First-responder Credit Union Newsroom

This year in Denver, CO, the National Council of FirefighterCredit Union Inc (NCOFCU) announced the winners of their, Lifetime Achievement Award and Volunteer of the Year Award. They also awarded an Out Going Charter Director Award and a thank you to the Denver Fire Dept. Credit Union for hosting the conference.    Lifetime Achievement Award Wallace Garland CEO Richmond Virginia Fire Police Credit Union   In recognition of his constant Dedication and passion for the credit union movement throughout his career and for his unending involvement and outstanding contributions to NCOFCU  Volunteer of the Year Award Erv Williams Director Spokane Firefighters Credit Union The National Council of Firefighters Credit Unions would like to recognizance Erv Williams  as NCOFCU's volunteer of the year. The time and personal commitment of  Erv has been exemplary at all levels, and needs to be acknowledged. Out Going Charter Board M...

By Ron Schmidt Betty, standing in front of her manager at Wells Fargo, exclaimed, “Let me see if I get this right. You want me to make sure every bank customer has at least eight of our products?” Manager : “That’s right!” Betty : “What if they have seven? Manager : “They need one more!” Betty : “They need one more?” Manager : “Why are you questioning me?” Betty : “Well, I’ve only got my GED, but I’m just thinking, how do you know they need eight?” Manager : “The consultants!” Betty : “The consultants?” Manager : “That’s what my boss tells me: the consultants say our customers need eight of our products; 10 is better.” Betty : “Sorry, but how do the consultants know this?” Manager : “They just do.” Betty : “You know I grew up on a dairy farm and in the summer right before a storm, the wind would shift and that cow smell just came right into the house.” Manager : “Yea?” Betty : “Something is shifting at this bank and it’s starting to smell.” Manager : “I...

What a great event we attended in Denver, The Denver Firefighters Chili Cookoff, with the proceeds going to the Muscular  Dystrophy  Foundation. Maybe you should consider starting or sponsoring one in your local firefighter community. Here is how Firefighters First Credit Union did it.

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.

The Love My Credit Union ® Campaign is a nationwide video contest that invites credit unions and credit union support organizations to create a short video showcasing their good deeds and charitable work. Now it's up to you, to vote for your favorite and help charities across the country receive donations of up to $122,500. Plus, you could win a $500 gift card and a $500 donation to the charity of your choice just for voting! Vote every day now – December 16, 2016. 62,178 votes cast for 74 Love My Credit Union Campaign videos! Make a difference and vote  Vote for the Fire Family Foundation Video at:  http://www.votelovemycu.org/?id=ba2e00f2-87b8-fc42-ae37-57f3fd8a4c24

Steven Rick who will be speaking to us in Charlotte, has made the following predictions for 2017. MADISON, Wis. – Increases in housing construction and rising oil prices will drive higher economic growth higher next year, while auto sales should remain robust, according to CUNA Mutual’s chief economist. Steven Rick said credit unions next year can expect a “slight acceleration” in the economy with no signs of a recession until late 2018—good news for CUs looking to expand their reach and services, he said. Rick is further predicting the Fed will boost rates once this year and three times in 2017. “We’re forecasting a modest acceleration in economic growth to 2.4% in 2017 from this year’s very slow 1.6%,” Rick told attendees of CUNA Mutual Group’s seventh annual Discovery Conference. “An inventory correction, reduced energy sector investment due to falling oil prices, and the negative impact of the rising dollar on our exports all contributed to the U.S. economy’s slower gro...

Important Lessons from the CFPB-Navy Federal Consent Decree On October 11, 2016, the CFPB issued a consent order citing Navy Federal Credit Union for unfair and deceptive debt collection practices. Navy Federal was ordered to pay a $5.5 million civil penalty and to pay affected members $23 million. The CFPB found that the $77 billion Navy Federal violated the Consumer Financial Protection Act of 2010 (the “CFPAct”) in two principal respects. First, the CFPB said NavyFed made deceptive representations to members about its intent to take legal action against delinquent debtors, its intention to contact members’ military chains of command about their debts, and the effect of delinquency or repayment on consumers’ credit ratings. Second, the CFPB charged NavyFed with unfairly restricting members’ electronic account access—blocking debit cards, ATM usage, and online account functions—when the member had a delinquent credit account. Credit unions nationwide are won...

A federal appeals court  ruled that the organization of the CFPB is unconstitutional since it is operated by a single person, but the court said that the agency may continue to operate. The bureau will operate as a federal agency whose director is supervised and may be removed by the president, according to the court ruling. Agency officials vowed to continue their work, although NAFCU President/CEO B. Dan Berger called for an immediate halt to the CFPB’s rulemaking process. The court was blunt in its ruling. “The CFPB’s concentration of enormous executive power in a single, unaccountable, unchecked director not only departs from settled historical practice, but also poses a far greater risk of arbitrary decision-making and abuse of power, and a far greater threat to individual liberty, than does a multi-member independent agency,” the U.S. Court of Appeals for the District of Columbia said, in its ruling. The ruling came in a case in which, PHH, a mortgage lender, was ...

The Obama administration is accusing the nation’s largest credit union of improperly threatening members of the military who were behind on their loan payments. The Consumer Financial Protection Bureau (CFPB) on Tuesday ordered Navy Federal Credit Union to pay $28.5 million, most of which will go to the members of the military and veterans to whom they provide banking services. The credit union warned delinquent customers it would sue them and garnish their wages if they didn’t pay up, even though it had no intention of following through with the threats, the agency claims. That wasn’t the end of the threats. "The credit union sent letters to dozens of service members  threatening that the credit union would contact their commanding officers if they did not promptly make a payment,” the CFPB said. "The credit union’s representatives also communicated these threats by telephone. "For members of the military, consumer credit problems can resul...

A big thank you to everyone for making Denver a great conference. The following link will take you to Denver's photos and speaker presentations. There are over 300 pictures, so get your favorite beverage, snacks, sit back and enjoy!    http://www.ncofcu.org/2016-Speaker-Presentations       Don't forget to Pre-Register for Charlotte, 10/4-7/2017, and SAVE $50 of the Early Bird registration.   2017 Pre-Pay Event Registration    (empires 11/30/16) Hotel reservations, at the Marriott City Center, will not be open till November 1st. at which time I will send out a link to the reservation website.. For group registrations or any registration issues, please address them to Erin More 704-358-6551. Plan on arriving early and staying late, for there is lots to do in Charlotte   http://www.charlottesgotalot.com/attractions-tours Grant Sheehan CEO National Council of Firefighter Credit Unions 305-951-3306