Friday, May 31, 2013

15 Ratios Every Board Member Should Know

Key metrics to evaluate your credit union and bridge the gap between macro trends and micro performance.

By Lydia Cole, Creditunions.com  In December, the NCUA passed a rule requiring Board members of federally insured credit unions to have a “working familiarity with basic finance and accounting practices.” The extent of financial literacy that volunteers must meet varies depending upon each credit union’s complexity, but there are basic concepts, definitions, and formulas every volunteer should know. To that end, CreditUnions.com is breaking down 15 ratios by providing definitions and describing how the ratios affect the balance sheet. For personalized information on your credit union, check out Callahan & Associates’ two-year financial comparison, available on CUSP Online. Read more: http://www.creditunions.com/articles/15-ratios-every-board-member-should-know/#ixzz2Us2D5Qy6


Thursday, May 30, 2013

‘Don’t Tax My Credit Union' Campaign Moves Forward

CUNA shoots back in campaign aimed at rallying members across the land to speak up for tax exemption. Earlier this year the American Bankers Association launched an ad campaign across Washington, D.C., aimed at credit unions and their tax-exempt status.
The billboards read: “Today credit unions are a $1 trillion industry that pays no income tax. That’s nearly $2 BILLION every year that could help shrink the federal deficit. Now, credit unions want even more perks. It’s time to end credit unions’ indefensible and outdated special treatment. Enough is enough.”
Now CUNA is fighting back. 
CUNA and its affiliated state credit union leagues are launching the campaign at a time when the U.S. House and Senate have made broad-based tax reform a major priority.  READ MORE > ‘Don’t Tax My Credit Union' Campaign Moves Forward:

Thursday, May 23, 2013

NCUA to Cease Paper Mailings - Sign-Up for NCUA Express; Google Reader Ending Service on July 1st


NCUA to Cease Paper Mailings - Sign-Up for NCUA Express; Google Reader Ending Service on July 1st:
Written by Steve Van Beek NAFCU

Last week Bernadette highlighted the May 2013 NCUA Report. On the very last page was this notice: "NCUA will stop mailing Letters to Credit Unions and other regulatory alerts as part of its ongoing efforts to reduce operating costs and become more efficient".
NCUA CU Express recipients automatically get the latest regulatory guidance and letters. All credit unions CEOs and Board Chairmen with emails provided in the CU Profile system are automatically subscribed to NCUA CU Express, and should currently be getting all regulatory letters or alerts. 

NCUA CU Express emails are mandatory for credit union CEOs and Board Chairmen, while the separate, but similar NCUA Express is open to the public and subscriber-driven. In addition to regulatory alerts, you can sign up and receive NCUA’s monthly newsletter, The NCUA Report, legal opinions, press releases and more, using the NCUA Express system. For more information about NCUA Express and to subscribe, free of charge, visit http://go.usa.gov/TDsC."
If you haven't already, consider signing up for the NCUA Express. At a minimum, be sure to pass this along to your colleagues in case they rely on the paper mailings. And, while you are at it - make sure your CEO and Board Chairmen's emails are current so they are getting all the information from the NCUA CU Express.
***
Google Reader. Many blog readers use an RSS aggregator such as Google Reader. On July 1st, Google will no longer be supporting Google Reader - so it makes sense to begin the migration to a new RSS aggregator soon. Personally, I've switched over to Feedly (and since wondered multiple times why I didn't earlier). And, best of all - you can connect your existing feeds from Google Reader over to Feedly. Of course, there are additional alternatives as well
If you're wondering what RSS is, Wikipedia has some good information. In short, RSS feeds (and an RSS aggregator) allow you to receive updates to a particular blog (or other website) when they occur. If your email inbox is overflowing with blog posts and other resources, having an RSS aggregator can help you stay on top of the news you need without it cluttering up your inbox.  
***

Wednesday, May 15, 2013

Joseph A. Marcy Jr., 54, died unexpectedly Wednesday, May 8, 2013, while vacationing with his wife, Susan, on the Island of Aruba in the Dutch Antilles.

It is with great sadness we have to report the passing of Joseph A. Marcy Jr. who served a as board of director of Albany Fireman's Federal Credit Union.

GREENWICH — Joseph A. Marcy Jr., 54, died unexpectedly Wednesday, May 8, 2013, while vacationing with his wife, Susan, on the Island of Aruba in the Dutch Antilles.

Joe was a firefighter and certified state emergency medical technician with the city of Albany Fire Department for 25 years and had just recently retired in April of this year. He spent the majority of his firefighting career with Engine 1 “The Pride of Midtown” and also served, for a short period, on Truck 1 “The Southend.”

Born on Oct. 2, 1958, in Albany, Joe was raised in South Schodack, N.Y. He was a 1972 graduate of Holy Spirit Elementary School in East Greenbush and was a proud member of the graduating Class of 1976 of Maple Hill High School in the town of Schodack. He continued his education at Hudson Valley Community College, where in 1979, he received a degree in marketing and management. Joe later graduated from Schenectady County Community College, where he majored in fire protection technology. He also attended Empire State College, where he furthered his studies in fire protection.

Joe served with W.F. Bruen Rescue Squad in East Greenbush as an EMT and was employed, parttime, by NAPA Auto Parts in Greenwich, N.Y.

He was a member of International Association of Fire Fighters, Out of Control Ski Club, Albany Fire Department Honor Guard and Albany Firefighters Retiree’s Association. He served on the board of directors of Albany Fire Department Credit Union.

Joe was a fan of NASCAR and the late Dale Earnhardt Sr. He enjoyed deep-sea fishing, skiing and antique cars and trucks. A friend and brother to many, Joe will be missed by all those whose lives he touched.

Joe was the loving and caring husband of Susan M. O’Connor Marcy, whom he married May 16, 1981; the devoted son of Mr. and Mrs. Joseph A. Marcy (Mary Patricia Miller); the dear brother of Katherine E. (Marcy) Seymour (Christopher) of Castleton, Patrick J. Marcy (Kelly) of Kirkville, N.Y., Edward A. Marcy (Paula Mirabile) of Schenectady and the late Mary Frances Marcy; step-grandson of Carolyn (Young) Marcy of Florida; nephew of Elizabeth A. Miller of Ithaca and the late John Henry Miller; son-in-law of Leo F. and Dorothy Anne O’Connor of Albany; brother-in-law of Leo F. O’Connor (Paula) of Rexford, Steven G. O’Connor (Roseanne) of Troy, Sean M. O’Connor (Margaret) of East Greenbush and James J. O’Connor (Deborah) of Hannacroix; special uncle of Austin, McKenzie, Abagail, Erin, Shawn, Shannon, Sarah (Patrick), Justin, Ryan (Jennifer), Matthew and Katie. Also surviving are several cousins and his brother firefighters.

A Mass of Christian burial will be concelebrated at 11 a.m. Friday, in Parish of Mater Christi, 40 Hopewell St., Albany, where the Rev. John F. Tallman, Albany Fire Chaplain and Joe’s good friend, and the Rev. James J. Vaughn will officiate.

Interment will follow in Most Holy Redeemer Cemetery, Niskayuna.

Relatives, friends and all brother firefighters are invited to attend and may also visit with Joe’s family from 4 until 8 p.m. Thursday at Parish of Mater Christi.

In lieu of flowers, donations, in memory of Joseph A. Marcy, Jr., may be made to the Albany Firefighters Orphan and Widows Fund, in care of the Albany Firefighter’s Federal Credit Union, 532 Central Ave., Albany, NY 12206.

Wednesday, May 1, 2013

Exclusively for the Firefighter Credit Union Community!


The family of Firefighter Credit Unions is as diverse as it is large, spanning over a 100 firefighter credit unions across the world. The NCOFCU Firefighter Community offers an invaluable opportunity to connect and learn from other firefighter credit union staff members and firefighters, just like you!

Remember all the friends you made at the conferences? Well, now they are only a few key strokes away!
  • Search our data base and locate that firefighter or staff member by name or credit union and open up a conversation with them
  • Remember those questions that come up at your monthly board meetings?
    • What is everyone else doing to solve this issue?
    • What kind of loans are other firefighter credit unions doing?
    • Who are they using to provide this product or service?
Plug into a world where you can find out how other firefighter credit unions like yours have optimized their solutions, find new ways to get more from or share tips & tricks. You'll find plenty to discuss in this essential piece of the NCOFCU firefighter experience.
Exclusively for members of NCOFCU
 Sign In Here 
What's more, this free resource is open to every member of your staff & volunteers.

What to expect...
  • Format is similar to what you're already using on Facebook and LinkedIn
  • Discuss questions and find answers with other NCOFCU Community users
  • Find other NCOFCU Community users and see how they're using the NCOFCU Community
  • Create and join circles of users for focused discussions
  • Share photos, files and messages with others to pool resources and knowledge

American Income Life and Firefighter Credit Unions



Dear Firefighter Credit Union,
While some of our NCOFCU Firefighter Credit Union members have been participating in the American Income Life Insurance Company (AIL) “no cost” benefits programs for many years, we would like to introduce AIL and its offerings to all of our NCOFCU Firefighter Credit Unions not currently participating. I have asked the Public Relations/Marketing Representative from AIL to contact you to discuss making their No Cost Benefit Program available to your NCOFCU Credit Union. AIL is strongly committed to serving Firefighter Credit Unions and the working family agenda.
The benefits program available through AIL includes the following:

  • $3,000 group Accidental Death and Dismemberment benefit, which is provided at no cost to all members of your credit union
  • Health Services Discount Card providing up to 60% discounts on Vision Care, Hearing Aids,Prescription Medication, and Chiropractic Care (Not available in all states.)
  • Child Safe Kits endorsed by the International Union of Police Associations
  • After several discussions with AIL regarding their products, we have found the no-cost benefits to be beneficial to NCOFCU Firefighter Credit Union members and their families.

We have, therefore, encouraged AIL to contact each NCOFCU Firefighter Credit Union that they are not working with to explain the programs and provide the necessary details for implementing them. There is no obligation for any NCOFCU Firefighter Credit Unions to participate.