Firefighter Credit Union Newsroom

NASHVILLE–It’s not enough anymore to receive a member complaint and to respond with just an apology. Not surprisingly, with Washington now much more involved, member complaints have become a formal process with penalties involved when those complaints aren’t addressed and resolved.  That has required credit unions to create complaint tracking systems and one CU that has done so shared some of its processes and lessons learned during the NAFCU annual meeting here. One thing that was clear: complaints are not just what a teller might hear. Complaints can come via numerous channels, including regulators, and can be related to everything from credit reports to RESPA letters to mortgage rules and much more.  “Complaints run the gamut, but the key is complaint management,” said Mitchell B. Klein, an attorney who is also the chief risk officer with Citadel FCU. “All of these types of complaints need to be managed in some fashion and in a timely way. You don’t want to get in ...

Your members might be interested to know that they can calculate their potential savings from refinancing their auto loan through your credit union.  Take a moment today to let them know that this service is available to them on your credit union website.  They might be surprised at how much they could be saving! Refinance Savings Calculator Auto Refinance Savings Calculator What We Do ...

Guest Post by TEAM Resources Publisher, Kevin Smith Nobody disputes the fact that credit union CEOs have tough jobs. There are millions of things to keep up within a challenging environment; technologies, economics, regulations, leadership, staff issues, and development … oh, and “managing” a board of directors made up of volunteers who (generally) don’t have backgrounds in financials institutions. The not-for-profit, cooperative model with a volunteer board of directors is part of what makes credit unions so very awesome, right? So, why do so many CEOs make their own jobs more difficult when it comes to the board? “Just what am I getting at?” you ask. Well, I’ll tell you, and thanks for asking. There are an awful lot of board members out there in the credit union movement who follow governance practices that were out of date two decades ago. I know this is the case because I‘ve been working with credit union board members for almost 12 years, and my boss, Tim Harrington, ...

The National Council of Firefighter Credit Unions Inc. (NCOFCU) is your credit union’s partner in boosting revenue and reducing overhead.  By harnessing our collective buying power, we are able to bring you, through your membership, the business-critical services, and products vital to your credit union. Check all out all your member discounts here, AffirmX, AutoLink, MyBoadPacket, Credit Union Digital University, IWS and VinigSparks. AffirmX Your NCOFCU membership entitles you to one (1) license of “MyRiskInbox.com” . This is a $240 dollar value provided to you with your membership in NCOFCU. Your membership also entitles you to their NCOFCU member discounted pricing on all their compliance services. For more about their products and services  To schedule a demo contact; Heather Riley Client Service/Project Coordinator o: 888.972.3624, ext. 7014 e: heather.riley@affirmx.com Your credit union has the best rates on loans and products, but only 15.74% of t...

"New charges filed by federal prosecutors Tuesday against former CFO Michael A. LaJoice detailed how he carried out an $18.6 million fraud scheme over 13 years at Clarkston Brandon Community Credit Union in Clarkston, Mich. A fraud expert who reviewed the court documents said LaJoice got away with it because there was no separation of duties at the credit union and no independent verification of investment accounts LaJoice fictitiously created to conceal his fraud. Federal prosecutors said LaJoice stole more than $2.5 million by issuing cashier’s checks from various credit union accounts without authorization. These checks were deposited in LaJoice’s bank accounts at Capital One Bank, Comerica Bank, Scottrade and the $2 billion Genisys Credit Union in Auburn Hills, Mich." Read complete story and how he did it at;  Feds Uncover New Details in CFO Embezzlement : 'via Blog this'

What You Can Now Provide to Your Members!

Early Bird registration expires July 1st, 2016 Don't miss this great opportunity to visit Denver, CO.  "the gateway to the Rockies" , and attend the  "Go To"  conference for credit unions serving firefighter's, first responders and their families. "NCOFCU 2016 Annual Educational Conference"  September 28th - October 1st, 2016  Grand Hyatt Downtown. For information and registration click:  HERE Early Bird registration expires July 1st, 2016

 "GLENDALE, Calif.–Is the disappearance of thousands of smaller credit unions being hastened, at least in part, by CEOs at those institutions taking sweetheart financial packages being offered by acquiring credit unions? The CEOs of two small California CUs who have been in a public spat with a much-larger CU that they believe is seeking to force them into mergers, say they believe that is the case. John Drake, CEO at the $110-million Schools FCU in Rancho Dominguez, Calif., and Stuart Perlitsh, CEO at the $355-million Glendale Area Schools FCU here, told CUToday.info that small credit unions with solid capital are not just surrendering to heavy marketplace pressures from big credit unions, such as that which they have felt from the $11.2-billion SchoolsFirst FCU, with which they have been in a dispute, but that in many cases CEOs at small CUs are throwing in the towel thanks to lucrative SERPs or limited-year contracts offered up by the acquirer.  “I am aware of some ag...

"ALEXANDRIA, Va. (June 3, 2016) – Credit unions continued to increase their lending, with loans outstanding increasing 10.7 percent in the year ending in the first quarter of 2016, the National Credit Union Administration reported today.  “The credit union system again experienced solid performance during the first quarter of 2016,” NCUA Board Chairman Rick Metsger said. “Overall, new and used auto lending was especially strong, and the system gained one million members. With an influx of deposits, federally insured shares at credit unions also neared the $1 trillion mark coming in at $991.7 billion.  “As credit union lending has increased, long-term investments have declined and reduced the system’s interest rate risk. However, delinquency and charge-off rates are slightly higher than a year ago, and member-business loan delinquencies are rising even more. Credit unions making such loans should take note and ensure that they perform proper due diligence to mitigate the r...

Webinar on Changes to Military Lending Act Regulations Learn More about Enhanced Protections for Service Members and Their Families ALEXANDRIA, Va. (June 2, 2016) – The National Credit Union Administration will host a webinar, “Preparing to Comply with Regulatory Changes to the Military Lending Act,” on Wednesday, June 29, starting at 2 p.m. Eastern. During this webinar, staff from NCUA’s Office of Consumer Protection will provide a high-level overview of the significant changes to the regulation implementing the Military Lending Act, most of which go into effect by Oct. 3. The law now covers most non-mortgage-related consumer credit extended to active duty service members and certain dependents. View the entire press release here ​