First-responder Credit Union Newsroom

It all starts in the boardroom—but the consequences are felt far beyond it. When Governance Breaks Down, Members Pay the Price Credit unions are built on a simple but powerful idea: they are owned by their members. Unlike traditional banks, where shareholders drive decisions, credit unions are meant to operate democratically—guided by a volunteer board elected by the very people they serve. But that model only works when participation exists. A governance breakdown happens when the people elected to oversee an institution stop truly representing the people who own it. In credit unions, this breakdown doesn’t usually come from scandal or sudden failure. It happens quietly, over time—through disengagement. The Root of the Problem: Low Engagement Most credit union members don’t vote. Board election turnout is typically in the low single digits. In some cases, it’s barely measurable. That means a very small percentage of the membership is effectively deciding who governs an institution th...

  'Taxman'   Why the IRS is necessary The Internal Revenue Service, or IRS, is a division of the US Treasury Department created in 1862   that enforces the Internal Revenue Code —Title 26 of the US Code, a compilation of federal statutes—and, effectively, oversees tax collection. In 2024, the IRS's roughly 75,000 employees collected roughly $5T in tax revenue.   Given its role in diverting household income streams, it also has a bad reputation. Half of Americans had an "unfavorable view" of the IRS as of 2024 ( see data ). In a ranking of 16 well-known federal agencies by popularity that year, t...

April is Financial Literacy Month—a time dedicated to empowering individuals and families with the knowledge and tools needed to make informed financial decisions. Whether you're budgeting, saving, managing debt, or planning for the future, improving your financial literacy can have a lasting impact on your well-being. We invite you to explore our Consumer Education website, where you'll find helpful resources, tips, and guidance to support your financial journey. If you find it valuable, please share it with your family and friends—because financial knowledge is even more powerful when it’s shared. https://www.ncofcu.org/financial-literacy  ================================================= Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Advocacy  

The NCUA Board heard briefings on four topics during its meeting Thursday, including the status of the deregulation initiative, a clarification regarding existing rules applicable to brokered and reciprocal deposit arrangements, and the agency’s 2026-2030 Strategic Plan and 2026 Annual Performance Plan.   Acting Director of the Office of Examination and Insurance Amanda Parkhill provided an overview of Phase 1 of the agency’s Deregulation Project, which focuses on targeted, technical changes to remove outdated or unnecessary requirements and improve clarity. The agency made it clear that the effort will likely continue into late 2026 or early 2027, evolving over time based on policy priorities and stakeholder input.   NCUA General Counsel Frank Kressman briefed the board on brokered and reciprocal deposit arrangements and the NCUA’s FAQs on this topic. The briefing demonstrated how a brokered deposit network operates with respect to low-income designated (LID) FICUs ...

Your Members Aren't Leaving in a Huff, They're Just Fading Away. Here's How to Stop It. “Soft switching” is picking up as Americans’ financial activity continues to fragment among multiple players, according to new research from JD Power. This trend has implications both for banks and credit unions that want to retain and grow existing relationships, as well as those that would also like to expand by snapping up accounts from other institutions. Key risk:  Once someone establishes a relationship with another provider, their one-time primary financial institution risks slipping into second place — or even losing the relationship entirely. Need to Know: The average checking account customer now has three deposit accounts at different institutions, the study found. One out of five consumers moved money away from their primary financial institution in the past three months, according to the study, an increase over the 17% rate seen in the previous edition. Departures aren’t sud...