In 1925, the Russell Sage Foundation discontinued financial support of the New York State Association of Credit Unions (NYACU): The Foundation felt that the Association had enough credit unions to support itself. To continue operating, the Association instituted the use of a sliding membership-dues scale ($5-50).
Because it was no longer able to hold meetings at the Foundation building, the Association opened an office on West 42nd Street in New York City. NYACU shared the space with a representative of the Credit Union National Extension Bureau.
The subsequent years proved difficult, resulting in decreases in membership that led the Association's leadership to reexamine its goals and consider reconfiguring the structure of its membership.
In 1927, NYACU changed its name to the New York State Credit Union League (NYSCUL). The name change signaled the League's wishes to demonstrate uniformity with other state leagues, in hopes of eventually forming a national organization.
At the same time, the League also added the following amendments to its constitution:
- to disseminate knowledge of the credit union movement among the public, and to encourage and foster the formation of new credit unions in the State of New York;
- to furnish its members with a forum for discussing problems of mutual interest, and to tighten bonds among New York State credit unions;
- to study proposed legislation, and prepare needed legislation, pertaining to credit unions in New York State;
- to maintain facilities for the exchange of credit information among members;
- to establish and maintain the highest possible standards among credit unions;
- to maintain communications with other state organizations knowledgeable regarding the progress of credit unions elsewhere in the country; and
- to perform such other functions for the service of its membership as might from time to time become advisable.
Armed with a new identity and well-defined goals, the League focused on improving business conditions for its members. In 1928, NYACU made another step forward by contracting Aetna Life Insurance Company to provide members with life insurance.
Credit unions also experienced a significant boost following Attorney General Albert Ottinger's investigation of usury in New York: His committee's findings spurred a recommendation that employers consider establishing credit unions. During the Great Depression in subsequent years, this emerging view of credit unions as a viable, stable alternative grew stronger.
