Firefighter Credit Union Newsroom

      With the number of credit unions shrinking day by day from closures and mergers it is essential that you know that the National Council of Firefighter Credit Unions Inc. (NCOFCU) is here for you. With an exclusive network (have been meeting for 17 years) of over 100 credit unions primarily serving over 700 thousand firefighters and first responders, our collaborative effort is to assist the volunteers and staff of credit unions serving firefighters and first responders with their operational and educational needs. This peer two peer networking relationship brings together,  credit union volunteers and staff with the same employment backgrounds,  field of membership, and  financial and educational needs. Through NCOFCU’s exclusive network and annual conference, credit unions serving firefighters and first responders are available to assist fellow credit unions in making operational decisions such as; field of membership expansion...

Going to be at the GAC? The National Council of Firefighter Credit Unions Inc (NCOFCU) will be at CUNA's GAC (2/25-27/2018) booth 679 to meet with our attending members. This is a great opportunity for you to stop by our booth 679 to meet us and see how you can benefit from our conferences. Looking forward to discussing NCOFCU with you, Grant J. Sheehan: CEO: NCOFCU Direct: (305) 951-3306 Fax: (305) 448-6478 E-Mail: ceo@ncofcu.org National Council of Firefighter Credit Unions Inc.: www.ncofcu.org See you in Seattle, WA September 19-22, 2018

I am sharing the following article with you on Ransomware. It is provided as part of our educational program to keep you up to date on threats in the industry. Grant Sheehan CEO NCOFCU Ever wondered what all the ransomware fuss is about? You've heard about it at the office or read about it in the news. Maybe you've got a pop-up on your computer screen right now warning of a ransomware infection. Well, if you’re curious to learn all there is to know about ransomware, you’ve come to the right place. We'll tell you about ransomware’s different forms, how you get it, where it came from, who it targets, and what to do to protect against it. Read More See you in Seattle www.ncofcu.org/2018-Seattle-Conference

LOS ANGELES, CALIFORNIA – At Firefighters First Credit Union our members are owners and we hold true to our over 80 year legacy of firefighters helping firefighters. That is why we return our profits directly back to our members in the form of our Annual Profit Sharing.  With this year’s over $1.5 Million payout, it brings the total amount we have paid back to our members to over $44 Million since 1981. “It is rare to find an organization today that shares any percentage of their profits. However, as a cooperative, this is part of our foundation. While many credit unions have stopped sharing their profits, we feel strongly about giving back to our members and to helping improve the financial lives of our Fire Family.  At the discretion of our Board of Directors, we feel it is an important part of our tradition and our members agree. The payouts vary based on member relationships – if you have a mortgage and a money market with us, your payout will be much higher than if...

We are proud to report that NAFCU's Chief Economist Curt Long will bring us up to date on the national economy and how it will affect the credit union industry at our 2018 Annual Conference in Seattle . Curt Long was named chief economist and vice president of research in July 2017 after having been director of research and chief economist since August 2014. In this role, he serves as the association's chief economic analyst, conducting economic and financial policy research and providing ongoing economic analysis for NAFCU's staff and its member credit unions. Long also helps produce a number of NAFCU's publications – including the quarterly  CU Performance Benchmark Report  and the monthly  Economic & CU Monitor   – and its numerous economic forecasts and surveys. In addition, he presents on economic topics at NAFCU events and conferences.   Long holds a Master's degree in Economics from Texas A&M University and a Bachelor's degree in Acco...

Read MORE

NAFCU Chief Economist Curt Long. "While there are reasons to be cautious about raising interest rates in the face of flagging inflation, at this time the FOMC seems to be in the mood to press forward with rate normalization, "Moreover, a number of the more dovish members will be cycling off the voting contingent of the committee in 2018. Plenty can change between now and then, but based on the present trajectory of the economy, NAFCU's expectation is that the Fed will raise rates again in March." Federal Reserve Bank of New York President William Dudley yesterday reiterated his support of the Federal Open Market Committee's (FOMC) decision to increase interest rates. Dudley said "above-trend growth" offsets the low inflation that has made some on the committee more cautious toward rate hikes. Dudley, who also serves as the FOMC's vice chair, made his comments during a speech before the Securities and Financial Markets Association in New Yo...

http://lffcu.com/ The firefighters are taking part in the 2018 B-Fit First Responders Challenge hosted by the Boston Bruins, as they seek to raise at least $3,000 for the 100 Club of Massachusetts, a charity that supports the families of fallen police officers and firefighters. LOWELL -- Most people who head to the TD Garden in Boston have a fun time planned, whether they're catching a game or a concert, but for 10 Lowell firefighters who are heading there later this month, a little less fun is on tap. The firefighters head to the Garden on Jan. 28 to run about 1.3 miles, much of it up stairs, while wearing their roughly 70 pounds worth of turnout gear in an effort to raise money for fallen colleagues. The firefighters are taking part in the 2018 B-Fit First Responders Challenge hosted by the Boston Bruins, as they seek to raise at least $3,000 for the 100 Club of Massachusetts, a charity that supports the families of fallen police officers and firefighters. Last year ...

Linda Willams, CEO of Akron Firefighters Credit Union, looked at their website and decided that it was a little dated and that she has so many young employees she would give them the challenge to modernize the site. Knowing that your website is the first impression your members, and non-members have of you, it is essential to keep it modern and up to date.  Take a look at what they came up with, a fresh new look!  https:// www.akfirecu.com/home Comments to Linda Williams akfirecu@aol.com

Lately, there has been a lot of discussion on Blockchain's and Bitcom so I decided to provide the following article from Investopedia    This should assist credit union directors and staff in the better understanding of Blockchains and how they will affect everyday life and the financial industry. Grant Sheehan CEO NCOFCU What is a 'Blockchain' A blockchain is a digitized, decentralized, public  ledger  of all  cryptocurrency   transactions . Constantly growing as ‘completed’  blocks  (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. Originally developed as the accounting method for the virtual currency  Bitcoin , blockchains – which use what's known as  ...

It seems like there’s nothing Amazon can’t do these days. They’ve moved into the cloud with web storage and computing services. They’ve launched music and video streaming services. And they’ve even taken on old-fashioned brick-and-mortar retailing. In June 2017, Amazon announced they were buying upscale grocer Whole Foods. According to reports, they are also looking at getting into the pharmaceutical and home furnishing industries as well. This has many wondering if Amazon’s appetite knows no bounds. Is there anything they aren’t planning on taking over, including banking? Probably not. Asheet Mehta with the global banking practice at McKinsey, one of the world’s most respected consulting firms, explained in an interview with Business Insider that Amazon’s stock trades on the company’s future growth potential, not it’s current market value, which is why Amazon needs to continually move into adjacent markets. Read More

NAFCU Chief Economist and Vice President of Research Curt Long said Friday’s  jobs report  - with 148,000 jobs gained in December - was "modestly positive" and signals positive economic growth for 2018. The unemployment rate remained at 4.1 percent in December as 64,000 workers joined the labor force. This matched the lowest unemployment level since December 2000. "The December jobs report was modestly positive, as employment gains were below expectations but still strong enough to keep the unemployment rate steady," said Long. "Wage growth remains low but did tick up slightly to 2.5 percent. Overall, the job market performed well in 2017 and is a key reason why the economy is poised for its best year since the crisis in 2018." Based on strong economic growth and strengthening in the labor market, the Federal Open Market Committee (FOMC) raised the federal fund's target rate by a quarter-point to a range of 1.25 to 1.5 percent during its Decem...

The Denver Fire Department Federal Credit Union has moved to a new location west of downtown Denver.  The credit union opened its doors at the new location on November 21 st , 2017. After weighing many options, the strategic decision was made by the DFDFCU Board of Directors to completely renovate a building that was previously a technical university building.  The building is over 18,000 square feet and includes an event center that has a picturesque view of Lake Rhoda with historical ties to Lakeside Amusement Park across the lake.  The new location offers the Credit Union an opportunity to work jointly with the firefighters it serves.  It includes office space for local firefighter unions and foundation groups, in addition to an event center that can be rented by firefighters for a wide variety of uses.  Additional tenants include the Colorado Professional Firefighters, Local 858, and Firefighter Events. Throughout the building, members and guests ...

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...

A new year provides a fresh start and a clean slate and is often the time when resolutions and goals are established. If you are in the process of setting new goals – as I am – know that with an open mindset, achievement of all your goals is possible. "Goals provide clarity," writes Mareo McCracken, revenue leader of Movemedical. He explains that goal setting is about "combining the fortitude to achieve with clear thinking while making sense of your purpose and defining your ability to deliver value to others." However, goal setting and achieving also requires faith – or believing and hoping in something you can't see yet or that doesn't quite exist. For many of us, the No. 1 reason we don't achieve our goals is that we lack belief in ourselves and our abilities. I encourage you to read an article by Inc.com contributor Benjamin Hardy  that details the importance of having this kind of faith in yourself and delivers some tips on how to achie...

WASHINGTON–NCUA Chairman J. Mark McWatters is on the shortlist to potentially head the Consumer Financial Protection Bureau, according to one industry report. McWatters’ name has surfaced along with three to four others, according to “industry sources” as reported by American Banker. “He’s pragmatic and measured, which will make it very difficult for Democrats to vilify him during the nomination process,” Isaac Boltansky, an analyst at Compass Point Research & Trading, was quoted by American Banker as saying. American Banker reported that others in the running for the appointment to the position include Todd Zywicki, a law professor at George Mason University; Rep. Jeb Hensarling (R-TX), who chairs the House Financial Services Committee; and Keith Noreika, the former acting comptroller of the currency.Any appointment to lead the CFPB, of course, could be affected by a lawsuit currently working its way through the courts that challenges President Trump’s authority to appoint ...

Let's get together in 2018 CUNA's GAC The National Council of Firefighter Credit Unions Inc (NCOFCU)  will be at CUNA's GAC (2/25-27/2018) booth 679 for our attending members. Stop by to see whats new in 2018 and enter to win one of two 2018 Seattle conference registrations.  See you in Seattle NCOFCU will be in Seattle, WA 9/19-22/18 for our annual educational conference.Tim Harrington will be our leadoff speaker discussing the Fintech revolution and "What Will Be Your Uber" as well as a special breakout, "What Directors Need to Know" Other speakers will address national issues, the economy, whats new in the CU industry as well as breakouts to collaborate with other firefighters and first responders. Our Friday night dinner event will take place at Seattle's world-famous Marine Aquarium . For updated conference information and registration visit:  https://www.ncofcu.org/2018-Seattle-Conference https