Tuesday, October 30, 2012

NCUA - Changes Planned for Upcoming Call Reports

Dear Board of Directors and Chief Executive Officer:
To more precisely measure each credit union’s financial condition, NCUA is planning several significant reporting changes to the 5300 Call Report and Profile. This letter describes additions and revisions scheduled for the next three Call Report cycles.1 We are providing notice well in advance to ensure you have sufficient time to prepare.  READ MORE > Pages   - Changes Planned for Upcoming Call Reports

Friday, October 26, 2012

Survey Shows Credit Union Members More Confident in Economy, Personal Finances | NAFCU Services Blog

It is nice when a survey confirms something you’ve always suspected is true—on the whole, credit union members feel better about the economy when compared to bank customers. It’s also nice to know that all of our efforts with regard to financial literacy are paying off—credit union members are managing their finances better too. Both are especially heartening given all the mixed signals we’ve been getting on the economic recovery...> Read More>>Survey Shows Credit Union Members More Confident in Economy, Personal Finances | NAFCU Services Blog

Sheila Bair | Elizabeth Warren for Senate

Massachusetts treasurer Steve Grossman joined Sheila Bair and Elizabeth Warren at the Boston Firefighter's Credit Union this morning and stressed what an ...Sheila Bair | Elizabeth Warren for Senate:

Wednesday, October 24, 2012

Walmart & American Express Bluebird

Is Bluebird coming to a Walmart near you?
Walmart is now advertising their new Bluebird AMX card, to your members, that offers banking services with out being a bank! Watch their video!

Why Bluebird?

Bluebird is brought to you by American Express and
Walmart, giving you:
Video Preview
The features you want
You can make direct deposits, pay bills online, deposit checks with your iPhone® or AndroidTMdevice, and set up Sub-Accounts — a great new way to manage family spending.

The service you deserve
Our award-winning American Express Customer Service is there for you 24 hours a day, 7 days a week. And it's super easy to open a Bluebird Account since there are no credit reviews.

The value you expect
We believe your money belongs with you. That's why there are no annual, monthly, overdraft, or minimum balance fees.

Tuesday, October 23, 2012

Sheila Bailey Eubank Fakes Kidnapping To Skip Work, Gets ...

Another "Would You Believe?"
There is no shortage of inventive excuses that workers will turn to in search of a day off from work. Few employees, however, go as far as to tell a tall tale to police about being kidnapped and assaulted by a knife-wielding robber -- just for an extra day of rest and relaxation.

Video at the credit union ATM showed Eubank withdrawing money, but there was no sign that anyone else was with her. Faced with the evidence, Bailey allegedly confessed that she had made up the whole kidnapping story, saying "she ...READ MORE > Sheila Bailey Eubank Fakes Kidnapping To Skip Work, Gets <b>...</b>:

Saturday, October 20, 2012

Survey of the Best CD Rates for October 19, 2012

The best nationally available 5-year CD yield is still 2.00%. This is available from 5 all-access credit unions. One all-access credit union fell out of this club. Eli Lilly Federal Credit Union ended its special 2% 5-year CD. The yield is now only 1.41%, so it's no longer listed below. On the plus side, I added Pinnacle Federal Credit Union to this 2% club. Anyone can qualify for Pinnacle membership by joining the American Consumer Council. One downside is that Pinnacle doesn't have an online application. If you don't live near a branch, the application must be sent by mail...READ MORE>>>Survey of the Best CD Rates for October 19, 2012

Friday, October 19, 2012

Your community credit union is not just “like a bank ...

I know you have seen and read these to death but I found this one extremely readable and worth sharing..Grant

Anecdotally, though, I've noted that many peoples' responses amount to something along the lines of, “a credit union is like a bank…” The term “credit union” often summons up some vague ideas about banking, communities, and friendliness, ...READ MORE>>Lara Wilkinson: Your community <b>credit union</b> is not just “like a bank <b>...</b>:

New York High Court Says Hudson Valley Federal Credit Union Has to Pay Mortgage Tax

Court rejects tax exemption arguments as not being part of Federal Credit Union Act intent.
Hudson Valley Federal Credit Union will have to pay a state tax to record mortgages it issues despite being a federal credit union, according a decision handed down Thursday by the New York Court of Appeals, the state's highest court.
The 262,000-member $3.7 billion, Poughkeepsie credit union had brought suit against New York in 2009, arguing in part that it did not have to pay the tax, which is assessed and paid prior to mortgages being recorded, since it is exempt as a credit union generally and as federally chartered credit union specifically under the supremacy clause that allows federal laws to override those of states...READ MORE>>>New York High Court Says Hudson Valley Federal Credit Union Has to Pay Mortgage Tax:

Thursday, October 18, 2012

International Credit Union Day: Minnesota’s Governor Makes it Official

The $185 million Firefighters Community Credit Union is inviting its 25,000 members and the public, to its four branches in and around Cleveland on Thursday for some punch and cookies.
“This is a day to celebrate credit unions as a viable not-for-profit alternative to banking, where people are more important than profit,” says Ben Laurendeau, CEO of FFCCU. “It’s also a day for people who have never experienced a credit union to come in and see what the buzz is about.”   READ MORE-International Credit Union Day: Minnesota’s Governor Makes it Official:

NAFCU Survey Reveals Positive Bank Transfer Day Impact

According to a new survey from NAFCU , the Bank Transfer Day train is still chugging along for credit unions, bring new members and account penetration with it..READ MORE...NAFCU Survey Reveals Positive Bank Transfer Day Impact:

Wednesday, October 17, 2012

NCOFCU 2013 Conference
"A conference by Firefighters for Firefighters"

Our Host

The National Coalition of Firefighters Credit Unions Inc. (NCOFCU), a not for profit,  is partnering with the Boston Firefighters Credit Union  to produce and host NCOFCU's 2013 convention in Boston, MA.
As in the past 11 years, this will be a gathering of CEO's and Volunteers of firefighter credit unions, primarily serving firefighters and their families,  participating in the collaboration and peer to peer networking they have always enjoyed.
The key aspects of this meeting will focus on the structured roundtable discussions among the attendees from the firefighter credit union community. Participants will have the opportunity to sit in on breakout sessions covering a variety of subjects of key interest to firefighter credit unions.
Some of the scheduled events but not limited too;
  • National Coalition of Firefighters Credit Unions Annual Meeting.
  • Hear from your peers how they are dealing with the issues of today
  • Roundtable open-forum discussion groups
  • Educational programs designed specifically for firefighter credit unions.
  • Nationaly regionized speakers
  • Social interaction opportunities for credit union officials and their guests.
Special Guests will be (but not limited too)
  • Edward Kelly President Professional Firefighters of MA
  • Steve Rick Senior Economist CUNA
  • Mary Dunn Senior Vice President Deputy Counsel CUNA
  • Mary Ann Clancy General Counsel MA Credit Union League
To register for this exceptional conference, follow the following links,
Conference Mail-In Registration (Coming Soon)
Westin Copley Place    Boston MA
10 Huntington Avenue     Boston, Massachusetts   02116  
Map   Phone: (617) 262-9600 Contact Us   

Aggressive Rate Pricing Drives Credit Union New Auto Loan Growth

Analysis from CUNA Mutual Group’s October Credit Union Trends Report reveals factors that contributed to 4.1% annual new vehicle growth as of August. 

Roughly 48% of all credit union loan growth since August 2011 has been attributable to vehicle loans. Currently, 29.5% of all credit union loans are vehicle loans, up from 28.8% at this time last year, the report noted.  ...Aggressive Rate Pricing Drives Credit Union New Auto Loan Growth: .

Monday, October 15, 2012

Boomers save on low mortgage rates

Boomers who spent the past two decades pulling equity out of their homes are now trying to save money and refinancing is one such avenue for increasing their retirement savings. The catalyst for this is record low mortgage rates that are at their lowest level since 1971 when Freddie Mac began tracking rates.
read more

WOCCU Expands Its Global Reach

Just like the 14,000 member credit unions it supports, the World Council of Credit Unions in Madison, Wis., must intermittently reevaluate its structure and programs in order to best meet the needs of those it serves...WOCCU Expands Its Global Reach:

Friday, October 12, 2012

NCUA OIG: Examiner Did Not Harass or Retaliate at CPFCU

Agency stands by examiner who witnesses said allegedly called himself “The Liquidator” and made inappropriate statements to four female employees.

“I wish I could say that we are surprised that NCUA did not find itself guilty of any wrongdoing, but sadly we are not,” CPFCU President Thomas Renz said Thursday. “It seems to me that if several witnesses tell the same story about specific instances of misconduct, then that should qualify as corroboration; but, apparently the NCUA OIG – the same people that only a few weeks ago told the Senate Banking Committee that there are no problems with the appellate process - do not feel the same.”...Read More..NCUA OIG: Examiner Did Not Harass or Retaliate at CPFCU:

NCUA Report - September 2012; Fraud Information Center

NCUA Report - September 2012; Fraud Information Center:
Written by Steve Van Beek

NCUA Report.  NCUA issued their September 2012 NCUA Report a little while back and it is a very useful read.  The Report includes the following articles:
Fraud Information Center.  I was excited when I saw this mentioned in the Region I Report regarding fraud as I thought NCUA had developed a new way to inform credit unions of potential fraud.
advantage of NCUA’s online Information Center (http://go.usa.gov/r9H4). This webpage includes an update
of current fraudulent schemes being aimed at credit unions
, contains details
about the agency’s fraud hotline (all reports remain confidential), offers
background on phishing schemes where email are purportedly coming from NCUA,
links to suspicious activity report (SARs) forms and guidance, and connects
credit unions with other resources readily available, including the FBI, U.S.
Postal Service, and the President’s Identity Theft Task Force, to name a few."  (emphasis added).
Unfortunately, the bolded language looks to be a landing page with past Fraud Alerts and Letters to Credit Unions.  Hopefully, there is an update or futher enhancements going on behind the scenes as well.  

Monday, October 8, 2012

NCOFCU Turning the Corner

Turning the Corner!

Dear Member,

NCOFCU is turning the corner in a true “not for profit" direction. The coalition formed in 2008, as a "not for profit", is moving in a direction to offer benefits to its membership in the true collaborative spirit.

As CEO, I am truly excited about this turn! I am looking forward to working with your board of directors in charting this course.

As most of you are aware, the National Coalition of Firefighter Credit Unions (NCOFCU) was formed for the purpose of promoting unity, cooperation and support among firefighter credit unions. 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 New Orleans in 2001 and have been meeting annually ever since. This network has continued to grow which lead to the development of the National Coalition of Firefighters Credit Unions Inc. (NCOFCU) a “not for profit" corporation. It is with this spirit in mind that moves us in our new direction!

Your board of directors have considered many ways in achieving the goals they have set. The following are just a few of the steps we wish to take;
  • A reasonable  corroborative dues structure which will allow all firefighters credit unions, their staff and volunteers,  to participate so as to receive the many benefits to be offered by NCOFCU.
  • Another way of achieving these goals is to internally host an annual conference. This will allow the coalition in the true “not for profit” collaborative spirit to maintain, reasonable registration fees, scholarship funds and daily attendance schedules, so that the staff and volunteers of all firefighter credit unions can participate. 
  • Seeking contributions from credit union leagues, government agencies, corporate and private sponsors to assist in NCOFCU’s “not for profit” collaborative effort to educate the staff and volunteers of firefighter credit unions as to managing their member’s assets.
We want you to feel comfortable in knowing that, like your credit union, your investment in the coalition will in the true cooperative spirit, be returned to the membership!

Grant Sheehan CEO
National Coalition of Firefighters Credit Unions Inc. ( NCOFCU )

Tuesday, October 2, 2012

Bernanke: Stimulus helps savers, too

Federal Reserve Chairman Bernanke defended impact of low interest rates on those living off of savings in a speech Monday.

In a speech to the Economic Club of Indiana in Indianapolis, Bernanke said the Fed's recently announced plans to buy $40 billion in mortgages every month for the foreseeable future, a plan widely known as QE3, would help spur greater economic activity and higher home prices. He said that would help many more savers than would be hurt... Read More..Bernanke: Stimulus helps savers, too:

Monday, October 1, 2012

Forces at Work to Lift Veil of Secrecy Around CEO Pay

For a decade–going back to when the Sarbanes Oxley Act of 2002 mandated greater transparency in publicly held companies–forces have been gathering to prod credit unions into more openness, starting with demands to open the salary account books. And other forces, often the senior managers themselves, have resisted those demands.
Federally chartered credit unions are under no obligation to publicly release data around executive compensation. State-chartered credit unions, by contrast, are obligated to annually file IRS Form 990, which asks for salary data. Much of that information is available for viewing, at no charge, at Guidestar.org..Read More..Forces at Work to Lift Veil of Secrecy Around CEO Pay:

Seven CUs Sued by Blind Plaintiffs, Alleging ADA Violations

Suit targets credit unions in Pennsylvania, Texas and California and says at least half of ATMs in U.S. are non-compliant..
All suits were filed after a March 15, 2012, deadline to comply with the 2010 rules.
Christopher Danielsen, director of public relations for the National Federation of the Blind, confirmed that ATM accessibility is, indeed, a problem for blind consumers......Read More..Seven CUs Sued by Blind Plaintiffs, Alleging ADA Violations: