Firefighters Community CU Casual for a Cause

The $185 million Firefighters Community Credit Union in Cleveland is one of many across the country participating in Miracle Jeans Day on Wednesday. More than 40 of the 50 or so employees at the 25,000-member credit union have paid $5 for the right to go casual that day at work, and the staff so far as raised $310 for the effort to help local Children’s Miracle Network Hospitals--------Casual for a Cause

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GAC 2026: In Debut GAC Speech, Simpson Calls On Movement To Protect Cooperative Model

WASHINGTON—America’s Credit Unions President and CEO Scott Simpson told attendees at the 2026 Governmental Affairs Conference that what’s truly at stake in Washington isn’t just policy — it’s the “transformational experiences” credit unions create in people’s lives every day. Scott Simpson addresses the meeting. Credit unions exist—Simpson reminded the record crowd as he delivered his first GAC address as ACU’s leader—because Congress chose nearly a century ago to expand access to financial services for Americans who were being left behind. The Federal Credit Union Act wasn’t about creating another financial institution model — it was about ensuring middle America could be served. That mission remains intact, but Simpson warned it cannot be taken for granted. For years, Simpson said he has asked credit union leaders a simple question: Why do credit unions exist? The typical answer — that they are not-for-profit financial cooperatives — is true, but incomplete. Credit unions and their t...

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TruStage To Launch TSDA, Bringing Stablecoin Infrastructure To Community FIs

MADISON, Wis.— TruStage Tuesday today announced the planned launch of TruStage Stablecoin (TSDA), a fully reserved U.S. dollar stablecoin. At its core, TSDA is designed to broaden access to digital payment infrastructure for community-based financial institutions, TruStage explained. “A trusted partner of credit unions for more than 90 years, TruStage currently works with more than 93% of 4,300+ credit unions nationwide, which collectively hold more than $2 trillion in assets. TruStage Stablecoin will be among the very first stablecoins specific to community based financial institutions and is supported by decades of industry relationships, financial strength, and operational excellence,” TruStage said. “In my career working with credit unions, I’ve never witnessed the level of engagement surrounding any technology advancement similar to what I’m seeing with stablecoin solutions right now,” said Brian Kaas, president and managing director of TruStage Ventures, the venture capital arm o...

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Economic and Industry Issues

Weekly News Summary - July 30, 2020 Press Release For Immediate Release Weekly News Summary Hello NCOFCU Members, Here are some things that were in the news last week. Please share these articles with your Supervisory Committee and Board of Directors. If you missed previous editions of the weekly news, summaries of those can be viewed at our archive . Have a great week! Mike Richards, CPA The Callahan Credit Union A...

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As Expected, Fed Opts Not to Raise Rates--But Says It May in Future

WASHINGTON–As expected, the Federal Reserve has adjourned its meeting here without raising rates, but it also indicated it could again do so in the future. The decision means rates remain at a two-decade high. The adjournment without action marks the second consecutive meetings at which the Fed has not raised rates, it the longest period without an increase since it began to lift rates from near 0% in March 2022. In announcing it would maintain the Fed Funds rate at a range of 5.25% to 5.50%, the Fed said in a statement that recent indicators suggest economic activity expanded at a strong pace in the third quarter, job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation remains elevated. ...

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IRS Rules Turn ‘Simple’ Auto Loan Tax Break Into Compliance Challenge

PLANO, Texas— A new federal tax deduction allowing consumers to deduct interest on qualifying auto loans is being billed as a borrower benefit, but newly issued regulations from the U.S. Department of the Treasury and the Internal Revenue Service show the program will impose significant compliance and reporting obligations on credit unions and other auto lenders. That’s the assessment of Brian Turner, president and chief economist with Meridian Economics, who said the rules governing the so-called auto loan interest deduction are “far more technical” than initially described and will require system and process changes for many finance providers, including credit unions active in indirect and direct auto lending. Deduction Comes With Detailed Conditions Brian Turner Under the proposed regulations, interest is deductible only if the loan and vehicle meet strict criteria. The vehicle must weigh less than 14,000 pounds, be designed for public road use, be newly placed in service by t...

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The NCUA just published its stablecoin playbook: Here’s what credit unions need to know

The National Credit Union Administration (NCUA) has begun answering a key question for credit unions since the GENIUS Act became law last July: What is the stablecoin licensing process? On February 11, 2026, the NCUA published a 22-page proposed rule , "Investments in and Licensing of Permitted Payment Stablecoins Issuers," in the Federal Register. This document outlines the framework for credit union participation under the new Act. The NCUA has a deadline of July 18, 2026, to finalize this rule. Here’s what credit unions need to know now. Quick background: The GENIUS Act and the NCUA’s role The GENIUS Act designated the NCUA as a primary federal regulator of stablecoin, alongside the FDIC, the OCC, and the Federal Reserve. Credit unions can't issue stablecoins directly; they must operate through subsidiaries, typically CUSOs, that apply for and obtain an NCUA-issued Permitted Payment Stablecoin Issuer (PPSI) license. The newly proposed rule covers the application and l...

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James Hunter, Executive Director of Credit Union Development for New Orleans Firemen’s CU, knows too well how expensive it is to be poor.

NEW ORLEANS FIREMEN’S FCU 􀀁 METAIRIE, L A passion for empowerment James Hunter knows too well how expensive it is to be poor. It’s what he sees every day as mortgage director and executive director of credit union development for $182 million asset New Orleans Firemen’s Federal Credit Union, Metairie, La., and executive director of The Faith Fund, a nonprofit partnership that seeks to provide a financial hand-up to the undeserved. It’s what inspires him to come to work every day and drives his passion of empowering people and setting them on the path to financial security. “Too many people are too far away from the starting line,” Hunter says. “Payday loans are a big business in Louisiana. Exorbitant fees and interest from payday loans drain more than a quarter of a billion dollars a year. Baton Rouge supports one of the top three pay-day loan markets in the U.S.” The Faith Fund was formed to counteract that. It’s a unique cooperative relationship between like-minded busi...

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What Trump’s ‘one big beautiful’ tax-and-spending package means for your money!

Trump’s megabill will bring sweeping changes for household finances. President Donald Trump signed his “one big beautiful” tax-and-spending package on July 4 — legislation that will bring sweeping changes to Americans’ finances. After the Senate passed its version on July 1, the House Republicans on July 3 voted to approve the multi-trillion-dollar domestic policy legislation and send it to Trump’s desk for signature. The final bill makes permanent Trump’s 2017 tax cuts while adding new relief, including a senior “bonus” to offset Social Security taxes and a bigger state and local tax deduction . The plan also has tax breaks for tip income , overtime pay and auto loans , among other provisions. The GOP’s marquee legislation will also enact deep spending cuts to social safety net programs such as Medicaid and food stamp benefits, end tax credits tied to clean energy an...

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LA County firefighters help each other cope with toughest part of the job

This is an excellent program, and no matter what size your department is, you should be prepared. Scott Ross talks over issues with Firefighter Richard Conejo who was recently affected by the death of a fellow firefighter . They meet under the auspices of the LA County Fire Department's Peer Support Program. **** Read More ; LA County <b>firefighters</b> help each other cope with toughest part of the job :

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A Perfect Example - What Makes Credit Unions Different from Banks!

When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...

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