Thursday, June 28, 2012

What do we do when our CEO tells us they are going to retire?

This question comes up all the time.. The board asks, "what do we do when our CEO tells us they are going to retire"?  Well here are seven steps to replacing your CEO provide by NCUA in their monthly publication....
Read complete report at;     NCUA Report - June 2012 - Page 1

There is also a step by step procedure located in our (NCOFCU's)  "Members Only" Policy Sharing for either emergency replacement or planed retirement..   This Policy is FREE if you register at; NCOFCU

Monday, June 25, 2012

Becker warns anew on market impact | NAFCU

June 25, 2012 – NAFCU President and CEO Fred Becker emphasized the need for credit unions to keep an eye on market pressures, particularly in light of Moody’s downgrade of 15 of the world’s largest banks, during a live video presentation Friday for an XCEL FCU planning session.

Moody’s released the ratings downgrades Thursday, and they affect five of the six largest banks in the U.S. Reuters reported that the ratings “gave a competitive advantage to ‘safe-haven’ banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that rely more on capital markets for their funding.”............Becker warns anew on market impact | NAFCU

National Coalition of Firefighters Credit Unions
NCOFCU, a Not For Profit Corporation, is the only organization exclusively representing firefighter’s credit unions that collectively serve over 650,000 members and control in excess of 8 billion in assets. The coalition meets once a year at their annual conference and continues their established relationships through NCOFCU’s Website, Blog, Newsletters, Newsrooms, Facebook, Tweets and ListServ. This exclusive networking leads to the continued discussions of best business practices, products and services which cannot be found anywhere else.

Protecting and preserving the vision and purpose of firefighter credit unions is paramount to the continued success of the firefighter credit union movement. In order to achieve this, members of the firefighter’s credit union network joined forces in an effort to bring innovation, collaboration and shared vision to their common goal.

The, National Coalition of Firefighter's Credit Unions (NCOFCU), founded October 16, 2008, is devoted to this purpose. It was founded by representatives from 26 of the nation’s 100 identified firefighter credit unions primarily representing firefighters. NCOFCU seeks to leverage its collective resources to further the education, growth, development and interests of firefighters credit unions nationwide, by accomplishing these goals;
  • Providing educational and informational exchange opportunities;
  • Promoting firefighter credit unions’ safety and soundness and financial strength
  • Representing firefighter credit unions to external audiences
Board of Directors
Chairman - Michael Tobler, CEO Albany Fireman’s FCU
Vice Chairman - Jerry Horwedel, Chairman LA Fireman's
Secretary - Michael McCormick, Director San Diego Firefighters
Treasure - Eugene Benick, CEO Newark Fireman FCU
David Lantrip, Director Houston FCU
Sean Costello, Director Boston FCU
Scotty Shelton, Director Baton Rouge FCU, ,
Frances Reed CEO, Firefighters Credit Union Tulsa OK,
Linda Williams, CEO Akron Firefighters CU
CEO - Grant Sheehan NCOFCU

Mission Statement

The National Coalition of Firefighter's Credit Unions (NCOFCU) is committed to educating, creating and maintaining a climate of collaboration, safety & soundness, innovation and unity among firefighter credit unions in order to promote and enhance the initiatives of the credit union movement.

Saturday, June 23, 2012

Amended Regulations Require Federally Insured Credit Unions to ...

The National Credit Union Administration (NCUA) has amended its regulations to require federally...
1.Written Loan Workout Policy and Monitoring Requirements
The rule requires a FICU’s board and management to adopt and adhere to an explicit written policy and standards that control the use of loan workouts and establish controls to ensure the policy is applied consistently. The rule does not set forth “bright line” regulatory requirements or place defined parameters on FICU policies. Rather, the loan workout policy should be commensurate with each credit union’s size and complexity and must be in line with the credit union’s broader risk mitigation strategies. Among other things, the policy must:.......Amended Regulations Require Federally Insured <b>Credit Unions</b> to <b>...</b>:

Friday, June 22, 2012

2 Successful Auto Loan Promotions

Need to get auto loans? Take a look at thes 2 promotions...
CFE Federal Credit Union takes advantage of Florida’s pent-up demand for cars....[Read Article]


Some of the world's biggest banks were downgraded Thursday by rating agency Moody's, which cited concerns about the stability of the global financial system., .....MORE BANKS DOWNGRADED:

Wednesday, June 20, 2012

Study: Firefighters Have Difficulty Accessing Healthy Foods

Firefighters are trained to operate and maintain a variety of equipment used to do the job, but how much training goes into how to maintain their bodies and more importantly, what they put into them?   Findings from a recent Johns Hopkins study were released Tuesday,  .....<b>Firefighters</b> Have Difficulty Accessing Healthy Foods:

Fed to Maintain Current Funds Rate

The Federal Reserve’s Open Market Committee announced Wednesday it will keep the target range for the federal funds rate at 0% to 0.25%....Fed to Maintain Current Funds Rate:

Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions

Mobile for the underbanked, cost-saving RDC, securing the channel all covered in the latest Mobility Matters column by veteran tech reporter Robert McGarvey, .....Mobility Matters: Tracking the Mobile Banking Revolution in Credit Unions:

Tuesday, June 19, 2012

Why Your Board Doesn't Need to Look Just Like Your Members

A common thread weaving its way through credit union governance discussions of late is the suggestion that a board must look like its membership. This is a ...Why Your Board Doesn't Need to Look Just Like Your Members:

Onsite Coverage: Prepare For High CEO Turnover

SAN DIEGO — Without an executive benefits package for the entire executive team, credit unions risk losing potential CEO replacements to competitors,  .......Onsite Coverage: Prepare For High CEO Turnover:

Monday, June 18, 2012

The CFPB Takes on Overdrafts

This is a very informative article, lots of data.

It took data from the nation's 12 largest banks and 12 largest credit unions, by deposit volume, and found that there wasn't much improvement since its previous survey in 2010, though there was an increased prevalence of extended overdraft ...The CFPB Takes on Overdrafts:

NCUA Merger Policy Questions Arise Again

Despite recent activity, the NCUA has said it is not in the business of pushing mergers in 2012. According to an agency spokesman, there is “an upsurge in mergers this year which is likely due to the ability of continuing credit unions to assume the responsibilities associated with mergers as...NCUA Merger Policy Questions Arise Again:

Almost Half of Gen X Retirements 'At Risk'

Defined contribution plan eligibility has a significant impact on Gen X workers’ risk of running short in retirement, Employee Benefits Research Institute found, ......Almost Half of Gen X Retirements 'At Risk':

Sunday, June 17, 2012

Conduct an Effective Meeting

You'll accomplish everything on your agenda at your next meeting with these tips.....Conduct an Effective Meeting:

Disaster Build A Kit |

A disaster supplies kit is simply a collection of basic items your household may need in the event of an emergency.
Try to assemble your kit well in advance of an emergency. You may have to evacuate at a moment’s notice and take essentials with you. You will probably not have time to search for the supplies you need or shop for them.........Build A Kit |

Euro bailout firewall not big enough

The recent €100 billion bailout of Spain's banks will leave Europe's financial rescue fund without enough money to bail out another big economy, an international banking group warned on Sunday.....Euro bailout firewall not big enough:

Saturday, June 16, 2012

Reviewing Your Homeowners Policy-5 Steps

Reviewing your homeowners policy may not rank high on our annual home-maintenance checklist. Yet following the five steps below will save you big bucks now and a lot of grief down the road....Save big on homeowners insurance:

Getting in on cheap vacation home prices

This winter, when temperatures outside his home in upstate New York were dipping into the single digits, Larry Posselt, a small-business owner and father of three, paid $99,000 in cash for a three-bedroom, three-bath Florida townhouse eight miles from Disney World......Getting in on cheap vacation home prices:

Friday, June 15, 2012

Credit Unions Just Got a Little More Transparent

This is very good reading for those that follow the difference between Banks and Credit Unions!
Credit Unions Just Got a Little More Transparent - The Huffington Post.  
Banks have noted that an increasing number of credit unions have taken on business models that compete directly with community banks for the same customers and that's begun to make them want to get a bead on these competitors a might more.....<b>Credit Unions</b> Just Got a Little More Transparent:

Top 6 Humorous Credit Union Marketing Videos

Here's a look at five humorous marketing videos produced recently by credit unions from across the land, plus an oldie but goodie from 2010.....Top 6 Humorous Credit Union Marketing Videos:

Becker Urges NCUA to Re-Approve 18% Interest Rate Ceiling

NAFCU President/CEO Fred Becker is urging the NCUA to keep the current interest rate ceiling for unsecured loans at 18%........Becker Urges NCUA to Re-Approve 18% Interest Rate Ceiling:

Fryzel Denies NCUA Is Trying to Kill Small Credit Unions

Board member calls Utah league vice president's editorial about the agency and its examiners "unfounded, off base and just not correct.".....Fryzel Denies NCUA Is Trying to Kill Small Credit Unions:

Monday, June 11, 2012

NCOFCU Board Meeting

I will be attending the NCOFCU board planning meeting the next 2 days. The board will be reviewing their mission, conferences offerings and new services they will be offering the coalition membership. If you have any suggestions please comment here and I will see they they are discussed.
Grant Sheehan CEO
National Coalition of Firefighters Credit Unions

LinkedIn Was Breached. Now What Do You Do?

Even if you don't have a LinkedIn account this is good reading about passwrds!
Encoded passwords for some LinkedIn users were posted to a Russian hacker site, which means LinkedIn users would do well to quickly change their log-in credentials......
Bits Blog: LinkedIn Was Breached. Now What Do You Do?:

Saturday, June 9, 2012

Big Bank Overdraft Fees on the Increase

Overdraft fees at the nation’s 14 largest banks have increased after two years of stagnation, according to the Consumer Federation of America...Starting in late June, Fifth Third Bank will charge $37 per overdraft after a $25 fee is assessed for an initial overdraft transaction. This replaces the bank’s current policy of charging a $33 fee for the second, third, and fourth overdrafts in a 12 month period. .Big Bank Overdraft Fees on the Increase:

A Review Of NCUA’s Corporate Actions Must Be A High Priority

Without an independent and full accounting, it’s not only NCUA’s credibility that suffers, it’s also the soundness and self-confidence of the cooperative system. There is a minimum of $3 billion and as much as $7 billion due to credit unions from the legacy assets NCUA seized from the corporates, according to the numbers NCUA has posted on its website....A Review Of NCUA’s Corporate Actions Must Be A High Priority: [Read Article]

Friday, June 8, 2012

Need More Revenue? NCOFCU Benifits Program
Dear Firefighter Credit Unions,

I am writing with news about a new partnership we recently forged with Affinity Marketing Group that will allow you to offer Member Benefits to your members, while also earning commissions on transactions and all at no cost to you.

Working with AMG, we are pleased to announce that you can offer Member Benefit programs with great savings such as MetLife Auto & Home Insurance and a number of Travel programs, including Wyndham Hotels, Avis/Budget Car Rentals, fun-in-the-sun Caribbean vacations through TNT Vacations, worldwide travel through GoAhead Tours and CruisesOnly, America’s largest cruise agency, offering thousands of cruises across over 18 cruises lines at the absolute lowest prices.  All are offered a la carte, so  you can choose to offer one, the few that work best for you, or all programs listed.

Member Benefits are an important way to attract new members as well as retain and reward your existing members in order to ensure a reliable source of revenue from dues.  And because all programs pay a commission to the group, Member Benefits are a great way to supplement your operating budget with a source of non-dues revenue.

We did a lot of homework on Affinity Marketing Group and were impressed with their experience and expertise in the area of Member Benefits.  Founded by nationally known pioneers of the affinity credit card industry, AMG has established over 4,000 marketing alliances with prominent associations and companies in their 20+ years in the business.

If you would like to learn more, you can contact David Miller (, copied here.  Or you can call him at 508-655-5101, ext. 223.  You can check out Affinity Marketing Group at



Thursday, June 7, 2012

San Diego and San Jose Pass Pension Cuts

Now that voters in San Diego and San Jose have overwhelmingly passed pension cuts for city workers, other struggling cities may follow suit....moving to cut not just the benefits of future hires, but also those of current city workers, whose pensions generally have much stronger legal protections than those of private-sector workers......San Diego and San Jose Pass Pension Cuts:        

Study Finds Cash No Longer Rules at POS

Javelin study finds cash transactions more numerous but not as high in value. 
In what may have significant implications for ATM deployment and other aspects of credit union operations, a study from Javelin Strategy and Research has found that debit and credit cards have overtaken cash as accounting for the bulk of sales volume at the retail point of sale.   ....Study Finds Cash No Longer Rules at POS:

Tuesday, June 5, 2012

Ongoing Operations to Host CheckAlt

CheckAlt a NCOFCU Sponsor
Ongoing Operations LLC of Hagerstown, Md., will be hosting the Check 21 platform for Los Angeles-based CheckAlt Payment Solutions.  Read More At..Ongoing Operations to Host CheckAlt:

CSCU White Paper Argues For Rewards Programs

Having a rewards program attached to at least a credit card program is a key way a credit union can protect its card portfolio from having cardholders switch to other cards which have rewards programs. A white paper from Card Services for Credit Unions says only 50% of credit unions have loyalty or rewards programs attached to credit or debit more..CSCU White Paper Argues For Rewards Programs:

Monday, June 4, 2012

15-year mortgage breaks 3% for first time, 30-year sets record low

The 15-year, fixed-rate mortgage broke the 3% barrier for the first time, falling to 2.97%, while the 30-year FRM set a new all-time record for the fifth straight week.....15-year mortgage breaks 3% for first time, 30-year sets record low:

Credit union membership spikes

After hitting record membership last year, credit unions are still piling on new customers......Credit union membership spikes:

Friday, June 1, 2012

Credit Union Assets and Net Worth Peak Per First Quarter NCUA Call Reports

Total assets officially topped $1 trillion and net worth reached a new high of $100.3 billion, according to Call Report data released Friday.....Credit Union Assets and Net Worth Peak Per First Quarter NCUA Call Reports:

Budget Planning Tools

Whether you're trying to create a budget for your business or your household, budget-planning tools can make your budgeting job easier. Everyone should have a budget, but most people don't want to take the time to do one. Budget planning tools, such.....Budget Planning Tools: