Skip to main content

You Are Not Alone With NCOFCU

At the GAC this week,  NCUA Vice Chairman Rick Metsger made the following comments.

As you read through the following, remember the National Coalition of Firefighters Credit Unions (NCOFCU) fills this networking purpose.  Through NCOFCU you have a network of over 100 credit unions serving firefighters and their families that you can reach out too.

Through NCOFCU you have a network of credit unions and service providers to assist you in most all of your credit union operations.

Grant Sheehan CEO NCOFCU


Washing, DC. NCUA Vice Chairman Rick Metsger

Regulatory roadblocks that keep small credit unions from forming a network with others while maintaining their identity must be removed, NCUA Vice Chairman Rick Metsger said Monday.

Speaking during the second day of the NCUA Governmental Affairs Conference, Metsger said small credit unions that are having financial problems should have an alternative to a total merger during which they lose their identity.

He said he wants the NCUA to build on the Network Credit Union concept developed by the Filene Institute and others.

“I commit that I will work to remove roadblocks to credit unions who wish to come together under the umbrella of one stronger charter, but who continue to operate under their own identities in their communities, seamless to their members, but now with added resources and reduced compliance and regulatory burden at the local level,” Metsger said.

He said that last week, the NCUA’s general counsel said that key elements of the network concept are permitted under the Federal Credit Union Act.

“Your cooperative structure can help smaller credit unions survive in an increasingly challenging economic climate,” he said, adding that the death of a small credit union does not have to have a pre-ordained conclusion.

Under the network concept, participating credit unions retain their own CEO and advisory boards of directors.

Metsger also said that during the coming year, the NCUA must adopt the final field of membership rule — but only after reviewing more than 11,000 letters it received commenting on the proposed rule.

“Despite what you hear from your competitors, Congress explicitly gave the NCUA Board broad authority to define what these terms mean,” he said.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Unlocking the Future: How Generative AI is Transforming Credit Unions

  Unlocking the Future: How Generative AI is Transforming Credit Unions In the rapidly evolving financial landscape, technology plays an increasingly pivotal role. Among the most exciting advancements is Generative AI, which is poised to transform how credit unions operate and serve their members. Read on to discover how generative AI can reshape the member experience and optimize operations within credit unions. What is Generative AI? Generative AI refers to a class of artificial intelligence that can create new content—such as text, images, and audio—based on existing data. Unlike traditional AI, which focuses on analyzing and recognizing patterns, generative AI synthesizes new information, offering exciting possibilities for financial institutions, particularly credit unions. The Applications of Generative AI in Credit Unions Personalized Financial Advice Credit unions pride themselves on their member relationships, and generative AI can enhance these connections....
Post a Comment
Read Complete Article HERE>»

👨‍👩‍👧‍👦 You Need to Prepare Now to Compete for New Fed Gov’t Funded Savings Accounts for Children

WASHINGTON–Credit unions, which often talk about the need for younger members, will now have the opportunity to compete in a new arena for the youngest members of all, as the recently passed reconciliation bill includes language creating and funding for a new savings account for children, with a one-time deposit of $1,000 from the federal government for those born in 2025 through 2028. The new accounts are expected to create a new battleground of competition for credit unions as every provider from banks to fintechs to others seeks to capture the accounts.  The final version of the bill makes the tax-free savings accounts for minors, called Trump accounts, a form of individual retirement account (IRA) under Sec. 408(a), according to the Journal of Accountancy. Under the legislation, the accounts will be IRAs (but not Roth IRAs) for the exclusive benefit of individuals under 18.  About the Contributions “Contributions can only be made in calendar years before the beneficia...
Post a Comment
Read Complete Article HERE>»

Live Podcast with Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union on BSA

Jo in us in this live episode as Grant Sheehan, CCUE | CEO of the National Council of Firefighter Credit Unions (NCOFCU), interviews Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union. We break down the BSA complex regulations, explore BSA compliance strategies, and discuss real-world implications for directors and staff. BSA Podcast YouTube NCOFCU Podcasts  
Post a Comment
Read Complete Article HERE>»

Sunday Reading - What is the Declaration of Independence?

What is the Declaration of Independence ? The Declaration of Independence is the founding document that formally announced the American colonies' break from British rule. It laid the philosophical and moral foundation for American democracy, asserting that individuals possess inherent rights and that governments must be accountable to the people ( read summary here ). Although Thomas Jefferson is often remembered as the sole author ( read initial draft ), extensive collaboration shaped the Declaration. Benjamin Franklin and John Adams made small but impactful revisions— including Franklin’s reported suggestion  to change “We hold these truths to be sacred and undeniable” to “self-evident”—before submitting the draft to Congress. On July 4, 1776, the final text was adopted and sent to printer John Dunlap, who produced an estimated 200 broadsides that night—but that wasn’t the actual day of American independence . Congress had voted for independence two days earlier, ...
Post a Comment
Read Complete Article HERE>»

The Case for Advisory Committees in Credit Unions

  Grant Sheehan, CEO, NCOFCU The Case for Advisory Committees in Credit Unions: Ensuring Vibrant Leadership and Member Engagement In the world of credit unions, the leadership structures often reflect a unique balance of tradition and innovation. For many credit union boards of directors, tenure can stretch over decades, creating a wealth of experience and stability. However, when these long-serving members retire from the host company, a common phenomenon arises: a reluctance to leave their positions. While their dedication is commendable, this situation can pose challenges to the credit union’s ability to adapt to the evolving needs of its membership. As directors transition into retirement, they may find that their connection to the credit union and its members has diminished. Having spent years in leadership, their focus can inadvertently shift to legacy management—relying heavily on what has historically worked rather than embracing new strategies. This is where t...
Post a Comment
Read Complete Article HERE>»