskill-Hudson Chapter Town-Hall Meeting;
  • March 23: Westchester-Rockland Chapter Breakfast; and
  • March 28: Erie-Niagara Chapter Breakfast & Manager's Meeting.

For a complete list of upcoming events, view the Association’s Events Calendar.

State and National News

CU Times: A recent Quinnipiac University poll found a growing number of Americans favor increased regulation of financial institutions – More

Forbes: A Texas district court judge threw out a challenge to the U.S. Department of Labor’s fiduciary rule – More

The Hill: House Financial Services Committee Chairman Jeb Hensarling is preparing a major overhaul of the CFPB that would place it squarely under the president’s authority – More

Krebs on Security: Fast-food chain Arby’s said it recently remediated a breach involving malicious software installed on payment card systems at hundreds of its locations nationwide – More

CUinfoSecurity: Hackers using fileless malware to stay undetected have compromised as many as 140 banks, government organizations and telecommunications companies – More

New York’s State of Mind

If current projections hold, credit unions will have put more money into the Temporary Corporate Credit Union Stabilization Fund than will ultimately be necessary to cover the costs related to the failure of five corporate credit unions – More