Firefighter Credit Union Newsroom

I Inheritance transfers have existed for as long as people have stored money in banks. But this time, they’re different. According to Knight Frank, the Great Wealth Transfer will see $90 trillion in assets passed down to the younger generations over the next decade in the U.S. alone. These are unprecedented numbers. Are credit unions ready? The truth is, whether they think they are, the current inheritance transfer process isn’t as effective as it could be. It’s plagued with long waiting times, stacks of paperwork, inefficient communication channels, numerous visits to branches, and lots of frustration from inheritors. This dynamic might’ve worked decades ago when people only kept their assets in one place. But this isn’t the case today, meaning inheritors will have to repeat the same time-consuming process at several financial institutions. Credit unions are well known for their human touch, making members feel cared for with exceptional customer service and special deals. However, th...

WASHINGTON—Mortgage applications increased 5.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Dec. 6, 2024. Last week’s results included an adjustment for the Thanksgiving holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 5.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 50% compared with the previous week. The Refinance Index increased 27% from the previous week and was 42% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index increased 30% compared with the previous week and was 4% higher than the same week one year ago. “Mortgage rates decreased again for the third consecutive week, with the 30-year fixed rate dipping to 6.67%,” said Joel Kan, MBA’s vice president and deputy chief economist. “Applicatio...

In the dynamic world of business, changing your strategic plan is not a matter of if, but when. The challenge lies not in recognizing the need for change, but in identifying precisely what needs to change and why. Through years of experience in strategic planning, I have developed what I call the Smart Strategy framework—a simple system that breaks strategy down into distinct, manageable parts. This systematic approach also enables diagnosing and adapting strategic plans when they need adjustment. The framework breaks down strategic planning into four essential elements: Context, Objective, Strategy, and Action. When signs indicate our strategic plan needs modification, I ask four corresponding questions that help pinpoint exactly where the change needs to occur. First, has our context changed? Context represents the foundation of any strategy—the "why" behind our decisions. It encompasses everything from member needs and competitive landscapes to emerging technologies and re...

Empowering First Responders: Leading Credit Unions with Confidence Share The National Council of Firefighter Credit Unions Inc, First Responder Credit Union Academy (FRCUA) empowers First Responders and staff to confidently lead credit unions.  

  2025 "The year of credit union training!" Grant, Credit union leadership training is always important . . . but why is it especially important in 2025? Because the regulators are weighing in on leadership training and  planning. That is why we are thrilled to announce an exciting new benefit exclusively for NCOFCU members. The  National Council of Firefi...

By Jason Stverak The Independent Community Bankers of America (ICBA) recently published an article titled "Standing Up for Community Banking: A Call for Fairness in Credit Union Policies," which presents a mischaracterization of credit unions and their mission. While advocating for fairness is a noble cause, the ICBA’s arguments fail to acknowledge critical distinctions between credit unions and community banks. Taxation: Subchapter S Banks vs. Credit Unions The ICBA contends that credit unions benefit unfairly from their tax-exempt status, but this ignores tax advantages enjoyed by many community banks, especially Subchapter S (S-Corp) banks. S-Corp banks, which make up a significant portion of community banks, are not taxed at the corporate level. Instead, their profits are passed through to individual shareholders, who pay taxes on those earnings. This structure eliminates double taxation and provides favorable tax treatment, amplified by the Tax Cuts and Jobs Act of 2017,...