New York credit union signs first contract with organized employees
American Banker Unionized employees of Genesee Co-Op Federal Credit Union in Rochester, New York, signed the finalized contract on June 2 after more than 14 months of bargaining.
Organized employees of Genesee Co-Op Federal Credit Union in Rochester, New York, have signed their first union contract after more than 14 months of negotiations.
The agreement reached this month between members of the $37 million-asset Genesee Co-Op's bargaining committee and unionized employees addresses concerns such as increased wages, a retirement plan with an employer match and agreed-upon procedures for resolving conflicts through arbitration.
The trend of unionization, while still a rarity in the financial services industry, is gaining momentum as low unemployment rates and general sentiments of underappreciation among younger generations of talent inspire campaigns for change at institutions like Wells Fargo and many others.
"Our profit margins may not match those of larger, for-profit banking institutions, as these aspects are intrinsically linked to profit generation, [but] instead, our strength lies in our dedication to service," said Robert Bright, loan officer at Genesee Co-Op and member of the union's bargaining unit. "This focus, coupled with our need to adapt to the current business landscape, made it crucial for us and our unionized coworkers to advocate for a new contract and the improvements it contains."
