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

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...
Post a Comment
Read Complete Article HERE>»

ACU Calls For Full Political Engagement As Election Cycle Heats Up, Warns Of Well-Funded Opposition

  WASHINGTON--Credit unions need every advocacy resource at their disposal, and in an election year, that means supporting credit union champions, America’s Credit Unions emphasized. ACU President/CEO Scott Simpson and Head of Political Affairs Trey Hawkins outlined credit unions’ role in supporting those champions in the 120th Congress as the 2026 election cycle resumes with primaries next week. Scott Simpson “It’s important that we defend those who defend us, that we help those who help us,” Simpson said, referring to policymakers who have supported the credit union tax status and regulatory relief, while opposing new interchange mandates, to name a few issues. “This is an opportunity for us to lean in, to marshal all the available resources that we can. Our counterparts in the for-profit financial space, those who are devoted to harming us, can vastly out-resource us.” Hawkins shared potential outcomes for control of chambers of Congress, but noted credit unions have support reg...
Post a Comment
Read Complete Article HERE>»

Discussions Reportedly Underway Over Allowing Donations of Co. Stock to Trump Accounts for Kids

WASHINGTON — White House and Treasury Department officials are discussing whether to expand the Trump administration’s new investment accounts for American children to allow donations of individual company stock. The accounts, formally known as Section 530A accounts and referred to by supporters as “Trump accounts,” are scheduled to begin accepting contributions on July 4, The New York Times reported. The program has already received billions of dollars in philanthropic commitments. Under current rules, the accounts are limited to cash investments placed into diversified index funds. According to The New York Times, administration officials are now considering whether wealthy individuals could instead donate shares of their companies directly into the accounts. The proposal has reportedly been championed by venture capitalist Brad Gerstner, founder of Altimeter Capital, who helped develop the 530A account initiative. Gerstner has discussed the idea with administration officials, The Ne...
Post a Comment
Read Complete Article HERE>»

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...
Post a Comment
Read Complete Article HERE>»

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...
Post a Comment
Read Complete Article HERE>»

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...
Post a Comment
Read Complete Article HERE>»

NCUA Identifies Supervisory Priorities for 2024

ALEXANDRIA, Va.–In a new  Letter to Credit Unions , NCUA has outlined its supervisory priorities and other updates for its 2024 examination program. The agency said the areas identified are those with the highest risk to credit union members and the insurance fund. As CUToday.info has previously reported, growing financial strains and liquidity risks are cited by the agency, as well as the growth in the number of composite CAMELS code 3, 4, and 5 credit unions.  The agency further noted: Its exam flexibility initiative will continue in 2024, extending the exam cycle for certain credit unions. It will continue its Small Credit Union Exam Program in most federal credit unions with assets of $50 million or less. Supervisory Priorities f...
Post a Comment
Read Complete Article HERE>»

NAFCU - Vehicle Sales Decline During 2017

ARLINGTON, Va.—Vehicle sales in 2017 totaled 17.23 million units, non-seasonally adjusted, marking the first year-over-year sales decline since 2009. Total vehicle sales increased in December to 17.85 million seasonally adjusted, annualized units but were down 1.7% from a year ago. "Looking ahead, sales are expected to trend down further in 2018 as pent-up demand from earlier years diminishes," observed NAFCU Research Assistant Yun Cohen in a Macro Data Flash report. "In addition, banks are tightening standards on auto loans according to a recent survey by the Federal Reserve, which could lead to credit constraints. Despite the slowdown, vehicle sales are expected to remain strong in light of a strong labor market and growing economy." According to data by Autodata Corp., car sales decreased from 6.3 million to 6.1 million annualized units during the month. However, sales of light trucks increased from 11.2 million to 11.8 million annualized units, Cohen no...
Post a Comment
Read Complete Article HERE>»

'Victory is Elusive': CU Economist Agrees Fed Rate Cuts Questionable Following New CPI Report

04/10/2024 11:01 am WASHINGTON–A credit union economist has joined with other economists and analysts in forecasting a delay in any rate cuts by the Fed in 2024 following today’s inflation report. The newly released Consumer Price Index climbed 3.8% on an annual basis after stripping out food and fuel prices. That “core” index was stronger than the 3.7% increase economists expected, and unchanged from 3.8% in February.  Counting in food and fuel, the inflation measure climbed 3.5% in March from a year earlier, up from 3.2% in February and faster than what many had forecast.  "Victory in the Federal Reserve's inflation fight remains elusive with a stubbornly high headline consumer price index increase of 0.4% in March, matching February's disappointing result,” said America's Credit Unions VP-data and research, chief econom...
Post a Comment
Read Complete Article HERE>»

Ten-Year Treasury Hits a 15-Year High

WASHINGTON–The yield on the 10-year U.S. Treasury note has hit a 15-year high, which could lead to higher costs for many borrowers. The increase in yields is also “raising concern” on Wall Street about the potential fallout in the stock, bond and housing markets, the Wall Street Journal added. A key benchmark for interest rates across the economy, the 10-year yield settled at 4.258%, according to Tradeweb, up from 4.220% earlier this week, marking its highest close since June 2008, months before the collapse of Lehman Brothers and expansive Federal Reserve policy “ushered in more than a decade of historically low bond yields,” the Journal added. ‘Nervous’ Investors “The rise in yields is making investors nervous, because past surges have at...
Post a Comment
Read Complete Article HERE>»