Firefighter Credit Union Newsroom

DAYTON, Ohio—Two Buckeye State credit unions are merging. The $2.8-million St. Helen FCU said it will merge into Dayton Firefighters FCU . SHFCU has approximately 684 members. In a statement, St. Helen FCU said it chose DFFCU as the partner due to its extensive products and services, advanced online access and shared branching. The firefighter's credit union also is keeping SHFCU employees and the existing branch location. “We are excited to merge with Dayton Firefighters Federal Credit Union. Our members have been asking for expanded services and we can now offer full-service financial products,” said Amy Comer, SHFCU’s manager, and CEO. “We look forward to continuing to serve our members as well as the current Dayton Firefighters Federal Credit Union members.” The combined credit union will have approximately $63 million in assets and 5,200 members. See you in Seattle

JACKSON HOLE, Wyo.—Jerome Powell, chairman of the Federal Reserve, has responded to criticisms of the Fed efforts to slowly push up rates by defending the central bank’s strategy of gradually raising interest rates, saying it is moving at just the right speed. Powell and Fed have been criticized from both sides, with some saying the Fed is moving too slowly and raising the risk of the economy overheating, while others say it is moving too quickly and putting the brakes on economic growth. Among those who have been critical of rate increases is President Trump. But during remarks at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyo., Powell said the Fed is moving carefully to ensure it is neither too fast or too slow.   “I see the current path of gradually raising interest rates as the [Federal Open Market Committee’s] approach to taking seriously both of these risks,” Powell said. He added he sees “no clear signs” of either a sharp rise in inflation ab...

The Fire Family Foundation is delighted to proclaim the recipients of the 2018 Fire Family Foundation Annual Scholarship. Over 100 applications were scored and a very talented pool of young adults were interviewed by the Scholarship Committee. Because of the high level of accomplishments of our exceptional candidates it is always a very difficult task to make our selections. This year we had a tie and awarded an extra scholarship for a total of 11 recipients. The Fire Family Foundation awarded $55,000 in scholarship grants with each recipient receiving $5,000 to help with costs directly associated with attaining a college degree. The Fire Family Scholarship recipients are students who demonstrated exemplary excellence in academic studies, leadership, personal accomplishments and community involvement. They have great potential for future success.                                    ...

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Be sure to stop by their booth in Seattle to congratulate them! FAIRHOPE, Ala.– CU*SOUTH , a CUSO, announced it closed its conversion calendar for 2018 with a record-setting 13 core conversions. “More and more credit unions are opting for the agility and security of a cloud-based core platform,” said Starla Honea, VP of operations at CU*SOUTH. “They’re leaving the old legacy systems operated by the ‘Big-4’ banking software vendors and taking control of their future through ownership and collaboration with their peers. “If you look at the Core Data Processing Guide published by Callahan,” added Honea, “you’ll see a total of 53 core vendors listed. Forty-six of those 53 lost market share and a couple held even. Only five core providers increased the number of credit unions served – and of those five, three offered the CU*BASE solution.” Derrick Smith, COO of CU*South, said the CUSO offers its CU*Base platform to credit unions throughout the Southeastern U.S. He...

FAIRHOPE, Ala.–CU*SOUTH said it is partnering with Auto Link to offer a new tool to help credit unions boost their retail presence as members shop for cars and protect the financing opportunity. The company noted that research shows credit union members spend an average of 14 hours online searching for a new car. “As they shop, members are flooded with quick decision offers from dealers and fintech startups, causing credit unions to lose direct auto loan business,” the company said. “The new partnership between CU*SOUTH…and Auto Link, an auto vertical technology, and marketing company will help credit unions compete successfully in the new auto buying and financing marketplace.” “Auto Link offers a best in class solution for credit unions of all sizes looking to have a more successful and profitable auto lending program,” said CU*SOUTH CEO Leo Vaulin. “Credit unions can offer their members a safe space to do everything from researching a specific car to buying and financing ...

WASHINGTON—The Federal Open Market Committee (FOMC) is not expected to raise the federal fund's target rate as it ends its two-day meeting today. Curt Long NAFCU The committee last raised the rate to the current range of 1.75% to 2% at the end of its June meeting – the second rate hike of the year. Many members at that meeting expressed interest in raising rates at least one more time this year. However, following testimony from Fed Chair Jerome Powell earlier this month, NAFCU Chief Economist and Vice President of Research Curt Long said "odds are strengthening" for two additional rate hikes. The committee will meet three other times before the end of the year.  Minutes from the FOMC's June meeting revealed positive opinions about the economy and labor market, though many members were concerned about the possible effects of trade policy. See Curt Long in Seattle