Skip to main content

FedComp Will Be a Gold Sponsor In Denver

http://www.fedcomp.com/

Let's welcome FedComp as a Gold sponsor this year in Denver, CO. September 28 -October 1st, 2016.

Assisting “Small Entity” Credit Unions Keep their Doors Open

FedComp accepts the challenge once again to keep “small entity” Credit Unions from being swallowed up by the big boys and ceasing to exist.

Fairfax, VA. (22 January 2016) – Three years ago on January 17, 2013 Credit Union Times carried a story entitled “FedComp Keeps Light on for Small Credit Union”.

And now, again FedComp is showing “small entity” credit unions how to “keep their doors open” by providing a cost efficient solution to entry to the mobile financial age with its visionary Mobility Suite of Solutions.


This set of suites, from entry to advance, allows credit unions to choose the type of member services they wish to offer; from the “Mobile Data Solution” entry suite to the full range of the services found in the “Mobile Business Solution” suite.

The first two entry Suites, “Mobile Data” and “Mobile Banking”, includes security features that are “Best-In-Class” and will stand with the billion dollar financial institutions. FedComp’s data security even meets the new FFIEC requirements (November 10, 2015), which some larger financial institutions have yet to deploy.

In the 4th quarter of 2015, FedComp completed moving all of its hosted credit unions to OGO’s Community Cloud Platform (a CUSO). This has enabled FedComp to offer the Mobile Data Solutions as a cost effective data storage system utilizing the advantages of a cloud platform. FedComp is able to provide its hosted clients a full range of security services, including:
  • State-of-the-art IT resources with end-to-end security
  • Offsite data security
  • Data redundancy
  • Anywhere any time 24/7 disaster recovery
  • NCUA compliance reporting
When a credit union is hosted with FedComp they no longer need to be concerned about onsite hardware security, contingency, or NCUA audits as FedComp can provide fully compliant reports for each individual credit union.

FedComp’s new Mobility Suite of Solutions is scalable, offsite, and is auditable. Each individual credit union data set is isolated specific, either logically or virtually, within the cloud platform and is locked down to meet SSAE 16, SOS 2, NCUA and other data security standards.

Another benefit given to credit unions when they are users of FedComp’s Mobility Suite of Solutions offered by MoadBus is the ability to offer a Mobile Banking app to their members equal to apps by large Wall Street banks. FedComp’s mobile banking app, is an integrated part of its core data system, not an add-on. FedComp is offering its credit union “World-Class” security in its Mobile Banking app. The app incorporate advanced user authentication, devise and transaction verification (one-time password (OTP), voice, facial recognition and finger print) and provides end-to-end security using multi-layer encryption.

As noted by FedComp’s CEO, Mr. Duff, in 2013 “FedComp can help credit unions stay on the cutting edge of technology”. The Mobility Suite of Solutions is the application of today’s cutting edge cloud-hosted mobile technology to assist “small entity” credit unions in meeting the challengers of survival in the current environment of greater and greater competition and regulations. The Mobility Suites of Solutions was designed to allow the credit unions to “pay-as-needed” for the features they desire. It is intended to assist the credit union’s CEO to better utilize their limited resources by assigning certain tasks to FedComp rather than handling them in-house. When a credit union is relieved of regulatory and back-office administrative tasks they can provide better service to their members resulting in market growth, creating new revenues.

Once again as it has for the last 30 years, FedComp is supporting its 750 plus clients and the “small entity” credit unions in general to keep their lights on and doors open.

For more information reach out to;
Homer Fager
President
FedComp. Inc.
(800) 733-3266 x390
HFager@fedcomp.com











Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Making the Most of the Final Five Years Before Retirement

  NATIONAL COUNCIL OF FIRST RESPONDER CREDIT UNIONS RETIREMENT READINESS Making the Most of the Final Five Years Before Retirement A practical planning guide for first responders, credit union volunteers, employees, and their families Five years before retirement is an important checkpoint. It is the time to confirm what you have saved, understand the income you can expect, and decide whether your retirement plans match the life you want to lead.   1. Review Your Retirement Savings Start by taking a fresh look at your retirement accounts, personal savings, investments, and other assets. A retirement calculator can help estimate whether you are on track and show how additional saving during the next five years may strengthen your plan.   2. Identify Every Source of Retirement Income List the income you may receive in retirement, including pensions, Social Security, retirement-plan withdrawals, invest...
Post a Comment
Read Complete Article HERE>»

NCUA Board Approves 11 Final Rules for Deregulation Project

Alexandria, VA (August 5, 2026) ― The National Credit Union Administration (NCUA) today finalized eleven rules that were proposed for changes through the Deregulation Project. This is the first round of final rules from the ongoing Deregulation Project which is an initiative to review NCUA’s regulations and ensure they are focused on credit unions’ safety, soundness, and resilience. The final rules include: This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Surety and Guarantor Requirements – 12 CFR 701.20(c)(3) and 701.20(d) (Opens new window) This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Limits on Loan to Other Credit Unions – 12 CFR 701.25(b) (Opens new window) This is an external link to a website belonging to another federal agency, private organization, or commercial entity. Service to Underserved Areas – IRPS 08-2 (Opens new window) This is...
Post a Comment
Read Complete Article HERE>»

What’s Ahead for U.S. Economy? Here’s What One Former Fed Chair is Saying

 WASHINGTON–Former Federal Reserve Chairman Ben Bernanke, who headed the central bank during the 2008 financial crisis, is now warning that the United States is headed for a situation similar to that of the 1970s, when Americans were losing their jobs but still facing higher prices at the grocery store and at the pump. Ben Bernanke “Even under the benign scenario, we should have a slowing economy,” Bernanke told the New York Times in an interview in conjunction with his new book, “ 21st Century Monetary Policy: The Federal Reserve From the Great Inflation to Covid-19 ,” which is scheduled to publish today. “So, there should be a period in the next year...
Post a Comment
Read Complete Article HERE>»

New Consumer Due-diligence Requirements Mean Credit Unions Have to Change Bank Secrecy Act (BSA) Procedures

Starting May 11, 2018, credit unions and other financial institutions are required to have new procedures in place when it comes to customer/member due-diligence, primarily involving “beneficial owners” and “legal entity” members, reminded CUNA. But the trade association reported that the new requirements do not mean credit unions have to update member information on a continuous or periodic basis. “The rule does not require credit unions to update member information on a continuous or periodic basis. The updating requirement is event-driven and only occurs as a result of detecting unusual activity through normal monitoring,” CUNA stated. The new procedures required by May 11, 2018, are: Procedures to identify and verify beneficial owners of legal entity members.  Procedures for making and maintaining a record of all the identification and verification information collected for beneficial owners of legal entity members.  Appropriate risk-based procedures for...
Post a Comment
Read Complete Article HERE>»

The Federal Reserve decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4

  Federal Reserve issues FOMC statement For release at 2:00 p.m. EDT Share The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote: The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.   Voting against the monetary policy action were Beth M. Hammack, Neel Kashk...
Post a Comment
Read Complete Article HERE>»

Senate, 51-47, has confirmed John Crews to the NCUA board

WASHINGTON—The U.S. Senate, 51-47, has confirmed John Crews to the NCUA board, clearing the way for him to succeed Kyle Hauptman and return the agency to a single-member board following the Trump Administration's removal of Democratic board members Todd Harper and Tanya Otsuka earlier this year. Maintaining the foundational stability of the credit union system Supporting efficient, risk-based regulation that accounts for institutional size and operational differences Preparing for technological advancement while safeguarding member assets Encouraging the growth of new credit unions to serve underbanked and military communities Preserving an open, accessible, and collaborative dialogue between the NCUA and the credit union movement Crews, who most recently served in the Treasury Department, has said his priorities include reducing regulatory burden for smaller credit unions, encouraging innovation and supporting the chartering of new credit unions, while maintaining the safety and s...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - We Hold These Truths to Be Self-Evident

We Hold These Truths to Be Self-Evident .  The Declaration of Independence is the founding document that formally announced the American Colonies' break from British rule. Adopted on July 4, 1776, it laid the philosophical and moral foundation for American self-governance, asserting that individuals possess inherent rights and that governments must be accountable to the people. While it didn't create a government or legal framework, the Declaration marked the birth of the United States as a sovereign nation. >  Hear why the Continental Congress decided to declare independence, how the text took shape...
Post a Comment
Read Complete Article HERE>»

Fed Keeps Interest Rates on Hold in Split Decision at Final Meeting of Powell Era

  By  Keith Griffith April 29, 2026 In an unexpectedly close split decision,  Federal Reserve policymakers  have decided to keep interest rates on pause in what is likely to be the final meeting under the supervision of Fed Chair  Jerome Powell . Powell joined the 8-4 majority on the  Federal Open Market Committee  to vote in favor of leaving the  federal funds rate unchanged  at Wednesday's meeting in Washington, DC, judging inflation as running too hot to justify a rate cut. At a press conference after the vote, Powell revealed that he will remain on the board of governors as a regular member after his term as chairman ends, saying: "After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There is only ever one chair of the Federal Reserve Board." Read the complete story here.
Post a Comment
Read Complete Article HERE>»

New CEO Named at SF Fire CU

  In San Francisco, – SF Fire Credit Union has appointed Robert Kassab as its president and chief executive Officer. Kassab, who has served as the $1.6-billion credit union’s CFO and most recently as Interim CEO, will lead the organization as it builds on 75 years of community service and pursues an ambitious strategy for growth and member impact, the credit union said in a statement. Robert Kassab “SF Fire Credit Union has a 75-year legacy of doing right by its members, and I take that responsibility seriously,” Kassab stated. Kassab joined SF Fire Credit Union in 2022 as CFO, where he played a central role in strengthening the institution’s financial foundation and positioning the credit union for long-term growth. His appointment as CEO follows a period of interim leadership, during which he worked closely with the board to develop a strategic vision for the credit union’s future, according to SF Fire. An Institution That ‘Deserves Them Back’ “SF Fire Credit Union was built on ...
Post a Comment
Read Complete Article HERE>»

Houston Texas Fire Fighters Federal Credit Union Video

One of the discussions at NCOFCU's Denver conference was, "how do you attract members?" Here is an example of how Houston Texas Fire Fighters Federal Credit Union does it.
Post a Comment
Read Complete Article HERE>»