NCOFCU's Online Director Advisor

NCOFCU Directors Advisor

The National Council of First Responder Credit Unions (NCOFCU) has introduced an exciting new membership benefit: the NCOFCU AI Directors Advisor.

Credit union directors, supervisory committee members, and CEOs face increasingly complex responsibilities. From regulatory compliance and financial oversight to lending, cybersecurity, and strategic planning, knowing the right questions to ask is essential to protecting and strengthening their credit unions. 

Members can ask questions in everyday language and receive clear, understandable explanations, practical guidance, and references to relevant regulations and educational resources.

Think of it as having a knowledgeable credit union governance and educational resource available whenever you need it — 24 hours a day, seven days a week.

What Does It Offer?

• 24/7 educational assistance: Ask questions anytime, without waiting for a meeting or training session.

• Easy-to-understand answers: Complex credit union subjects explained in plain English.

• Governance and regulatory guidance: Explore NCUA regulations, board responsibilities, financial oversight, lending, BSA, cybersecurity, and succession planning.

• Personal conversation history: Previous questions and discussions are saved for future reference.

• Suggested follow-up questions: Discover additional issues and topics worth exploring.

• Board meeting preparation: Better understand reports, policies, and management recommendations before making decisions.

• Exclusive membership benefit: Available to authorized NCOFCU members through their secure member access.

The Advisor is an educational resource, not a replacement for legal, regulatory, or professional advice.

Give it a try NOW 

U.S. Economy Grew 3.4% in Q3, Driven by Consumer Spending, AI Investments

 WASHINGTON — The U.S. economy grew at a 3.4% annual rate in the third quarter, accelerating from 2.2% in the previous three months as consumer spending and business investment in artificial intelligence helped offset a widening trade drag, the Commerce Department reported Thursday.

A credit union economist said the data largely align with what the Federal Reserve said one day earlier in opting not to raise rates.

The advance estimate from the Bureau of Economic Analysis showed stronger growth from July through September than the 3% pace economists had forecast in a FactSet survey, according to The Associated Press. The report is the first of three estimates for the quarter.

Consumer Spending Increases

Consumer spending increased at a 3.8% annual rate, while nonresidential business investment rose 12.7%, according to AP reporting on the government figures. Spending on information-processing equipment surged 37.4%, software investment rose 9.6% and research and development increased 7.5%.

The BEA said higher investment, household spending and government spending contributed to the expansion. Falling exports and rising imports partly offset those gains. Reuters reported Wednesday that imports of capital goods associated with AI infrastructure helped push the goods trade deficit higher in September.

Housing remained a weak point. Residential investment declined 3.3%, according to the AP, amid elevated mortgage rates.

America’s Credit Unions Economist Responds

“Economic growth came in stronger in the third quarter, with consumer spending and investment in AI continuing to be the biggest drivers. Domestic investment grew at its fastest pace since the beginning of last year. However, net exports significantly dragged on overall growth, as imports of goods tied to AI-related investment rose. Looking at September, the personal income and outlays report showed consumer spending slowing after accelerating earlier in the quarter. At the same time, the Fed’s preferred inflation measure rose notably during the month. These reports reinforce the Federal Reserve’s view that the economy remains on solid footing while price stability continues to be a concern,” said Dawit Kebede, senior economist at America’s Credit Unions.

Separate BEA figures released Thursday showed personal income rising 0.2% in September, while consumer spending increased 0.5% in current dollars, down from 0.9% in August. Inflation-adjusted consumer spending was essentially unchanged in September after increasing 0.5% in August.

The personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, increased 0.5% in September and 3.6% from a year earlier, the BEA reported. Excluding food and energy, the index increased 0.3% for the month and 3.1% from a year earlier. Both annual measures remained above the Fed’s 2% inflation target.

The mixed reports underscore the challenge facing policymakers: Economic activity remains robust, but inflation is proving persistent. The BEA is scheduled to publish its second estimate of third-quarter GDP on Nov. 25.

Fed Leaves Rates Unchanged; Sees Inflation but Also Strong Economic Activity

 WASHINGTON — As expected, the Federal Reserve left its benchmark interest rate unchanged Wednesday, keeping the target range at 3.75% to 4% as policymakers weighed strong economic activity against inflation that remains above the central bank’s 2% goal.

The Federal Open Market Committee voted 10-2 to hold rates following its two-day meeting, according to the Federal Reserve’s Oct. 28 statement. Federal Reserve Gov. Lisa Cook and Cleveland Fed President Beth Hammack dissented, favoring a quarter-percentage-point increase that would have raised the range to 4% to 4.25%.

The decision follows a unanimous quarter-point increase in September, when the Fed raised its target range to the current level. Wednesday’s split vote underscored disagreement over how quickly the central bank should move to curb persistent price pressures.

America’s Credit Union Economist Responds

The FOMC’s decision to keep the federal funds rate target range unchanged gives policymakers room to see how September’s increase works through the economy while balancing elevated inflation and a softening labor market,’ Dawit Kebede, senior economist with America’s Credit Unions, said in a statement. “Although the economy remains strong and unemployment is low, the press release points to elevated uncertainty and the need for more information before another rate decision.  With underlying inflation still above the Fed’s target, today’s decision reads as a wait-and-see, and a December hike is more likely. Credit unions remain well positioned to help members manage the pressures of high prices and elevated rates.”

‘Growth is Solid’

In its statement, the Fed upgraded its description of economic growth from “solid” in September to “strong.” It cited resilient consumer and business spending, robust capital investment and productivity gains, while saying job growth has kept pace with the workforce and unemployment has changed little.

“Inflation remains elevated,” the committee said. It added that gathering more information would help determine the appropriate policy to return inflation to 2%, signaling that future rate decisions will depend on incoming economic data.

December Rate Increase Remains Possible

Reuters reported Wednesday that the Fed’s decision was widely anticipated and that investors continue to expect another rate increase, potentially beginning in December. Its reporting also pointed to concerns that inflationary pressures are spreading beyond energy costs.

A Reuters survey conducted Oct. 16-20 found that 94 of 100 economists expected the Fed to hold rates in October, while all 100 anticipated an increase in December. Those forecasts are expectations, not commitments by the Fed, which did not announce a December decision Wednesday.

Implications for Credit Unions and Borrowers

For credit unions, the decision leaves the Fed’s short-term rate benchmark unchanged for now, but continued uncertainty over the next move complicates loan pricing, deposit-rate decisions and interest-rate risk management. Institutions may still see market funding costs shift as expectations for December change.

The Fed’s next scheduled policy meeting is Dec. 8-9, when officials are also due to publish updated economic projections.

Early Voting Shifts

 

Early Voting Shifts

 

More than 30 million Americans have voted in this year's midterms so far, with Election Day one week away. In Texas, over 4 million ballots have been cast, exceeding half of the state's 2022 turnout. The figures are from the University of Florida's Election Lab; see how your state compares here. Voting methods are also shifting, particularly in parts of the South. In Georgia, roughly 95% of early votes have been cast in person, while mail ballot requests have fallen more than 45% from 2022. North Carolina has seen a similar split, recording 1.5 million in-person votes and about 60,000 mail ballots returned. Nationally, early votes are roughly even between in-person (15.4 million) and mail (15.1 million) as of this writing. Experts say the shift may reflect concerns about mail ballots arriving on time or being counted, as well as a return to prepandemic voting habits. A Postal Service rule in effect since December largely postmarks mail when it's processed rather than dropped off, potentially pushing some ballots past deadlines. See the 52 races that could flip Congress here. ===================================================================== Remember, you're not alone with NCOFCU.org / Join Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

Economic Mixed Signals

 

Economic Mixed Signals   US jobless claims fell to 194,000 last week, their lowest since July, according to Labor Department data released yesterday, indicating a stable labor market less than two weeks before the midterm elections. Claims, a proxy for layoffs, have remained historically low this year, reaching a 57-year low in July. However, hiring has slowed—employers added just 29,000 jobs in September, and unemployment rose to 4.2%. The result is a “low-hire, low-fire” job market in which most workers keep their jobs while job seekers struggle to find work. The economy grew at a 2.2% annualized rate in the second quarter, while consumer spending, which drives roughly two-thirds of economic activity, rose 0.9% in August, outpacing income growth. Annual inflation reached 3.7% in September, up from 3.4% in August and above the Federal Reserve’s 2% goal. A recent poll found 85% of voters consider the economy a top election issue, while 84% cited the cost of living. Explore five charts showing the US economy ahead of the midterms.       ===================================================================== Remember, you're not alone with NCOFCU.org / Join Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator

SF Fire Credit Union celebrating 75th anniversary.

 

Robert Kassab

• 1st

President and CEO at SF Fire Credit Union

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San Francisco Fleet Week Association at its heart is about bringing together the military, first responders, and the people they serve. That made it a meaningful backdrop for SF Fire Credit Union to continue celebrating our 75th anniversary and the firefighter community that inspired our founding in 1951.

We kicked off the week on October 6 with a ceremonial ribbon cutting at our Noe Valley branch alongside the San Francisco Chamber of Commerce, San Francisco Fire Department Chief Dean Crispen, Sam Gebler and SF Firefighters L798 members, Guardians of the City, San Francisco, marking 75 years of service and our continued commitment to the San Francisco community. We then joined K9 Heroes Day at Duboce Park on October 10 and spent October 11 at Fleet Fest at Pier 27.

I’m grateful we had the chance to celebrate this milestone in a way that felt true to who we are: rooted in service, connected to our community, and proud to stand alongside the people who show up for San Francisco every day. #FleetWeek

Building Tomorrow’s Credit Unions, or Just Managing Today’s?

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Announcing NCOFCU's 2027 Executive Leadersh

 

NCOFCU Associates, On behalf of the National Council of First Responder Credit Unions (NCOFCU), I am pleased to announce the Executive Officers who will lead our organization in 2027. These individuals bring valuable experience, dedication, and a shared commitment to advancing the mission of NCOFCU and supporting the credit unions that proudly serve our nation's first responders. 2027 NCOFCU Executive Officers Chairman - Brian Kurzel, Chairman, Charlotte Fire Dept. CU 1st Vice Chairman - Andy Doyle, Director, F&A CU  2nd Vice Chairman  - David Lantrip, Director, Houston Firefighters FCU  Treasurer - Bonnie Sensing, Exec. Admin. Nashville Firemen's CU  Secretary - Al Comoeux, Chairman, Baton Rouge CU As we look ahead to 2027, our leadership remains focused on strengthening the Council, expanding opportunities for collaboration among our member credit unions, promoting sound governance, and providing meaningful educational and networking opportunities. The Executive Officers will work closely with the Board of Directors and executive management to advance the Council's strategic priorities while ensuring that the needs and interests of our membership remain at the forefront of our efforts. I would also like to express our sincere appreciation to all members of the Board of Directors for their continued dedication, leadership, and service to NCOFCU. Our organization's strength comes from the commitment of our member credit unions and the important work they perform every day in serving the financial needs of first responders and their families. Please join me in congratulating our 2027 Executive Officers and wishing them continued success in their leadership roles. Thank you for your ongoing membership, support, and commitment to the National Council of First Responder Credit Unions. We look forward to another productive and successful year together. Sincerely, Grant Sheehan, CCUE, CCUP CEO National Council of First Responder Credit Unions www.NCOFCU.org

NCOFCU - National Board of Directors Chairman:  Brian Kurzel, Chairman, Charlotte Fire Dept. CU 1st V. Chairman:  Andy Doyle, Director, F&A CU 2nd V. Chairman: David Lantrip, Director, Houston Firefighters FCU Treasurer: Bonnie Sensing, Exec. Adm. Nashville Firemen's CU Secretary: Al Comeaux, Chairman, Baton Rouge CU Directors: Judy DeLucca, CEO, New Orleans Firefighter FCU;  Michael Tobler, Chairman, NY Firefighters Bravest FCU; John Cowin, Director, Syracuse Firefighters CU; Michael McCormick, Chair. San Diego Firefighters FCU Associate Directors: Emerilda Zeqo, CEO of CT Firefighters FCU; Norm Essman, Chairman, Firefighters & Company CU Staff: Grant Sheehan CEO O-305-783-3544    C-305-951-3306

Six Board Meetings, But Monthly Rules? NCOFCU Credit Unions Seek Answers From NCUA

WASHINGTON--As implementation of the Credit Union Board Modernization Act (CUBMA) is underway, the National Council of First Responder Credit Unions (NCOFCU) has written to the NCUA to call for clarification on several issues.

The NCUA in August wrote that CUBMA, which allows eligible federal credit unions to hold as few as six board meetings per year rather than meeting every month, is “self-executing” and can be implemented once a federal credit union amends its bylaws.

However, while credit unions begin to implement, existing regulations and guidance from the agency still assume monthly meetings, which raises questions about reporting requirements, board approvals, and other credit union responsibilities, NCOFCU said.

NCOFCU asked the agency to provide clarification about monthly financial statements, Suspicious Activity Report notifications, loans to credit union officials, and investment reporting requirements.

“Credit unions want to know what information must still be provided to the board each month, what actions can wait until the next meeting, and what matters can be handled by a board committee or another process,” wrote Grant Sheehan, CEO | NCOFCU.

The letter outlines several questions and asks the agency to provide answers so that credit unions may utilize the flexibility afforded to them by CUBMA.

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Check out some of NCOFCU's additional features: Advocacy  Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Retirement Calculator