American Banker: New York credit union signs first contract with organized employees

This article originally appeared on June 9, 2023 in American Banker:

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.

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