Sunday Reading - Collective Bargaining

 

Collective Bargaining    Although they're best known for bringing us the weekend, labor unions help workers organize their efforts so they can negotiate as a single entity rather than as individuals (see video overview). Workers in a particular industry, trade, or company form labor unions to improve aspects of their working conditions, such as pay or benefits. > Learn about the history of Labor Day in the United States. (More, w/video) > See the US industries with the highest union membership rates. (More, w/visual) The first US union was created in 1794, when cobblers in Philadelphia formed the Federal Society of Journeymen Cordwainers. Anti-union actions from the US government continued for decades until the Great Depression, when the National Labor Relations Act granted workers the right to form unions and strike. > The first recorded worker strike in the United States predates the American Revolution. (More) > With the help of a photographer, child labor in the US was eventually restricted by law in the mid-1900s. (More, w/video) > See where the US ranked in annual working hours per worker among major countries over time. (More, w/chart) Roughly 10% of US wage and salary workers were union members in 2023, down from around 20% in 1983. Critics of labor unions argue that unions not only make it more difficult to discipline low performers but also drive up labor costs. Union advocates, however, believe unions are an important tool for increasing workers' pay and benefits. > In 2024, US union membership by percentage of the workforce was the lowest in nearly 40 years. (More) > Explore the pros and cons of forming a union. (More) Discover more:  > Supervisors are legally prohibited from joining unions. (More) > Explore the most common jobs for Americans, broken down by age and gender. (More) > See the percentage of employed workers who are union members in your state. (More) ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

 

People Don’t Know What’s Real Anymore

 

People Don’t Know What’s Real Anymore

The internet didn’t destroy the truth. We built an economy that makes truth harder to find.
By Grant Sheehan, "Just My Thoughts"

Here is a disturbing thought:

You may not know who is talking to you anymore.

• That person you follow on social media who seems outraged about a new law may not simply be an angry citizen.
  
  
• The person explaining why a politician is "destroying America" may not be an independent commentator.
  
  
• The person passionately defending a corporation, attacking a government agency, or telling you which candidate deserves your vote may not be giving you their honest opinion.

They may be getting paid.

And increasingly, we have no idea.

Welcome to the new American influence industry, where money can buy attention, attention can manufacture outrage, and outrage can be converted into political power—all while the person holding the camera appears to be just another ordinary citizen.

That's a problem.

Not because people shouldn't be allowed to speak. They absolutely should.

It's a problem because we have created an environment where people can be paid to influence millions of Americans while concealing the financial relationship behind the message.

And we're calling that free speech.

FREE SPEECH ISN'T THE PROBLEM. HIDDEN SPEECH IS.

We Have Been Fighting the Wrong Competitor

 Becky Reed — Featured Speaker at NCOFCU 2026

We are pleased to welcome Becky Reed as a featured speaker at the 2026 NCOFCU 25th Anniversary Annual Conference in Tucson, Arizona.

Becky brings a wealth of credit union leadership experience and a forward-thinking perspective on the challenges and opportunities facing today’s credit unions. Her engaging, practical approach will provide attendees with valuable ideas they can take back to their boards, leadership teams, and credit unions.

Join us in Tucson and hear from Becky Reed as we celebrate 25 years of education, advocacy, partnerships, and stronger credit unions serving first responders nationwide.

By Beckey Reed
Credit unions, community banks, and the future of community finance

For decades, credit unions and community banks have been encouraged to see each other as adversaries.

Some of that tension is understandable. We operate under different charters. We have different ownership structures. We are taxed differently. We compete for deposits, loans, talent, and increasingly, relevance.

And somewhere along the way, those differences became the story.

Credit unions point to their cooperative structure and tax exemption as essential to their mission. Community banks point to that same tax exemption as an unfair competitive advantage. Trade associations battle.

Lobbyists battle. Regulators draw lines between us. Legislation occasionally sends us to opposite corners. Meanwhile, something much bigger has been happening around us.

The financial system has been consolidating. Technology companies have moved into financial services. Payments have migrated outside traditional banking channels. Digital wallets are beginning to challenge the primacy of the bank account itself. Artificial intelligence is changing how financial decisions are made.

Stablecoins and tokenized money are introducing entirely new financial rails.

And some of the largest financial institutions in the world now operate at a scale neither a community bank nor a credit union could ever hope—or probably even want—to replicate.

Perhaps it is time to ask an uncomfortable question:

What if we have been fighting the wrong competitor?

Sunday Rerading - College football

 

Campus Kickoff    College football is one of the most popular sports in the United States, drawing over 30 million fans in stadiums each season and generating billions in annual revenue through ticket sales, media rights, and merchandising. College football's traditions and pageantry are as central to its popularity as the games themselves. Many teams feature a marching band and school fight songs. > See some of college football's most iconic game day traditions. (More, w/video) > New rules introduced in 2021 allow college athletes to profit from their name, image, and likeness, now a $4.5B industry. (More) Since the first game in 1869, the elite level of the sport has grown to 138 teams in Division I FBS (Football Bowl Subdivision)—essentially college football's top league. College football generates significant revenue for universities, with total FBS operating revenue exceeding $13B in 2025. > Despite college football's large revenues, many programs run at a loss. (More) > Princeton University was a college football powerhouse in the 19th and early 20th centuries, playing in the first-ever college football game in 1869. (More, w/video) > Teddy Roosevelt helped save football, which previously had been a brutally violent game. (More The athletes are enrolled as students at their universities while on the football team. College football blends school spirit, deep-rooted rivalries, and regional pride with high-stakes competition, shaping the culture and economies of college towns across the United States. > The Ohio State–Michigan rivalry has roots in a 19th-century border dispute. (More, w/video) > See if your state's highest-paid employee is a college football coach. (More) Discover more:  > College football bowl games boast some of sports' most absurd names and sponsors, including the Snoop Dogg Arizona Bowl presented by Gin & Juice. (More) > The Pop-Tarts Bowl ends with its mascot being eaten by the winning team. (More, w/video) > A deaf college football quarterback may have invented the huddle to avoid teams stealing their hand signs. (More) ===================================================================== Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

Fed will have "work to do" if inflation doesn't fade, Warsh says in Jackson Hole speech

Federal Reserve Chairman Kevin Warsh reaffirmed the central bank's commitment to lowering consumer prices, acknowledging that inflation remains too high in a highly anticipated speech in Jackson Hole, Wyoming.

During remarks at the Fed's annual conference, Warsh said that recent government data shows inflation has cooled, but "they do not tell me that underlying trends have meaningfully improved."

While stopping short of explicitly saying the Fed could raise its benchmark interest rate, Warsh also signaled that policymakers are prepared to act if inflationary pressures don't subside. Inflation has eased in recent months after reaching a 3 -year high in May, but prices remain stubbornly above the Fed's 2% annual target.

"We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed," Warsh said. "Otherwise, we have work to do."

Analysts interpreted his comments to indicate that the Fed may raise interest rates later this year if price pressures persist.

"Fed Chair Kevin Warsh opened the door to a Fed rate hike," Heather Long, chief economist at Navy Federal Credit Union, said in an email. "A hike probably won't come in September, but it will by October or December."

Although inflation remains hot, Warsh said he is "impressed by the overall performance of the economy," touting measures such as the nation's unemployment rate, which sat at 4.1% in July.

Investors want guidance Warsh doesn't want to give

Economists and Wall Street analysts have looked for a clear signal from Warsh on how he thinks the Fed should respond to stubborn inflation. The Fed chair, who succeeded Jerome Powell, has been significantly more tight-lipped than his predecessors.

During the speech on Friday, Warsh again made the case for limiting forward guidance on future Fed policy decisions, which he has argued limits the central bank's flexibility by committing it to a specific policy path.

"Forward guidance as a regular practice was adopted by my colleagues and me during the Global Financial Crisis," he said. "It was essential at the time, and we introduced it with much fanfare. But, as with other legacies of crises past, I believe that the practice has overstayed its welcome."

Warsh has been less interested in telling markets what the Fed will do and more interested in explaining how the Fed reacts to changing conditions, Jasmine Yu, chief investment officer at Bryn Mawr Trust, told CBS News in an interview on Thursday.

While Warsh has sidestepped questions about the trajectory of interest rates, several Fed officials have underscored their openness to a rate hike. On Friday, CME Group's FedWatch tool showed a 55% likelihood that the Fed would raise rates at its Sept. 15-16 meeting.

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