Firefighter Credit Union Newsroom

  Grant Sheehan, CEO, NCOFCU The Case for Advisory Committees in Credit Unions: Ensuring Vibrant Leadership and Member Engagement In the world of credit unions, the leadership structures often reflect a unique balance of tradition and innovation. For many credit union boards of directors, tenure can stretch over decades, creating a wealth of experience and stability. However, when these long-serving members retire from the host company, a common phenomenon arises: a reluctance to leave their positions. While their dedication is commendable, this situation can pose challenges to the credit union’s ability to adapt to the evolving needs of its membership. As directors transition into retirement, they may find that their connection to the credit union and its members has diminished. Having spent years in leadership, their focus can inadvertently shift to legacy management—relying heavily on what has historically worked rather than embracing new strategies. This is where t...

WASHINGTON–Credit unions, which often talk about the need for younger members, will now have the opportunity to compete in a new arena for the youngest members of all, as the recently passed reconciliation bill includes language creating and funding for a new savings account for children, with a one-time deposit of $1,000 from the federal government for those born in 2025 through 2028. The new accounts are expected to create a new battleground of competition for credit unions as every provider from banks to fintechs to others seeks to capture the accounts.  The final version of the bill makes the tax-free savings accounts for minors, called Trump accounts, a form of individual retirement account (IRA) under Sec. 408(a), according to the Journal of Accountancy. Under the legislation, the accounts will be IRAs (but not Roth IRAs) for the exclusive benefit of individuals under 18.  About the Contributions “Contributions can only be made in calendar years before the beneficia...

What is the Declaration of Independence ? The Declaration of Independence is the founding document that formally announced the American colonies' break from British rule. It laid the philosophical and moral foundation for American democracy, asserting that individuals possess inherent rights and that governments must be accountable to the people ( read summary here ). Although Thomas Jefferson is often remembered as the sole author ( read initial draft ), extensive collaboration shaped the Declaration. Benjamin Franklin and John Adams made small but impactful revisions— including Franklin’s reported suggestion  to change “We hold these truths to be sacred and undeniable” to “self-evident”—before submitting the draft to Congress. On July 4, 1776, the final text was adopted and sent to printer John Dunlap, who produced an estimated 200 broadsides that night—but that wasn’t the actual day of American independence . Congress had voted for independence two days earlier, ...