Firefighter Credit Union Newsroom

  10/16/2024 06:37 pm MADISON, Wis.—Credit union loan balances rose 3.8% in the year ending in July 2024, slower than the 11.4% pace reported in the year ending in July 2023, due to higher interest rates, tight credit union liquidity and strong competition from finance companies, according to TruStage’s newest Trends Report. The data also show the CU annual membership growth rate has slowed to a point not seen since the tail end of the Great Recession in November 2011. Highlights from the September Trends Report, which is based on CU performance through July: The U.S. money supply increased $620 billion during the last year, boosting credit union deposit growth rates Credit union new-auto loan balances fell 3.6% year to date, significantly below the 8% expected during a healthy labor market Credit union first mortgage loan originations dropped 8.9% in the first half of 2024 compared to the first half of 2023 Here’s a look at how credit unions performed by category, with analysis by Tru

San Antonio, TX – October 4, 2024 - The National Council of Firefighters Credit Unions (NCOFCU) is proud to announce the awarding of the prestigious Lifetime Achievement Award and Volunteer of the Year Award.  Lifetime Achievement Award  Mr. Summey, the recipient of the Lifetime Achievement Award, has been a cornerstone of the Charlotte Fire Dept CU since 1969. His 55 years of service, marked by exceptional leadership, vision, and unwavering dedication, have been instrumental in the significant growth and success of the credit union. His tenure as the Chairman of the Board from 1973 to 2021 has been a period of transformative leadership, guiding CFDCU to its current position of strength and prosperity. Volunteer of the Year Award John Hoolahan has been an integral part of the New Orleans Firemen’s Federal Credit Union for over 30 years, serving on the Board of Directors with unwavering dedication and commitment. His leadership, currently as the Vice Chairperson, plays a pivotal role

A new YouGov study indicates only one-third of consumers expect to have enough money saved for retirement by age 65, and virtually no one is confident about their plans once they stop working. Aaron Passman PERCENTAGE OF AMERICANS’ ANNUAL INCOME SAVED FOR RETIREMENT FOR U.S. CONSUMERS © Callahan & Associates | CreditUnions.com With retirement preparation so varied across different age groups, credit unions have plenty of opportunity to assist members of all ages with retirement-planning services. SOURCE: YouGov’s 2024 retirement report. Americans want to retire by age 65 — if not sooner. Unfortunately, a majority lack the savings to do so, and a substantial percentage aren’t confident about their financial security once they stop working, according to a 2024 report from YouGov. The average cred

  Research by MX reports that consumer expectations for your banking app just keep getting higher. And dissatisfied users will likely jump to another app (and another bank) that ticks more boxes. How can you stay ahead in the app game? Mobile banking apps have become table stakes for banks and credit unions, especially among Millennials and Generation Z. Research from MX earlier this year indicated that a decent mobile banking app is a must-have for nearly one in four consumers starting a relationship with a financial institution. MX research also shows that 80% of consumers have a payment app, such as Venmo, PayPal or Cash App on their phone. In addition, 77% have a bank or credit union mobile banking app, 48% have a credit card app, 25% an investment or retirement savings app, and 17% an independent app to help manage their finances. Nearly half maintain three or more financial apps on their devices. Now a new round of MX research indicates that the quality of the mobi

As we enter the fourth quarter, many credit union leaders are starting to turn their attention toward planning for 2025. With a myriad of options and new technology, it’s crucial to prioritize services that set credit unions apart while encouraging growth. In this article, we explore several key areas credit unions should consider when preparing their budgets for the coming year. Expanding membership One significant trend shaping the financial landscape is the exodus of big banks from rural communities . This presents a golden opportunity to expand membership to new communities. However, this expansion doesn’t necessarily require traditional brick-and-mortar branches. Credit unions can leverage technology to provide services efficiently and cost-effectively. Some alternative service delivery methods include: Interactive Teller Machines (ITMs) : These advanced ATMs allow members to interact with a live teller via video, providing a personal touc