Firefighter Credit Union Newsroom

  The NCUA has confirmed that federal credit unions cannot charge periodic membership fees, according to a letter it sent to the American Bankers Association last month. “FCUs may not charge periodic membership fees, but they may charge a uniform entrance fee and account or service-related fees,” NCUA General Counsel Michael McKenna wrote in the letter, which was dated May 1, 2015. “In a 1993 Legal Opinion Letter, No. 93-0226 , NCUA opined that the mention of the entrance fee without the mention of other membership fees forecloses on an FCU’s ability to assess annual membership fees.” Entrance fees and fees for account services and other financial products don’t count as membership fees, he said, and they can’t serve as a condition for continued membership. NCUA Confirms Periodic Membership Fee Ban for FCUs

  CUNA Mutual Group has launched its new mortgage payment protection product for credit unions and members that covers mortgage payments in the event of a borrower’s death, disability or involuntary unemployment. Credit unions that offer it are leveraging a comprehensive insurance and training program that protects members’ home mortgages. The launch comes just in time for summer, which is peak moving season according to the U.S. Census Bureau. It’s also the time of year when new mortgages, mortgage refinancing and protection for these investments are likely to be top-of-mind for many Americans, especially for the 45 million who move from one home to another every year. Mortgage payment protection gives credit unions a new way to support members and homeowners who may be less prepared than ever for emergency expenses. CUNA Mutual Group Launches Mortgage Payment Protection Program

Just thought I would share this with you. If you'r looking for innovative ways to market to your membership, this is one. Take a minute and look at what Firefighters First Credit Union put together, stars are born!

"We would like to congratulate and thank Firefighters First Credit Union President & CEO Mike Mastro for providing 35 years of legendary service and leadership to the Credit Union and its members!  Mike joined the Fire Family in 1980 as an accounting and investment controller and quickly worked his way up to President/CEO.  Today, Firefighters First exclusively serves full-time, paid, active and retired professional firefighters and their families throughout the State of California, and has over 32,000 members and assets of $1 billion Firefighters First Credit Union Board of Directors and Staff ( https://www.firefightersfirstcu.org ) "

  MONTREAL — In a surprise move Tuesday afternoon, NAFCU announced that it is broadening its membership to include federally insured, state-chartered credit unions, putting it directly at odds with CUNA, which had previously been the only trade group representing both types of CUs. The expansion, effective immediately, has the potential to massively grow NAFCU's member base. According to the National Association of State Credit Union Supervisors (NASCUS), there are more than 2,500 state-chartered CUs, 95% of which are federally insured. "The NAFCU Board made this unanimous decision because our industry is rapidly evolving, and in a changing marketplace, credit unions are seeking more from their advocacy organizations," NAFCU president and CEO Dan Berger said in a statement from Montreal, where the trade group is currently holding its annual convention. "We've heard that message and are ready to rise to the challenge." CUNA Media Relations Manager Vic...

The NCUA Board today unanimously approved a proposed new rule that Board members said would move its business lending regulations away from a system of barriers and waivers, and toward one that would instead center on credit unions developing and using sound business lending practices and policies. “For many years, the prescriptive approach may have been appropriate as credit unions entering the business loan marketplace gained experience,” NCUA Board Chairman Debbie Matz said in regards to the proposed change. “Today, however, the vast majority of credit union business lenders have well-established, solid commercial lending infrastructure and sound risk management policies.” Read More Read Complete Story at: http://www.cutimes.com/2015/06/18/ncua-proposes-drastic-mbl-regulation-changes

From all of us at NCOFCU

“Conference Scholarships”   First Time Attending or Just Need A Little Help? The National Coalition of Firefighters Credit Unions Inc. (NCOFCU) offers   Conference Scholarships to credit unions wishing to apply for assistance to offset the cost of sending a representative from their credit union to the conference. By offering these educational conference scholarships, NCOFCU is moving towards their vision to educate, create and maintain a climate of safety, soundness, innovation and unity among firefighter credit unions. Application can be found at; Conference Scholarships and apply for the one that would encourage your credit union to be represented at our annual educational conference. Conference Registration - Based on current registration Transportation - $400 towards one round trip airfare 3 Room Nights - includes tax based on current hotel rates Full Conference Registration - for one (1) attendee which covers, as indicated above: Registration, Tran...

We know that as credit union employees and volunteers, you understand the impact of the data breaches at large retailers like Target, Home Depot and Michaels. These breaches have been costly to your credit union and frustrating for your members. We are writing to share that newly introduced bills in each chamber of Congress will hold merchants accountable when they are responsible for a breach of consumer data. We need our members of Congress to support the Data Security Act of 2015, S. 961, and the companion House bill, H.R. 2205. These bills strengthen merchant security standards to be comparable with those of credit unions and mandate a federal notification requirement for merchants when breaches occur. Additionally, each bill provides a floor for data security standards nationwide and also includes the important provision to exclude financial institutions from the requirements as they are already subject to rigorous standards under the Gramm-Leach Bliley Act (GLBA). NCOFCU is ...

Credit Union Shared Branching Network Now Third Among Financial Institutions RANCHO CUCAMONGA, Calif. (June 8, 2015) - CO-OP Shared Branch has surpassed Bank of America in number of branch offices, and is now the nation's third largest network of financial institution branches, according to data drawn from the FDIC. CO-OP Shared Branch comprises 5,341 branches, compared to Bank of America's 5,244 branches. The figures were compiled by CO-OP Financial Services on May 19, 2015, and retrieved from the FDIC's "Find Banks" page at www2.fdic.gov/idasp/main.asp. "We have achieved a significant milestone by reaching more than 5,300 branches, but the sky is still the limit for our industry's unique shared branching concept," said Stan Hollen, President/CEO, CO-OP Financial Services. "There are about 1,800 credit unions participating in shared branching, offering convenient branch access to more than 52 million members wherever they may travel in the U...

  CONTACT: Margaret Blankers MJB Public Relations Group 866.714.7041 · margaret@mjbpr.com IWS Acquisition Corporation Is 2015 Official Conference Sponsor of National Coalition of Firefighter Credit Unions Annual Meeting Boca Raton, FL. (June 4, 2015) – IWS Acquisition Corporation (IWS) is pleased to announce it is the Official Conference Sponsor for The National Coalition of Firefighter Credit Unions (NCOFCU) 2015 Annual Conference. The Conference, “By Firefighters for Firefighters, will be held in Nashville Oct. 7-10. NCOFCU is the nation’s premier professional association of credit unions serving firefighters and their families. “We are thrilled to welcome IWS as this year’s Official Conference Sponsor,” said Grant J. Sheehan, Executive Director & CEO of NCOFCU. “I have firsthand experience with IWS’ dedication and commitment to our brotherhood of credit unions. For five years, we have been pleased to partner with and endorse IWS’ suite of vehicle protection products...