Firefighter Credit Union Newsroom

By Lyle Adriano Business Insurance Some insurers, like Chubb, are going the extra mile for select policyholders by sending in private firefighters to deal with wildfire threats before they become a problem. Insurer-provided wildfire mitigation services, while nothing new, has been making waves lately following the recent California fires. The extra service is getting so popular, that homeowners who had witnessed their neighbors’ homes being protected by private firefighters were inspired to purchase their own policies to enjoy the same benefits, some insurers said. “The enrolment has taken off dramatically over the years as people have seen us save homes,” Chubb senior executive Paul Krump told The Wall Street Journal . “It’s absolutely growing leaps and bounds.” Dick Fredericks, founding partner of Main Management Fund Advisors LLC in San Francisco and a former US ambassador to Switzerland and Liechtenstein, was one of the fortunate homeowners in Sonoma whose properties were

ARLINGTON, Va.—Existing-home sales strongest sales pace since December 2006. NAFCU Research Assistant Yun Cohen noted in a NAFCU Macro Data Flash report that strong gains were seen in sales of both single-family homes and condominiums. The South also reported strong gains as hurricane-related disruptions unwound. However, despite strong demand, "the lack of inventory continues to constrain sales and put upward pressure on prices," Cohen added.  According to data published by the National Association of Realtors, the number of existing homes on the market dropped to its second-lowest level since 1999. "As the FOMC signals multiple rate hikes in 2018, mortgage rates are expected to increase, which could further affect affordability," she said. November's existing-home sales were 3.8% higher than a year ago. Sales rose in three of the four regions during November. The Midwest rose 8.4%, followed by the South (+8.3%) and the Northeast (+6.7%); sales in

Happy holidays from everyone at the National Council of Firefighter Credit Unions Inc. (NCOFCU) We truly value your relationship and thank you for being an important part of our association. We wish you a wonderful holiday season and a prosperous new year in 2018 Sincerely, NCOFCU Directors and Staff See you in Seattle, WA 9/19-21/2018

NCUA data shows third quarter of 2017 saw credit union membership continue to be strongest in larger institutions. At the median, membership growth was unchanged over the year. Arizona (2.5%) had the highest median membership growth rate over the year ending in the third quarter of 2017, followed by Washington (2.4%). At the median, membership declined the most in the District of Columbia (-1.8%), followed by Pennsylvania (-1.2%). Overall, 50% of federally insured credit unions had fewer members at the end of the third quarter of 2017 than a year earlier. Median membership growth was negative in 22 states. About 75% of credit unions with declining membership had assets of less than $50 million.

Mayor-Elect Ben Walsh is wasting no time as he prepares to assume the role as Syracuse’s 54th mayor. He continues to act on his promise to select a staff that reflects the diversity of Syracuse, on Saturday, December 16,  Walsh announced the appointment of Michael J. Monds as the new Chief of the Syracuse Fire Department. Monds is a 17-year veteran of the department and currently serves as a lieutenant at Station 10 on East Genesee Street. He will replace Chief Paul Linnertz, who is retiring. “Michael Monds has earned the respect of the men and women of the Syracuse Fire Department, who are on the front lines protecting the people of our city,” Walsh said. “He grew up on the southside and has remained deeply involved in his community. I have every confidence that he brings the experience and dedication necessary to lead our Fire Department and serve the people of this city with honor.” Lt. Monds started as a firefighter at Station 9 on the city’s northeast side and also served

WASHINGTON–As expected the Federal Open Market Committee at its meeting today moved to increase rates by a quarter-point to a range of 1.25% to 1.50%. In a statement accompanying the announcement, the Federal Reserve said data from November indicate the labor market has continued to strengthen and that economic activity has been rising at a solid rate. “Averaging through hurricane-related fluctuations, job gains have been solid, and the unemployment rate declined further,” the Fed said. “Household spending has been expanding at a moderate rate, and growth in business fixed investment has picked up in recent quarters. On a 12-month basis, both overall inflation and inflation for items other than food and energy have declined this year and are running below 2%. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.” The Committee said it continues to expect that, with gradual

A LEXANDRIA, Va. (Dec. 8, 2017)  – National Credit Union Administration Board Member Rick Metsger today reminded credit unions the National Credit Union Share Insurance Fund may be required to increase loss reserves as the values of taxi medallions decline. “Prices for New York taxi medallions at two recent public auctions have been considerably lower,” Metsger said. “That, combined with a continued increase in already high delinquency rates on medallion loans, suggests the Share Insurance Fund’s reserves may have to increase in the very near future.” Metsger spoke today to the Oregon Department of Financial Services CEO roundtable in Salem, Oregon. His remarks covered various issues related to credit union regulation and the Share Insurance Fund.  Metsger said the NCUA issued a Letter to Credit Unions in 2010,   warning of concentration risk , and the agency issued a more specific letter on   taxi medallion lending in 2014​ . “We have known, and warned about, this risk fo

Lending growth highlighted CUNA’s October Monthly Credit Union Estimates, with credit union loan portfolios on track for the fourth straight. year of double-digit growth.  “This would be the first time that has happened since the 1980s when loans grew in the double-digits for six straight years,” said Jordan van Rijn, CUNA senior economist.  Credit union loans outstanding grew 0.9% in October, compared with a 0.8% increase in September. Home equity loans led loan growth during the month, rising 2.2%, followed by adjustable-rate mortgages (1.6%), new auto loans (1.4%), other mortgage loans (1.2%), used auto loans (0.7%), credit card loans (0.6%), and fixed-rate first mortgages (0.2%).  “The tremendous loan growth continues to be fueled by high demand for auto loans; car loans have already grown over 11% this year, representing the fifth straight year of double-digit auto loan growth,” van Rijn said.  Credit union savings balances declined 0.4% in October, compared

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Syracuse, N.Y. -  Firefighters were among the first to arrive on the scene when a 2-year-old girl was killed while playing with chalk on the sidewalk this summer. The girl's brother was also injured while another sibling watched it all happen. Saturday, the surviving siblings will be doing their Christmas shopping at Destiny USA with some Syracuse firefighters. "We saw them on the worst day of their lives. Now is an opportunity to make some happy memories," said Syracuse Fire Department District Chief John Kane. Nothing will erase the pain and loss the family feels. And nothing will erase the memories firefighters have of trying to save a child who was terribly injured. "It's a little something," Kane said. "Especially this time of year." The holiday shopping trips began five years ago, an idea of Syracuse Police Chief Frank Fowler. Syracuse police Officer Dennis Burlingame organized the event, and invited the fire department