Thursday, June 14, 2018

Fed raises the target benchmark rate to a range of 1.75 to 2 percent

Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has declined. Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent. Indicators of longer-term inflation expectations are little changed, on balance.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term. Risks to the economic outlook appear roughly balanced.

In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the FOMC monetary policy action were Jerome H. Powell, Chairman; William C. Dudley, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Lael Brainard; Loretta J. Mester; Randal K. Quarles; and John C. Williams.
Implementation Note issued June 13, 2018

Tuesday, June 5, 2018

ADA Uncertainty Continues

WASHINGTON—Due to the uncertainty that continues to surround how the Americans with Disabilities Act applies to websites and online access, credit unions continue to be hit with lawsuits alleging violations.
As a result, CUNA reported it has just filed two briefs in Ohio and Texas related to such litigation with the trade group saying finding a solution remains a top priority.

“This kind of advocacy is only part of our 360-degree approach to finding a permanent solution for credit unions facing these predatory lawsuits,” said CUNA President/CEO Jim Nussle. “As we work with Congress and the Department of Justice, filing briefs with our state leagues will help make an impact in the legal arena.”

CUNA filed a brief with the Ohio Credit Union League in the Southern District of Ohio in Mitchell v. BMI FCU, and with the Cornerstone Credit Union League in the Southern District of Texas in Thurston v. KBR Heritage FCU.
CUNA has joined with leagues to file briefs in two Alabama cases, in Illinois, as well as additional cases in Texas and Ohio, supporting credit unions in those states. The earlier Texas case was dismissed shortly after CUNA and the league filed their brief.
NAFCU, meanwhile, noted language was recently added to a House Appropriation's measure that would require the Justice Department (DOJ) to clarify website accessibility standards under the ADA, and Reps. Ted Budd (R-NC) and Lou Correa (D-CA) are currently circulating a letter among House members to urge the DOJ to resolve the issue as soon as possible.

Monday, June 4, 2018

Time is running out! Early Bird Ends 7/1/2018

    NCOFCU 2018 Conference is filling up

NCOFCU 2018 Conference Registration
Early Bird ends 7/1/18

September 19-22, 2018 in Seattle, WA
“Great things happen when credit unions serving firefighters and first responders come together. Our Face-to-face interaction is the platform where collaboration begins, relationships are forged, and ideas are generated."
The key aspects of this meeting will focus on the collaborative discussions among the attendees from the credit union community. Participants will have the opportunity to sit in on breakout sessions covering a variety of subjects of key interest to credit unions. You'll walk away with:
  • Tools and techniques from credit union leaders
  • Fresh and innovative business strategies – from growing your products to being ready for the next wave of change
  • What you really need to know about the firefighter credit union environment
  • New connections from open forums, networking receptions and special events.
Renaissance Hotel Reservations
T 206.694.4944 
  F 206.624.8125

2018 Conference Sponsor
Jim Donovan - National Accounts Manager 1-800-871-0467 ext. 615

Enjoy our Friday night Reception and Dinner sponsored by 
Corporate America Credit Union 
"aquarium open for our private viewing"

National Council of Firefighter Credit Unions Inc.
3741 De Garmo Lane Miami, FL 33133

Thursday, May 31, 2018

National Council of Firefighter Credit Unions Partners with OMNICOMMANDER.COM for ADA Compliant Website Design and Hosting

National Council of Firefighter Credit Unions Partners with OMNICOMMANDER.COM
for ADA Compliant Website Design and Hosting

A NCOFCU Business Partner &
2018 Seattle GOLD Sponsor


OMNICOMMANDER is a veteran owned and operated credit union website design, social media and marketing firm. With a focus on member experience, the company ensures that every touch-point has the exact same user interface. Along with incredible design, OMNICOMMANDER creates sites with built-in mobile responsiveness, SSL encryption while observing ADA guidelines on accessibility for disabled members.
For more information, visit OMNICOMMANDER on LinkedIn, Twitter, Facebook, and Instagram.
Firefighter Friendly
Founder and CEO Eric Isham said, “Partnering with the Firefighter Council is especially important to me because the members they serve are heros therefore they deserve a fantastic web experience. One of our employees is actually a New York City Firefighter that works as a liaison for the Council. The credit unions love working with one of their own through the website selection process.

Become a OMNICOMMANDER Credit Union

Want to offer the best ADA compliant website in town. Now you can with complete confidence! As your members visit your gorgeous new user friendly website they will just be a click away from seeing all the products and services you offer.
Contact our NCOFCU member service representative to discuss your Member Benefit discount.
Josh Gallo - Regional Manager
Office 917 402-7720

National Council of Firefighters Credit Unions Inc
3741 De Garmo Lane Miami, FL. 33133

Wednesday, May 30, 2018

Something to think about! As Gambling Expands, FIs Have A Decision To Make

WASHINGTON—For U.S. states ready to legalize gambling, banks hold many of the cards.

The Supreme Court recently ruled that states can allow betting on individual sporting events, but gamblers who want to place those wagers using a credit card face a major hurdle: The largest U.S. issuers, including JPMorgan Chase, Citigroup, and American Express, don't yet allow their cards to be used for sports gambling, reported Bloomberg.

“The stakes are huge. Americans illegally bet an estimated $150 billion on sports games each year, a figure that's enticing for credit-card issuers looking to gin up extra spending by their customers. Still, allowing cardholders to fund their gambling habit with a credit card could create problems for lenders, which are left on the hook if a borrower can't repay,” Bloomberg said.

Time to review your policy?

Friday, May 25, 2018

A Memorial Day Salute

Decoration Day, as Memorial Day was originally known, was conceived in May 1868 and was first observed at Arlington National Cemetery to bring together the families of the fallen to help heal the wounds of a war that had threatened to tear our young nation apart. The tradition endures nearly 150 years later at national cemeteries across the country.

This Monday, as a nation, we will observe Memorial Day. It is not just for barbecues, shopping, or having the day off from work. It is a day when all Americans should remember and reflect upon those who have fought and died for our country and who now lay in p

Thursday, May 24, 2018

President signs NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law.

President Donald Trump today signed the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law. Following years of NAFCU advocacy and credit union grassroots efforts, the industry has secured meaningful regulatory relief.
"NAFCU and our members again appreciate all House and Senate lawmakers who worked on this bill and pushed it through to final passage – especially [Senate Banking Committee] Chairman [Mike] Crapo and [House Financial Services Committee] Chairman [Jeb] Hensarling," said NAFCU President and CEO Dan Berger. "We appreciate President Trump signing the bill, as we can now look towards the future and continue to work with Congress on further regulatory relief measures to ensure robust growth of the credit union industry."
After House passage of the bill on Tuesday, Berger sent a letter thanking Trump for his leadership on helping Main Street financial institutions and urging him to sign the bill. In addition, Berger personally contacted White House staff again to thank them for their dedication to regulatory relief efforts and for working with NAFCU.
NAFCU is already moving forward on a number of other top legislative items still pending before Congress, including risk-based capital (RBC) reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act. Berger has asked leaders in the House and Senate to work with the association to address these issues and bring credit unions much-needed regulatory relief.
The association is already making strides on a provision to delay the NCUA's RBC rule. The provision has been added to a House Appropriations Financial Services and General Government's appropriations bill, which is being marked up today. NAFCU has long advocated for a repeal or delay of this rule, and the association's efforts proved instrumental in getting the language added to this appropriations bill as well as H.R. 5841, which passed out of the House Financial Services Committee Tuesday.
Berger noted that the passage of S. 2155 is a good first step in creating a regulatory environment in which credit unions can thrive – both upon House passage of the bill this week and in an interview yesterday on Fox Business.
Berger with NAFCU's advocacy team has held numerous meetings on Capitol Hill in the past week to gather support for S. 2155. In February, Berger, along with numerous credit union CEOs, met with Trump to discuss industry issues – including regulatory relief.
NAFCU has been working towards regulatory relief for credit unions since the implementation of the Dodd-Frank Act and will continue to do so.