Firefighter Credit Union Newsroom

A direct mail piece from U.S. Senate Federal Credit Union that features a buxom blonde has generated some angry reaction..... read more at... "Got Big Plans?": Buxom Blonde in Direct Mail Piece From U.S. Senate FCU Riles Some :

What is the reduced compliance burden, as a result of Thursday’s new NCUA rules, worth to credit unions? ..... New NCUA Rules Worth $8 Million to Credit Unions :

If the Federal Reserve holds to its promise, financial institutions might not see interest rates increase until 2014. But that projection is based largely on expectations that the economy will need several more years to recover from the effects of the last recession. It's possible significant economic change could push the Federal Reserve to reconsider its hold on interest rate increases. These six signs could indicate an earlier-than-expected increase in interest rates....[ Read Article ]

Written by Steve Van Beek NAFCU On the Tuesday after Memorial Day, I thought it was fitting to discuss some movement on Capitol Hill regarding proposed extensions to the Servicemembers Civil Relief Act (SCRA). As reported in the NAFCU Today , the House passed an Amendment offered by Elijah Cummings (D-MD) to the 2013 National Defense Authorization Act (which also passed the House in recent weeks).  The Amendment would provide additional protections to servicemembers.  The additional protections include: Extending post-service mortgage protection from nine months to 12 months; Extending certain SCRA protections to surviving spouses; Extending SCRA protections to all totally disabled veterans leaving the military; Requiring each financial institution - including credit unions - to designate a SCRA compliance officer; and Requiring institutions over $10 billion in assets to maintain a toll-free number for SCRA issues. A similar bill was introduced in the Senate. ...

What's a realistic retirement age? How much longer will most of us have to work?" -- Charles Maimone, Wilmington, N.C. ..... 'What's a realistic retirement age?' : "

Written by Steve Van Beek NAFCU We've discussed the Philadelphia Federal Reserve's Consumer Compliance Outlook a few times - including the following common compliance violations: Regulation B - Spousal Signatures Regulation B - Adverse Action Notices Today, I wanted to highlight a common Reg Z violation (according to Federal Reserve examiners) which stems from the multitude of changes in Regulation Z over the past 3-4 years. And, unfortunately, we ain't seen nothing yet!.......

It's that time of year again!  Now is the time to break out your Hurricane Plan and dust it off. Hurricane Season begins June 1, 2012, FEMA is providing additional tools for federal, state, local, tribal and territorial officials to alert and warn the public about severe weather. Using the Commercial Mobile Alert System, or CMAS, which is a part of FEMA’s Integrated Public Alert and Warning System, this structure will be used to deliver Wireless Emergency Alerts (WEA) to wireless carriers for distribution to the public....... Great information about planning can be found at ...... Hurricanes | Ready.gov   NCOFCU members can find an employee Hurricane Plan in the Members Only Policies and Procedures.

ALEXANDRIA, Va. — The NCUA Board extended regulatory flexibility standards but required written loan workout policies for troubled debt restructuring by Oct. 1.... New NCUA Rules Require Written TDR Policies, Ease Reporting Burdens: Onsite Coverage : .

WOW! At least 37 banks and credit unions are offering checking accounts yielding 2% or more a year, according to a new Bankrate.com study. That's in stark contrast to the 0.06% yield on an average checking account, and even higher than average rates on ... Did Somebody Say 'High-Yield Checking'? :

Credit unions holding out hope the NCUA will extend the corporate share guarantee beyond Dec. 31 should start making other plans..... No Extension of Corporate Share Guarantee Into 2013: NCUA :

Credit unions originated their highest loan volume for first quarters, helping members take advantage of historically low interest rates....[ Read Article ]

Front-line staff should be supported with advanced sales tools and service information....Tellers have more personal contact with members than any other job function and many credit unions believe in harnessing that face-time as part of an integrated sales and service strategy. [ Read Article ]

  Half in survey say they would do all banking online if they could..... Consumers Jilting Branches for Online Banking: Study :

CheckAlt a NCOFCU Sponsor has partnered with OnGoing Operations. OGO's cloud platform is uniquely positioned to connect credit unions with key vendors and help solve multiple regulatory challenges including security and disaster recovery. "Anytime we can help a credit union vendor provide services more efficiently, ... Ongoing Operations and CheckAlt Partner to Offer <b>Credit Unions</b> Secure, Cloud <b>...</b> : See all stories on this topic »

As I read through my daily Blogs I came across this very interesting survey. Snarketing 2.0 is a blog about marketing and financial services, written by Aite Group senior analyst Ron Shevlin. Both banks and credit unions should take note of these data points as I believe they're cause for concern on the part of both types of financial institutions. We asked consumers to assume that they were in the market for a new financial ... What <b>Credit Unions</b> Should REALLY Be Worried About | Snarketing <b>...</b>

  IMPORTANT NOTICE – MANDATORY E-FILING May 7, 2012 REMINDER – In a notice dated February 24, 2012 1 , the Financial Crimes Enforcement Network (FinCEN) announced, that in an effort to improve efficiency; reduce government and industry costs; and enhance the ability of investigators, analysts, and examiners to gain better and more timely access to information; that it is adopting a requirement that all financial institutions subject to Bank Secrecy Act (BSA) reporting use electronic filing (E-Filing) for certain FinCEN reports beginning no later than July 1, 2012. BSA E-Filing ( BSA E-Filing System  ) http://www.fincen.gov/forms/e-filing/index.html BSA E-Filing, which is provided free of charge, offers streamlined BSA information submission; faster routing of information to law enforcement; greater data security and privacy compared with paper forms; long-term cost savings to institutions, individuals, and the government; and ensures compatibility with future v...

New rules take effect Sept. 30, cover 45% of nation's credit unions with 96% of assets. NCUA examiners will begin using a new questionnaire, among other changes, when the agency’s updated rules on interest rate risk management takes effect Sept. 30, the agency said in a letter this week..... NCUA Interest Rate Risk Letter Includes New Examiner Questionnaire, FAQs : .

In an effort to curb foreclosures, Bank of America is offering some of its defaulting home owners relocation assistance of anywhere from $2,500 to as much as $30,000 if they agree to complete a short sale. Bank of America and other banks increasingly are becoming more willing to complete short sales than in the past, seeing it as a much less expensive alternative than if a home owner falls into foreclosure. With a short sale, banks are able to get ownership of the property more quickly, which tends to allow banks to keep the homes in better condition for resale and avoid costly other fees. Also, studies have shown that short sale properties tend to sell for more than properties in foreclosure. As such, more banks have tried out special offers to struggling home owners to get them to pursue a short sale over foreclosure. Bank of America first began piloting its short sale relocation program in Florida last year, offering up to $20,000 to home owners who agreed to complete a short sa...

Some SAR regulatory updates from NAFCU Written by Bernadette Clair, Regulatory Compliance Counsel NAFCU FinCEN recently announced the release of its 21 st issue of the SAR Activity Review – Trends, Tips, & Issues . Most of the issue focuses on Money Services Businesses (MSBs) – and is a good read if your credit union provides services to MSBs. However, I’d like to draw your attention to guidance FinCEN provides in this issue related to the time frame for filing SARs on continuing suspicious activity. The guidance is designed to address uncertainty over whether ongoing activity SARs should be filed every 90 days, or after 90 days of review.... http://feedproxy.google.com/~r/typepad/nafcucomplianceblog/nafcu_weblog/~3/4jpg4JYwloI/fincen-clarifies-timeframe-for-filing-sars-on-continuing-suspicious-activity.html

Michael Kinne, president and CEO, of the Waterbury Firefighters Credit Union on Watertown Avenue in Waterbury Friday. Waterbury Firefighters Credit Union, the oldest financial institution headquartered in Waterbury, has purchased a new 2,500-square-foot building at 281 Meriden Road. The Firefighters Credit Union is the oldest active financial institution that still has its headquarters in the Waterbury. It was established in 1934, ... ... City <b>credit union</b> builds a new branch :

Relationships I subscribe to a blog called Achieving Skills by Holly Herman a long time associate.  Recently there was a post from her that I thought you might fine beneficial.  Published May 10, 2012 | By Holly Herman The ability to build and leverage a network of relationships is the best predictor of leadership success, according to a recent article in Fast Company. Relationship building is one of those skills that isn’t taught in schools or part of training people receive when they become managers. Many of you were tapped for leadership positions because of your strong individual skills and knowledge. Making the transition from individual contributor to group leader begins with helping others achieve their goals. There needs to be a shift in thinking. Here are some tips to help you get started. Tip 1: Clarity. People want to follow leaders who have a clear sense of where they’re going, a concern for others and a focus on results. Take time to def...

NCUA LETTER TO <b>CREDIT UNIONS</b> : To All Directors and Chief Executive Officers Beginning on September 30, 2012, certain federally insured credit unions ... This rule affects only 45% of credit unions , yet covers 96% of credit union assets. www.ncua.gov/Resources/Documents/LCU2012-05.pdf

Credit unions and their board members should consider this information and the potential outcome of the IRS’ final issuance as they consider adopting a 457(b) deferred compensation plan. Recently, the IRS issued an advance notice of proposed rulemaking that includes a new facts-and-circumstances test for determining if an entity is a “governmental entity” or an “instrumentality of a governmental entity.” The conclusion, as applied to an example credit union........ Some Good News about Deferred Compensation | NAFCU Services Blog

! Auto Leasing! Option's popularity could impact credit union auto loan originations. According to Equifax and Moody’s Analytics’ CreditForecast.com, total auto lease balances increased 9%in March over activity in March 2011. That percentage was more than twice the growth rate of auto loan balances, which grew 4.2% during the same period, the data showed..... Auto Lease Volume Picks Up :

Overdraft Programs Under Attack; Recap of Reg Burden Hearing: Written by Steve Van Beek NAFCU As if the CFPB's Inquiry into Overdrafts wasn't enough, there are continued pushes by both consumer groups and lawmakers to drastically change overdraft protection programs.  Oh, and the New York Times  stepped in as well to write an op-ed . Congress .  This seems like the Credit CARD Act all over again.  Remember how the Federal Reserve was working on amending and changing the credit card disclosures and rules but Congress forced the Credit CARD Act through anyway?  You know, the Credit CARD Act that is still being clarified, tweaked and amended  because it was so poorly written.    Well, even as the CFPB conducts its "inquiry" into Overdraft Protection  (comment period extended to June 29th ) - Congress is at it again. Overdraft Protection Act .   Representative Carolyn Maloney (and 46 co-sponsors) announced she would introduce legis...

Get familiar with this name, you are going to hear it a lot this year!! The Consumer Financial Protection Bureau has outlined rules under consideration that would change the way institutions charge mortgage points and fees...... CFPB Considering New Mortgage Originator Rules :

May 10, 2012 – NAFCU witness Ed Templeton told lawmakers Wednesday that a particularly difficult challenge for credit unions in dealing with rising compliance costs is the inability to plan for the next spate of rules to come under the Dodd-Frank Act. “Many [Dodd-Frank Act] rules haven’t been written yet,” ....... Templeton: Reg burden big before Dodd-Frank, now also unpredictable | NAFCU

New rules take effect Sept. 30, cover 45% of nation's credit unions with 96% of assets. NCUA examiners will begin using a new questionnaire, among other changes, when the agency’s updated rules on interest rate risk management takes effect Sept. 30, the agency said in a letter this week...... NCUA Interest Rate Risk Letter Includes New Examiner Questionnaire, FAQs :

As merchants upgrade payment terminals, technology companies are maneuvering to become the standard in paying with taps and swipes. Merchants are facing heavy pressure to upgrade their payment terminals to accept smart cards. Over the last several months, Visa, Discover and MasterCard have said that merchants that cannot accept these cards will be liable for any losses owing to fraud. “Everybody is going to be upgrading,” said Jennifer Miles, an executive vice president at VeriFone, which provides payment terminals to most merchants in the United States. While updating the terminals for smart cards, VeriFone also plans to upgrade for smartphone wallets, providing the capability for near-field communication, the technology used by the Google and Isis wallets, the two biggest smartphone wallet projects...... Many Competing Paths on the Road to a Phone Wallet :        

Calling All Firefighters NCOFCU is looking for firefighters who are serving as volunteers at their credit unions. Hundreds of firefighters attend our annual conference to network and collaborate about their credit unions. Top 10 Reasons To Attend   Register now at:  http://firefightercuconf.com/

NACHA’s PAYMENTS 2012 conference at the Baltimore Convention Center included sessions on emerging and well-established trends and practices across the spectrum of electronic payments. Credit Union Times’ Robert McGarvey was there covering it and here is a quick look at some of what the experts shared with attendees during the April 29-May 2 conference. Here are seven quick looks at takeaway topics covered at the NACHA PAYMENTS 2012 conference April 29-May 2 in Baltimore..... 7 Takeaways from the NACHA PAYMENTS Conference :

As a new generation enters the workforce, credit unions may have to adjust their workplace culture toward a more engaging environment....[ Read Article ]