Firefighter Credit Union Newsroom

  NCUA Issues Notice of Voluntary EGRPRA Review ALEXANDRIA, VA (July 10, 2025)  – The National Credit Union Administration (NCUA) today announced the next step in its plans to voluntarily review agency regulations to identify rules that are outdated, unnecessary, and unduly burdensome to federally insured credit unions. This effort aligns with the federal government’s commitment to efficiency and the NCUA’s continued efforts to reduce regulatory burden on credit unions. The review, which will be conducted over the course of approximately two years, is part of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. While the NCUA is not statutorily required to undertake the review, NCUA has elected to participate in the decennial review process. The NCUA divided its regulations into 10 categories and plans to publish four  Federal Register  documents in total, each requesting comment on multiple categories. The comment period for each notice will ...

  Mastering Mortgages     Background Mortgages  are a type of property loan that financial institutions, such as banks and credit unions, can offer when a prospective buyer decides against paying a property’s full cost in cash.  The lender provides funds to the borrower to purchase the property, and the borrower pays them back over a fixed time period, typically between 10 and 30 years. On top of paying back the base cost of the property, also called the “principal,” the borrower pays monthly interest to the lender.  Most buyers also pay a down payme...

  By Ray Birch PLANO, Texas—Following the release of a new Federal Reserve paper suggesting there’s a “real” possibility interest rates could return to near-zero in the coming years, at least one economist is pushing back—calling that scenario unlikely. As CUToday.info  reported , the paper—jointly published by the New York and San Francisco Fed—notes that while the risk of a return to ultra-low rates is currently at the lower end of its range over the past 15 years, it still “remains significant over the medium to long term.” The authors cite ongoing high levels of economic uncertainty as a key factor. i-Stock-Pavel Muravev Brian Turner, president and chief economist at Meridian Economics, did not agree with the Fed’s perspective. “What has to happen for the Federal Open Market Committee to fear an economic threat that equals the past four events to send their overnight benchmark target to a near-zero level?” Turner asked. “Here’s the dilemma. We are still dealing with growth...

Jo in us in this live episode as Grant Sheehan, CCUE | CEO of the National Council of Firefighter Credit Unions (NCOFCU), interviews Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union. We break down the BSA complex regulations, explore BSA compliance strategies, and discuss real-world implications for directors and staff. BSA Podcast YouTube NCOFCU Podcasts  

  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, ...