Sunday, October 26, 2014

Credit Unions Dominate Apple Pay List

Firefighter credit unions on the list! check them out at: Quora, a user-sourced question and answer website. 

On the launch day of Apple Pay, NCUA Vice Chairman Rick Metsger said the majority of financial institutions involved with the technology are credit unions.

“An initial list of financial institutions signed-up for Apple Pay on its launch day reveals that more than two-thirds are credit unions,” Metsger said in a keynote address to the American Institute of CPAs’ annual conference on credit unions in Denver Monday.

“This demonstrates that America’s credit unions are ready, willing and able to meet the needs of American consumers for secure mobile payment systems,” he added.

To date, Apple has not publicly released the names of participating financial institutions. However, a list recently surfaced on Quora, a user-sourced question and answer website. The unsourced list showed that the majority of the more than 500 financial institutions listed are credit unions.

Credit Unions Dominate Apple Pay List

Tuesday, October 21, 2014

Ebola Preparedness and Firefighter Credit Unions

Ebola
To all staff and volunteers,

The IAFF Has released the below video/s of interest to all firefighters and EMS personal related to Ebola education and response.

Since our credit unions serve those who are first responders, I felt it important to make these videos available to you, your staff and volunteers so that you can better understand any precautions your credit union should take. I am sure that NCUA will be checking your infection control policy, remember SARS?

Take a moment to watch and learn from these excellent presentations.

Grant Sheehan Executive Director
NCOFCU

What is Ebola:     http://youtu.be/4cL-BZw6u3E

Stand Down Statement from IAFF GP:      http://youtu.be/4AFtdMYI6tk 

Additionally, the IAFC has provided an excellent resource page with links to; Background, Infection Control Guidance, Ebola Preparedness,  http://www.iafc.org/ebola 

Sunday, October 19, 2014

CUNA: 500 FIs commit to Apple Pay, says CEO Cook

News Now

500 FIs commit to Apple Pay, says CEO Cook

CUPERTINO, Calif. (10/17/14)--With commitments from 500 financial institutions, Apple said Thursday that Apple Pay, its much-discussed electronic wallet, will become available to U.S. consumers on Monday.
Through ApplePay, iPhone 6 and iPhone 6 Plus use Touch ID for purchases in stores and within apps. Touch ID authorizes purchases using the device owner's fingerprint, which is also used to access the device. Users of the just-announced iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8.
Apple Pay is designed to protect the user's personal information. It doesn't collect any transaction information that can be tied back to a user, and payment transactions are between the user, the merchant and the user's bank. Apple doesn't collect purchase history. Actual card numbers are not stored on the device, instead, a unique device account number is created, encrypted and stored in the secure element of the device.
Apple Pay supports credit and debit cards from the three major payment networks: American Express, MasterCard and Visa.
CO-OP Financial Services is in active negotiations with Visa and MasterCard to bring the lowest aggregated issuer fees to credit unions ( News Now Sept. 11). Brookfield, Wis.-based Fiserv has said that all Fiserv-processed debit and credit issuers have tokenization capabilities--the security measure used by Apple Pay--available to them through the Visa Token Service and MasterCard Digital Enablement Service.

CUNA: 500 FIs commit to Apple Pay, says CEO Cook

Tuesday, October 14, 2014

Firefighters Credit Unions San Diego Conference

IMG_3184Over 170 firefighters, credit union executives and their guests gathered in San Diego for NCOFCU’s annual meeting and conference. It was another very successful year with many comments, “the best ever!’

Updates from Diana Dykstra CEO, CA League, Elizabeth Whitehead, Director Region V NCUA, Jennifer Stockett, Senior Advisor in the Office of Financial Institutions CFPB, Steve Rick, Chief Economist for CUNA Mutual Group, as well presentations from Kevin Mahan of CUBED, Prescott Ford, Managing Director Regulatory Affairs First Empire Securities, Inc. and credit union CEO’s combined with roundtable discussions on working loan products and services made the conference a tremendous success!.

We are now looking forward to the “Go To Conference” in Nashville TN . This will be the “Year of Collaboration” among firefighter’s credit unions!
Save The Date  October 7-10,2015
 Save The Date

Sunday, September 28, 2014

Dayton Firefighters FCU Taps New CEO

By Peter Strozniak CU Times

Thomas Newton was appointed the new president/CEO of the $50 million Dayton Firefighters Federal Credit Union.

Newton will replace Charles Passenthal who will retire in mid-October, according to a Sept. 18 prepared statement from the board of directors of the Dayton, Ohio-based cooperative.

“We are very excited that Thomas is joining our team here at Dayton Firefighters Federal Credit Union,” Thomas Scott, board chair, said. “His dedication and proven track record will make him a strong leader for our credit union. We are looking forward to what he can bring to the credit union as president/CEO.”

Newton worked as SVP for member services at the $379 million Universal 1 Credit Union in Dayton. He also served as EVP of operations of the $87 million FirstDay Financial Federal Credit Union in Dayton, which merged with the $313 million River Valley Credit Union in Miamisburg, Ohio, April 1.

Newton has a Bachelor of Science degree from the University of Phoenix and a Master’s degree in management from Indiana Wesleyan University.

Since 2009, he also served as the secretary and treasurer of the Miami Valley chapter of credit unions.

Chartered in 1935, Dayton Firefighters FCU serves more than 3,800 members.

Monday, September 22, 2014

“Apple Pay” and Credit Unions

Just when you think you are caught up and what could be next? Here it is “Apple Pay”!

For the banks and credit card networks, Apple Pay could threaten some revenue streams, since Apple is getting a financial piece of every transaction. In return, the banking industry is hoping for improved POS security and privacy benefits as well as inroads into an expanded online and mobile purchasing universe.

Navy and AppleReports indicate that the financial services industry began working on the Apple Pay project in January 2013, when Apple had the first concrete conversations with the credit card networks. In the summer of 2013, Apple approached the top six banks involved in the project (American Express, Bank of America, Capital One Bank, Chase, Citi and Wells Fargo), without revealing what other banks were involved.

Willing participation of the top six banks as well as Barclaycard, Navy Federal Credit Union, PNC Bank, USAA and U.S. Bank suggests both Apple’s power in the mobile space and the recognition that there are other payment solutions being promoted that are not as willing to work with the banking industry. For instance, the Merchant Customer Exchange (MCX) would prefer to replace the card networks altogether. This is highlighted by the fact that the two most prominent members of MCX, Walmart and Best Buy, announced that they would not accept Apple Pay

To read more and see who the players are and how it will Impact Non-Participating Banks and Credit Unions visit - http://thefinancialbrand.com/42321/banks-promote-apple-digital-payments/

Understanding EMC for Credit Unions CU24

In order to understand the significance of implementing the new EMV credit cards as discussed in the previous posting , CU24 has provided the following whitepaper to better assist you in understanding the change;
https://ncofcu.memberclicks.net/assets/docs/White_papers/understanding%20emv%20for%20%20credit%20unions%20april%202013%20cu24.pdf

Credit Unions Lag as EMV Chip Deadline Slowly Approaches

By David Morrison CU Times

As the October 2015 implementation deadline approaches, some leaders who helped credit unions launch EMV chip-equipped payment cards estimated that fewer than 50% of card-issuing cooperatives would have both EMV-equipped credit and debit cards ready in time.

Oct. 15 next year marks the point when the cards’ brands have said liability for fraud losses will shift to the party that has not put EMV cards in place. This means that the party, either the issuer or merchant, that does not support EMV assumes liability for counterfeit card transactions, possibly costing or saving credit unions significant amounts of money.

“Credit unions are definitely gearing up and picking up the pace,” said Barney Moore, manager of card consulting services for Card Services for Credit Unions, the association of credit unions that use the services of payment processor FIS. “But it seems unlikely that they will have gotten it done by next October.”

Moore cited concerns about the costs of issuing the chip-enabled cards among credit unions, as well as delays in ironing out technical details with EMV-equipped debit cards. Another hurdle includes bottlenecks among plastic card suppliers, he added.

“We are urging credit unions that might not be ready to pull the trigger to at least get the project started and get into a queue for a chance to get EMV cards,” Moore advised.

READ MORE >>>>>Credit Unions Lag as EMV Chip Deadline Slowly Approaches

Thursday, September 18, 2014

Products and Services That Work

We are only a few weeks away form San Diego
Don’t miss these sessions with real takeaway ideas!

6 of our credit union CEO’s will discuss products and services that worked for them!

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Friday, September 12, 2014

A special thank You from Mark C. Meyer CEO Filene Research Institute

This was forwarded to me from one of our firefighter credit unions and I thought I would share it with everyone.
Grant

Credit Union Colleague, 

As one of the Nations 161 credit unions specifically organized by the police or fire departments of your communities please accept this email as heartfelt thank you to your credit union members who work tirelessly to protect communities across the USA.

We at the Filene Research Institute are inspired by the efforts of your credit unions to serve these brave individuals and enable them to achieve their financial dreams.

On the 13th Anniversary of 9/11 we do not forget the 343 firefighters, 23 NYPD officers, and 37 Port Authority police officers who put themselves in harms way, and lost their lives to rescuing the victims of our Nation's worst terrorist attack.

In memory, Mark

Mark C. Meyer, J.D. | CEO | Filene Research Institute | 612 W. Main Street, Suite 105, Madison, WI 53703 | (o) 608.661.3741 | (m) 608.513.1107 | filene.org

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Saturday, September 6, 2014

7 Secrets For Merger Success | Credit Unions

These best practices will ensure your next merger won’t be your last.
By Aaron Pugh 

With six mergers completed since 2009 and three more on the immediate horizon, Credit Union of Southern California ($781.8M, Whittier, CA) — commonly referred to as CU SoCal — attributes just over half of its branch footprint and about 70% of growth achieved in the past five years to merger activity.

On the opposite side of the country, The Summit Federal Credit Union ($723.7M, Rochester, NY) averaged close to one merger a year between 2003 and 2011, increasing its assets by more than $445 million and adding 12 branches in three regional markets beyond its original Rochester and Seneca Falls footprint.

Despite the prevalence of this activity, neither of these institutions has ever actively sought out any merger partner. Instead, they’ve been responding to increased demand from small-to-mid-sized credit unions for cooperative alliances, both for survival and for the enhanced economies of scale a bigger sandbox can provide.

There’s no doubt that mergers can boost key metrics in a short amount of time, but according to these two cooperatives, those who pursue such opportunities out of a one-sided growth agenda usually falter as a result.

“We weigh every merger request we receive according to a number of factors, but it all boils down to two key questions: Does the merger ensure the financial safety and soundness of our credit union, and does it provide value to the members of both organizations?” says CU SoCal CEO Dave Gunderson.

“We’re not in business to put other credit unions out of business,” says Michael Vadala, CEO of The Summit. “But the industry is changing and in those cases where a merger is the right answer, you need to know how to do it and do it well.”

Below, both credit unions share seven key ways to stand out as an attractive merger partner and ensure those alliances don’t just benefit one party but rather strengthen the entire cooperative system.

Continued>>7 Secrets For Merger Success | Credit Unions

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