Sunday, June 22, 2014

A Bubble of Protection -


By Bankston, Karen
Proquest LLC

meeting-800x800When members step up to serve as directors, their credit union agrees to protect them from personal liability for carrying out their board responsibilities a promise that takes the form of directors and officers insurance as part of the organization's management liability coverage.

But with the incidence and costs of litigation on the rise in the financial services industry, according to a recent survey by the law firm Norton Rose Fulbright (www.nortonrosefulbright. com), how can directors ensure that adequate protections are in place? Specialists recommend regular reviews of the risk exposures facing your credit union with a special focus on regulatory and business expansions to ensure that your liability coverage is up to the task.

Credit unions are immune to the most common type of lawsuit filed against directors-the sort filed by stockholders unhappy with investment returns, notes insurance consultant Scott Simmonds (, Saco, Maine. And credit unions are unlikely to face legal action from regulators, like the Federal Deposit Insurance Corp.'s suits against shuttered savings and loans a quarter-century ago and against big banks rocked by securities losses more recently. A notable exception was the National Credit Union Administration's lawsuit against officers of the failed Western Corporate Federal Credit Union (WesCorp) in 2010; board members were not named in the complaint, and the case was eventually settled before going to trial.

As a director, you should be familiar with the indemnification provisions in your credit union's bylaws and other legal documents, says Jay Isaacson, director of product management with CUNA Mutual Group (, Madison, Wis. These provisions specify under what circumstances the credit union can protect its directors and officers from legal claims associated with fulfilling their responsibilities to the organization.

Under Rule 750 of the NCUA Rules and Regulations, credit unions may indemnify directors as long as they fulfill their fiduciary responsibilities: the duty of care (e.g., attend meetings regularly, engage in board discussions, assess and understand financial reports, and make the best possible decisions for the organization), the duty of loyalty (consider the credit union's interests and avoid conflicts of interest), and the duty of obedience (comply with laws and regulations in carrying out their board responsibilities), Isaacson explains.

READ MORE>> A Bubble of Protection - Top News -

Thursday, June 19, 2014

Firefighters Wanted!

The National Coalition of Firefighters Credit Unions Inc. (NCOFCU) is looking for firefighters who serve on credit union boards or committees.

For over 13 years firefighters from across the country have been meeting to collaborate on how they can better provide products and services to their credit union membership. Whether you serve on a firefighter, police, municipal or other credit union board or committee, this collaboration among your peer group of fellow firefighters is irreplaceable. Please take a minute and visit our website at to see what awaits you.

Grant Sheehan Executive Director
National Coalition of Firefighters Credit Unions Inc.

Monday, June 16, 2014

New York Firefighter Benefits and Salary

The New York City Fire Department is advertising for positions.

Benefits and Salary


As a New York City Firefighter, you will receive an incredible benefits package and a competitive salary that more than doubles in your first five years on the job.

But act now, the chance to join only comes every four years.

Benefits include:

  • Lifelong medical coverage for you and your family;
  • Growth opportunities;
  • Flexible work schedules;
  • Up to four weeks paid vacation per year;
  • Generous pension

Firefighter Salary:
































Promotion Opportunities:    












Battalion Chief




* Fringe benefits reflect overtime, holiday pay and other differentials

Firefighter Benefits and Salary

Sunday, June 15, 2014

Fire Police Credit Union, FOP Ensure Summer Safety (VIDEO)

Fire Police Credit Union, FOP Ensure Summer Safety (VIDEO)

By Chris Smurr - 21Alive
By Rachel Martin - 21Alive

June 14, 2014Updated Jun 14, 2014 at 6:39 PM EDT
FORT WAYNE, Ind. (21Alive) – The Fort Wayne Fire and Police Federal Credit Union and the Fraternal Order of Police were out fitting children for bike helmets.
The Credit Union donates annually to help the Fraternal Order of Police (FOP) purchase the helmets.
Fire Police Credit Union, FOP Ensure Summer Safety (VIDEO) | Indiana's NewsCenter: News, Sports, Weather, Fort Wayne WPTA-TV, WISE-TV, and CW | Local

Thursday, June 12, 2014

Early Bird Pricing About To Expire July 1st

Just a reminder the Early Bird cut-off date to save $100 per registration is Tuesday, July 1, 2014

Don't miss out! Make your reservation for the 2014 San Diego annual educational conference and exposition for the National Coalition of Firefighters Credit Union’s Inc. for only $875, a savings of $100 per registration.

You can make your reservation on-Line by visiting the Conference Web Site at or to download the Mail-In Registration Form or confirm your spot by calling or sending an  e-mail to: 

Grant Sheehan Executive Director
3741 De Garmo Lane
Miami, Fl 33133

Tel: 305-951-3306

Because of the overwhelming response, hotel rooms at the Westin Gaslamp Quarters are in short supply so please pre-register so you don't have to stay off site..If the conference hotel is full we have made arrangements in a neighboring hotel for you, just contact ESP at 508-429-2121 and let us know how many rooms you need. 

Monday, June 9, 2014

Charitable Donation Accounts Balance Giving, Investing


Balance Giving, Investing

By Michelle A. Samaad June 08, 2014

Charitable giving by credit unions is nothing new, but the investment aspect of such accounts had caused regulators to wonder if the funds were being used for their intended purposes.

The NCUA board approved a new rule in December 2013 that offers protections against those concerns by allowing federal credit unions to fund hybrid charitable and investment vehicles designated as charitable donation accounts under certain conditions.

The final rule clarified that a federal credit union may hold investments within a CDA that are not allowed otherwise, so long as the account is primarily charitable in nature and structured to preserve the safety and soundness of the federal credit union, according to the NCUA.

Among the requirements is a minimum of 51% of the total return from the CDA must be distributed to one or more 501(c)(3) charities. Continue Reading > Charitable Donation Accounts Balance Giving, Investing

Wednesday, June 4, 2014

Letter from NCOFCU Chairman Michael R Tobler,

Michael ToblerThere is now less than 4 months to our “Annual Convention” that will be in San Diego this year. We invite everyone that has not signed up to get your registration and hotel reservations in as soon as possible. We are looking forward to another successful convention and with the number of people signed up to date it appears we are on course to match and possible exceed last year’s attendees.

We have a talented line up of speakers and the breakout sessions will surely be lively with discussions. There is still time to submit names to our “Volunteer of the Year” award and our “Scholarship Program” which assists with financial assistance to attend the convention. Our credit unions have many talented members that should be recognized for their efforts to the credit union movement. You can submit an application on line which will be held in confidence.

We have reviewed last year’s parting comments and we are sure that we have addressed issues that were of concern. San Diego is surely one of the most desirable locations for a convention. Be sure to view our video of the convention location and surrounding area for entertainment and attractions. Plan on arriving early or stay a couple of days later to enjoy the beautiful southern California coastline.

San Diego GaslampOur convention starts with the Wednesday night reception followed with three days filled with speakers and sessions to leave you enlightened and charged to go back to your credit unions with new ideas and energy. Be sure to review our line-up speakers which will bring together information and insight into what’s happening now in credit unions and the financial market around us.

The convention is supported by a number of corporate sponsors that we invite you to visit while at the convention and support with your business. So the dates to remember are October 8-11 at the San Diego Gaslamp Quarters. As always we welcome any suggestions and comments. We hope to see you all again and meet new members.

Michael R. Tobler
Chairman of the Board
National Coalition of Firefighter Credit Unions

Tuesday, June 3, 2014

Three Key Obligations of Board Chairs

Focus on duties related to the organization, board processes and leadership.

By Leisa Goodman CUES

How do you measure a chairperson’s effectiveness? Ask 10 different board members, and you may just get 10 different answers.

Ask Les Wallace, Ph.D., president of Signature Resources, Aurora, Colo., and facilitator of CUES' first-ever Board Chair Development Seminar this spring, and he’ll tell you a chair’s duties can be broken down into three key areas.

1. Organizational obligations

  • Keep a watchful eye on fiduciary oversight.
  • Ensure the board is taking ownership of strategy.
  • Make sure the CEO’s direction is on course.

2. Process obligations

  • Manage the agenda. Wallace suggests this agenda for efficient, productive meetings:
  1. Convene
  2. Consent agenda—routine, non-controversial items collected into a group for a streamlined motion and vote
  3. Financials—a “skinny” report that provides what’s needed, but not too much detail that gets into the weeds
  4. Strategy
    • Manage meeting dialogue and discussion.
    • Be ready to have the tough conversations regarding board behavior.
      What to do with quiet or unprepared board members? “As chair, you can call on the quiet ones,” suggests Wallace. “For those who come unprepared, you may have to take a range of efforts. The first time it happens, just have a conversation with the board member. You can be a gentle coach, but you need to address it.”
      At the end of each meeting, Wallace suggests doing a very quick self-evaluation. “Ask things like, did everyone come prepared? Did we do everything we set out to accomplish? What can we do better next time?” he said.

    3. Leadership obligations

    • Set the tone, and be an example of preparation and service.
    Leisa Goodman is a CUES marketing specialist

    Monday, June 2, 2014

    Lets welcome Elizabeth Ellis of the CFPB to our lineup of conference speakers!

    Elizabeth Ellis ProfileElizabeth Ellis serves as the Deputy Assistant Director for the Office of Financial In-stitutions and Business Liaison. As part of this role, she also serves as Director Cordray’s deputy for the FDIC Board. She has most recently been the Senior Advisor to the Chief of Staff at the CFPB. Prior to joining the CFPB, she was a Financial Ana-lyst at the Congressional Oversight Panel, where she evaluated the Troubled Asset Relief Program (TARP) and reviewed the state of financial markets and the regulatory system. Previously, Ms. Ellis was a Senior Associate at PricewaterhouseCoopers LLP, where she worked in the banking and capital markets audit practice. Ms. Ellis re-ceived her B.S. in Finance and M.S. in Accountancy from Wake Forest University. She is a CPA, licensed in North Carolina.

    Check out all of our conference speakers at 2014 San Diego Conference.

    Sunday, June 1, 2014

    The big squeeze on small credit unions | Comstock's magazine


    Half of Credit Unions May Go Under

    The credit union industry as a whole is booming. Last year it added a record 2.4 million members nationwide. Today, nearly 40 percent of American adults belong to a credit union.

    But almost all those gains can be attributed to a smattering of the largest credit unions. While the 100 biggest credit unions represent only 1.4 percent of the industry, they contribute half of the asset growth and about 90 percent of its member growth, according to banking industry trade journal  The Financial Brand.

    Meanwhile, the number of small credit unions, those with less than $100 million in assets, is shriveling over time. Every month, about 20 small credit unions are lost to mergers and closures. According to The Financial Brand forecasts, half of all credit unions will disappear by 2032 if trends  continue at current pace.

    New Rules, More Demands

    Credit unions and banks alike have complained about outsized costs associated with new regulations ushered in by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

    For example, new federal regulations > Continued > The big squeeze on small credit unions | Comstock's magazine