Into the Fire: Will Investigators Bring Charges in the Back Bay Blaze?

One veteran Boston firefighter said the blaze that claimed the lives of two brave men was the worst he’d seen in 30 years. But will investigators bring charges?

By Michele McPhee | Boston Magazine | June 2014

Photo via Boston Fire Department
The run came in at 2:43 p.m. on March 26, just as a dark cloud of smoke began to rise over the Back Bay. It was a nasty day—16 degrees and with gusts whipping off the Charles River at up to 50 miles per hour. A fire had started on Beacon Street near Exeter and now the wind was pushing the smoke across the neighborhood, darkening the area.
About a half-mile away, the smoke was already visible from the Engine 33/Ladder 15 fire station on Boylston Street. In less gloomy weather, the doors to the station’s bay are kept wide open. The firefighters stand in the apron Continued > Into the Fire: Will Investigators Bring Charges in the Back Bay Blaze?

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Cutting Through The Stablecoin Noise—What Credit Unions Actually Need To Know Now

By Ray Birch DOVER, Del.—By any measure, stablecoins have quickly become one of the most talked-about—and least understood—topics in credit union boardrooms. The pressure to “do something” is building, fueled by headlines, fintech momentum and a growing fear of being left behind. But according to InvestiFi CEO Kian Sarreshteh, that urgency may be misplaced. “There’s a lot of FOMO right now,” Sarreshteh said. “If I don’t adopt a stablecoin solution this year, I’m going to be left behind. I would argue pretty strongly that’s very far from the truth.” Instead of rushing to sign up for a Stablecoin pilot, Sarreshteh said credit unions should begin with a more fundamental question: what problem are you actually trying to solve? While stablecoins are often discussed as a potential challenger to traditional payment rails dominated by Visa and Mastercard, he believes that kind of mass-market disruption remains years away—especially in the U.S., where consumers already have fast, convenient opt...

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Senate Banking To Vote Thursday On Landmark Digital Assets Bill

“NCOFCU appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear and responsible regulatory framework for digital assets,” said the National Council of Fire Fighter Credit Unions (NCOFCU) leadership. “As lawmakers consider this legislation, it is essential that first responder credit unions are recognized as a vital part of the financial services ecosystem and are not overlooked in the evolving digital asset landscape. Credit unions serving police, fire, EMS, and other emergency personnel must have equitable access to innovation, regulatory clarity, and the tools necessary to continue supporting the financial readiness and resilience of America’s first responders.” Grant Sheehan CEO WASHINGTON—The Senate Banking Committee will vote on the long-awaited CLARITY Act this Thursday, Committee Chairman Tim Scott (R-SC) announced Friday. Tim Scott The announcement marks a potentially major step forward for legislation that would establis...

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7 Secrets For Merger Success | Credit Unions

These best practices will ensure your next merger won’t be your last. By Aaron Pugh With six mergers completed since 2009 and three more on the immediate horizon, Credit Union of Southern California ($781.8M, Whittier, CA) — commonly referred to as CU SoCal — attributes just over half of its branch footprint and about 70% of growth achieved in the past five years to merger activity. On the opposite side of the country, The Summit Federal Credit Union ($723.7M, Rochester, NY) averaged close to one merger a year between 2003 and 2011, increasing its assets by more than $445 million and adding 12 branches in three regional markets beyond its original Rochester and Seneca Falls footprint. Despite the prevalence of this activity, neither of these institutions has ever actively sought out any merger partner. Instead, they’ve been responding to increased demand from small-to-mid-sized credit unions for cooperative alliances, both for survival and for the enhanced economies of scale ...

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Ransomware: 'It's A Growing Issue'

MADISON, Wis.—Ransomware attacks, already a quiet concern that has been growing among credit unions, are expected to dramatically increase this year—with one analyst saying there is “no silver bullet” to prevent the threat. Ransomware is a type of malicious software designed to block access to a computer system or PC until a sum of money is paid. In the case of a financial institution, crooks first use the malware to encrypt the contents of the FI’s data and then extract a ransom in exchange for decrypting the information and allowing the victim to regain access. It’s an issue, according to one regulator source who asked for anonymity that has been growing within credit unions, many of which have paid ransoms to regain access to their data and have chosen not to speaking publicly about the crime. “This has become a huge problem,” said Ken Otsuka, senior consultant in CUNA Mutual Group’s risk management department, adding that CUNA Mutual Group’s cyber liability coverage data d...

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The Most Overlooked Growth Opportunity in First Responder Credit Unions

Credit unions spend enormous amounts of time, energy, and marketing dollars trying to acquire new members. But many institutions — especially sponsor-based first responder credit unions — are sitting on one of the most valuable growth opportunities already inside their existing membership base. The joint owner population. Every day, firefighters, police officers, EMTs, dispatchers, and other first responders join credit unions through sponsor relationships. During account opening, spouses or partners are often added as joint owners for convenience. They help manage the household finances. They use the debit card. They log into online banking. They interact with the credit union regularly. Yet in many cases, they never actually become full member-owners of the cooperative. They are connected to the institution — but not fully part of it. And that creates a major strategic opportunity. Why Joint Owner Conversion Matters For sponsor-based credit unions, converting joint owners into full m...

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Hood: Credit unions are safe and sound

Hood’s term on the NCUA Board will expire in August. NCUA Board Member Rodney Hood appeared via live stream with Brad Barnes, Air Academy Credit Union, and Amy McGraw, Tropical Financial Credit Union. The regulator lauds strong membership, asset, and loan growth. Despite recent headwinds, including high-profile bank failures, the credit union movement is still safe and sound, says Rodney Hood, NCUA board member, and immediate past chairman. “We’re not seeing the contagion like at other financial institutions,” says Hood, who addressed the 2023 CUNA Finance Council Conference Monday via live stream. The Silicon Valley Bank (SVB) crisis was one of confidence, he says. Ninety percent of SVB’s deposits were uninsured. In comparison, more than 91% of credit union deposits are insured. “We don’t have those entanglements,” Hood says. “That bodes well for our future.” He lauded America’s 4,800 credit unions for growing membership to 135 million, assets to $2.2 trill...

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CEOs of CUNA, NAFCU Offer First Public Remarks Since Announcing Merger Plan; Numerous Issues Discussed

COLORADO SPRINGS, Colo.–The CEOs of CUNA and NAFCU made their first joint appearance since the two trade groups announced plans to merge, addressing reasons for the proposed merger and what those who may oppose the merger should do, and further speaking to the concerns of smaller CUs and what will happen with conferences, as well as stressing the combination is not being driven by problems at either group. During a 45-minute Q&A at the Defense Credit Union Council (DCUC) annual meeting, CUNA CEO Jim Nussle and NAFCU CEO Dan Berger answered questions posed by DCUC CEO Tony Hernandez, as well as from CUToday.info and members of the audience. As CUToday.info reported here , the two trade groups are proposing to merge and create a new organization called America’s Credit Unions that will be led by Nussle—who was appearing at the DCUC meeting on the 89 th anniversary of CUNA’s creation--with Berger departing NAFCU at year-end. At one point Berger received a standing ...

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Credit Unions Look For Answers After NCUA Shake-Up

FAQ on Recent Firing of NCUA Board Members , click here. WASHINGTON—Do Todd Harper and Tanya Otsuka have legal standing to contest their removal from the NCUA board by President Donald Trump? Has any past president taken similar action? Can NCUA continue functioning without a quorum on its board? Is this the first step toward consolidating federal banking regulators? In light of President Trump’s decision to remove Democratic NCUA board members Harper and Otsuka, many in the credit union community have expressed concerns and raised important questions. In response, America’s Credit Unions has prepared a detailed Q&A document addressing the implications of the White House’s actions announced on Wednesday. Below are key takeaways from the document ACU has shared with its members: President Trump may now nominate either one or two new board members to fill these vacant positions. At least one must be from a different political party, as statutorily required by the FCU Act. Or, l...

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Fire Family Foundation Establishes Erksine Fire: Rebuilding Lives and Community Fund

Fund Will Assist Fire Victims and Firefighters in Kern County July 8, Los Angeles, CA: Responding to the emergency of deadly wildfires that are currently blazing through communities in Kern County, Fire Family Foundation, the charitable hand of Firefighters First Credit Union, has created the Erskine Fire: Rebuilding Lives and Community Fund. California’s largest wildfire so far this year, the Erskine fire erupted Thursday afternoon and continues to burn; two people have died, thousands have left their homes, 200 homes were destroyed with many others severely damaged. Four firefighters who were working on the blaze learned the sad news that their own homes were completely destroyed by the fire. The Erskine Fire Fund will dedicate 100% of the funds raised to be distributed to firefighters and fire victims; funds will be used for short-term assistance to pay expenses for essential and immediate needs from food to mortgages/rent "Our firefighters are battli...

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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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