Firefighter Credit Union Newsroom

By Heather Anderson January 23, 2014 Fresh off the heels of its proposed risk-based capital rule, the NCUA Thursday launched a new online tool to help credit unions gauge their ability to comply. The Risk-based Capital Calculator provides users a comprehensive overview of a credit union’s capital ratio and Prompt Corrective Action category under both the current rule and the proposed regulation, the NCUA said in a release. Those capital numbers would be visible to the public as well as credit unions. Although the proposed rule would only apply to credit unions with assets of more than $50 million, the risk-based calculation tool is available to all federally insured credit unions. Users can search for a specific credit union by name or by charter number. After selecting a credit union to review, users can see each component of that particular credit union’s risk-based capital ratio. Users also can click on the “formula” icon located by each individual component to see what data from...

  Firefighters Community Credit Union puts chips on fraud protection Group is among first financial institutions in Northeast Ohio to issue more secure EMV cards to its customers Photo credit: REBECCA R. MARKOVITZ By MICHELLE PARK LAZETTE 4:30 am, January 26, 2014 When Firefighters Community Credit Union in Cleveland distributes 5,400 new credit cards to members early this year, it will become one of the first financial institutions based in Northeast Ohio — if not the first — to introduce a type of card to consumers that industry insiders say will proliferate this year and next in the United States. It is called the EMV chip card. The slow adoption in the United States of the cards, which contain embedded microprocessors that provide security features not possible with traditional magnetic stripe cards, has been criticized following the Target breach, when criminals gained access to tens of millions of credit and debit card accounts between Nov. 27 and Dec. 15. Read complete...

  The Secret List http://www.firefighterclosecalls.com/ According to a Toledo FF's memorial site ( https://www.facebook.com/pages/Toledo-Fire-Rescue-Last-Alarm-1262014/623465154357449 ) , local media and city sources, two Firefighters were killed in the Line of Duty today, in an apartment over commercial fire near downtown Toledo. There is edited radio traffic linked below. The Mayor D. Michael Collins arrived at Mercy St. Vincent Medical Center after the two Firefighters were brought there, where naturally, a large crowd of Toledo Fire Rescue members gathered. MEDIA REPORT WITH PHOTOS: http://m.toledoblade.com/Police-Fire/2014/01/26/Fire-at-Huron-and-Magnolia-downtown-Toledo.html AUDIO: EDITED FIRE RADIO TRAFFIC AND VIDEO: http://www.firefightersworldwide.com/2014/01/toledo-firefighters/ RELATED TOLEDO FIRE WEBSITES: http://www.toledofirerescue.com/ http://www.iaff92.org/ https://www.facebook.com/pages/Toledo-Fire-Rescue-Last-Alarm-1262014/623465154357449

  Discover our new comprehensive, cost efficient, customizable outsourcing ATM management solution With EasyATM you can eliminate or reduce your capital costs by offloading your existing ATMs, deploying new ATMs, or upgrading your ATM equipment. We buy the ATMs so you don’t have to. EasyATM is a customizable solution–you can outsource as much or as little as you need: Arrange for all, some or none of your ATMs to be acquired or leases to be absorbed. For example, choose to continue to own your branch ATM locations, while offloading your offsite or SEG location ATMs. Limit new ATM expenditures and still deploy new ATMs to expand member access – including new SEG locations. In any combination you choose, your ATMs will continue to be branded and presented as your own credit union’s ATMs. With EasyATM you can arrange for any level of servicing, branding and support – whatever you need to make your program more efficient while providing your members the access they need. With ...

All financial institutions operate in a restrictive regulatory environment, and the barrage of new rules from lawmakers and regulatory agencies makes the once-luxurious compliance department a now-vital resource. Yet acquiring talent and organizing it properly can be a haphazard undertaking. With significant variations in asset size, charter type, organizational complexity, budgetary allowance, and other considerations, credit unions often have a hard time finding the blueprint that’s right for them. The two staffing approaches below look different in practice, but they target the same goal — addressing the growing complexity of the compliance space. Regardless of where your own strategy falls on this spectrum, there are tips here you can use to attract and retain top talent. Invest More Now, Pay Less Later As is the case with many cooperatives, the past few years have necessitated - Read More: Staffing Tips To Stem Compliance Concerns - General Features - News | Credit Unions

  The players may be the same but the game has changed a bit in “mortgage-world” 2014. While the days of rock-bottom rates may be fading, plenty of deals are to be had, however timing and using your resources will be more important than ever. One of the key differentiators in 2014 are new mortgage rules being imposed by the Consumer Financial Protection Bureau (CFPB), which impacts both lenders and borrowers. Beginning Friday January 10, lenders will be required to obtain certain documentation to meet the Qualified Mortgage (QM) loan standards. Lenders must now have definitive proof that borrowers have the ability to repay the mortgage, in order to ensure the financial crisis of 2008 does not repeat itself. Although this new requirement won’t exclude borrowers who have solid credit and the ability to repay, it will add a few extra steps and sometimes a few hurdles to the home buying process. "People will still be buying houses and getting mortgages, but there will be tougher req...

Are you keeping up? The migration to a credit union is starting to be more evident than ever as individual states report record smashing numbers: The League of Southeastern Credit Unions report that Alabama credit union membership numbers increased by 1.876 million with 14,000 added in one quarter and Florida credit unions increased members by 4.69 million members -- 36,000 added in a quarter. Nebraska credit unions grew 2.1% over last year, which means approximately one out of every four people had joined a credit union in the state. Last month Credit Unions Online reported that Minnesota credit unions hit a record 1.6 million members. During the past eight quarters, Michigan credit unions added more than 125,000 new members, with more than 16,000 added in 2013. Total current credit union membership is approximately 4.57 million in Michigan. Read More;  Business is Booming at U.S. Credit Unions

ALEXANDRIA, Va. -- NCUA wants to make sure credit unions file their call reports on time, stating in a new letter that late filers could face a $1 million-per-day fine from the agency for each day the call report is late. Fines would begin after the April 25, 2014, filing date. CUs that file late this month, after Jan. 24, will receive a warning letter. Chairman Debbie Matz explained in the letter, posted Thursday on the agency’s website, that $1 million daily is the maximum fine. Matz said that late filings of quarterly call report and profile data have become “a serious problem.” For the third-quarter 2013 reporting cycle, more than 1,000 federally insured credit unions, ranging from large to small, filed their reports after the Oct. 22 deadline. Late Call Report Filers Could Face $1 Million-Per-Day Fine - Web Only Article | Credit Union Journal

At Los Angeles Firemen’s Credit Union, their members are truly shareholders. That’s why a portion of their profits are being returned directly to their members in the form of Extraordinary Dividend Bonuses and Interest Refunds.  Maintaining a long tradition of paying out interest refunds and dividend bonuses, this year they are pleased to announce a record payout of over $3 Million in Extraordinary Dividend Bonuses and Interest Refunds to their members which equal's 30% of 2013 net income. How They Did It Constant improvements - competitive deposit accounts, loan products and convenience-based services rival those offered by other financial institutions. Growth in membership - With each new fire department and new family members contributing to the success of the Credit Union, the rewards grow for our entire Fire Family. LAFCU Demonstrates a Clear Difference Extraordinary Dividend Bonuses and Interest Refunds are unique...

NCOFCU Annual Convention Online Topic Proposal Form In order for us to reach our goal as to providing an excellent educational conference, it is important we hear from you. Please take a minute and lets us know what you would like to see discussed/covered at the conference. Complete FORM HERE Thank you, Your Conference Committee