Dayton Firefighters Federal Credit Union

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NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer Fire Services Credit Union Phone: 416-440-1294 ext 301 Toll Free: 1-866-833-3285 E-mail: kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3

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Sunday Reading - What is the Dow Jones?

What is the Dow Jones? Created in 1896, the Dow Jones Industrial Average is one of the world’s oldest and most widely recognized stock indexes—a measure tracking the stock performance of a selected group of companies ( see most recent data ). Originally designed to track America’s leading industrial firms, the Dow has evolved into a cultural and financial shorthand for the health of the US economy. As of 2025, it measures 30 major companies —like McDonald's, Boeing, and Nike—across sectors such as technology, healthcare, finance, and consumer goods. Unlike most modern indexes, which are weighted by the total value of a company’s shares, the DJIA uses a price-weighted formula —meaning stocks with higher share prices exert more influence, regardless of company size. The DJIA has been updated 59 times since its creation to reflect changes in the US economy ( see ch...

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The Role and Hazards of an Interim Executive

The Role and Hazards of an Interim Executive Leadership transitions are rarely smooth. A change at the top can trigger uncertainty, speculation, and anxiety. Staff worry about their jobs, members wonder about continuity, and boards feel the weight of stewarding the organization through uncertain change. The utilization of an interim executive director is meant to stabilize the organization and allow the board enough space and capacity to find the right successor leader. Here’s a catch: if an interim executive is also a candidate for the successor role, the very purpose of an interim engagement is compromised. With an Interim, there’s always a second wave of anxiety Every leadership transition comes with some anxiety. The staff sometimes don’t know what’s going on. The board is worried about continuity, and members may be worried about joining. One task of an interim is to absorb some of that anxiety and provide reassurance that things are moving forward. But there is al...

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Powell Rejects Any Plan for Fed to Intervene in Secondary Market to Bring Down Rates

Frank Diekmann October 20, 2025 2:22 am No Comments PHILADELPHIA–Federal Reserve Chair Jerome Powell said there are no plans for the central bank to directly intervene in secondary mortgage markets in an attempt to help bring down mortgage rates, an idea some have proposed as a means of addressing the affordability crisis In housing. Jerome Powell Speaking at the National Association for Business Economics conference in Philadelphia, Powell spoke to the Fed’s progress with “quantitative tightening,” that is, its work to reduce the more than $6 trillion of securities it holds on its balance sheet . Read more about the Balance Sheet HERE Those holdings include approximately $2 trillion in mortgage-backed securities (MBS), which are bundles of home loans that are packaged together and sold to investors, usually by middlemen Fannie Mae and Freddie Mac , noted Realtor.com. Rolling Off Balance Sheet As the report noted, the Fed dramatically increased M...

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How Stablecoins Could Prove to Be Anything But Stable for CUs That Don’t Get Moving

LOST PINES, Texas–With the GENIUS Act enacted and the countdown on for NCUA and regulators to get rules in place for stablecoins, credit unions were told it’s “go time” to begin preparing for a new technology that could “eat the lunch” of interchange. The cautionary words came from Dr. Lamont Black , an associate professor at the Driehaus College of Business at DePaul University, where among other things he teaches a graduate course on cryptocurrency, and who is also a fellow in Filene’s Credit Union of the Future Center of Excellence, and who s well-known to many in credit unions for his work and insights. After several years of speaking to credit unions on crypto, he told Catalyst Corporate’s Strategic Summit meeting he has pivoted now due to the rapid change taking place, and in addition to talking about AI (see separate reporting in the CU Daily), he has a warning for CUs when it comes to another emerging technology. Eating the Lunch of Payments “I believe st...

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Fed Chair Says Strength of Economy Allowing it to be Patient With Any Rate Cuts

WASHINGTON–Federal Reserve Chairman Jerome Powell said the strength of the economy is giving the central bank flexibility to be patient when it comes to cutting rates. Jerome Powell This year has been filled with predictions over when the Fed will move to reduce rates, including by credit union economists. But inflation has been more stubborn than many had forecast, and most now say it will be June at the earliest before the Fed makes any move. Last week, a new report showed inflation in February was 2.5%, far below the 7% peak seen in 2022 and closer to the Fed’s 2% target. In an interview last week with the National Public Radio’s Marketplace program, P...

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Zelle Says It Will Allow Users to Make International Payments Using Stablecoins

SCOTTSDALE, Ariz .– Zelle has announced plans to allow users to start making international payments using stablecoins. The move by Early Warning Services, which operates the P2P payments network Zelle and which is owned by a consortium of large banks, comes in the wake of the passage of the GENIUS Act, which is designed to usher stablecoins into the regulated financial system. Stablecoins are a digital currency that is pegged to a fiat currency such as the U.S. dollar. As the CU Daily reported here , credit unions were strongly urged during an event last week to not just start paying attention to stablecoins but to begin taking action as interchange income is threatened. Similarly, analysts said the move by Zelle to help users move money across borders is a defensive move in response to what is expected to be the growing use of stablecoins by consumers and businesses. Early Warning Services did not indicate how it would work or when it would launch, according to sever...

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Your Credit Union CAN Use Public Fund Deposits To Fund Assets

By Corporate One Federal Credit Union Once largely thought of as taboo, the use of external funding is now widely accepted throughout the credit union industry. In fact, the NCUA has required all credit unions to seek multiple liquidity sources and document those sources in their liquidity policy. As the acceptance of external funding has improved, credit unions are increasingly sourcing funds from many channels, including the Federal Home Loan Bank System, the corporate credit union network, and several non-member deposit channels, such as public fund deposits. Yes, public fund deposits are being increasingly sourced to fund credit union assets. Increasing Growth, Benefits, And Uses Total member and non-member government deposits totaled $5.4 billion at year-end 2017. This is an increase of 27% since 2015. While this amount pales in comparison to total deposits and other liabilities, how important are these deposits to the nearly 500 credit unions who report them?...

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Sunday Reading - What is the Erie Canal?

Gateway to the West What is the Erie Canal? The Erie Canal is a 363-mile waterway in New York connecting the Great Lakes to the Atlantic seaboard, from the Hudson River at Albany to Lake Erie at Buffalo ( see map ). Initiated in 1817 for $7M (nearly $200M today), the canal was America’s first major infrastructure project and revolutionized trade and commerce in the United States. The project relied on self-taught amateurs —including teachers, judges, and surveyors. The workers, nearly 50,000, dug the entire canal with hand tools, picks, and gunpowder (dynamite had not yet been invented). The original Erie Canal had 83 locks, each designed to be...

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