Thursday, August 30, 2018

St. Helen FCU merges into Dayton Firefighters FCU

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

Monday, August 27, 2018

Federal Reserve defending the central bank’s strategy of gradually raising interest rates.

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 above the Fed’s 2% target or that there is “an elevated risk of overheating.”
“This is good news, and we believe that this good news results in part” from the Fed’s recent policy moves, he said.

See you in Seattle

Tuesday, August 21, 2018

Announcing 2018 Fire Family Foundation Annual Scholarship Recipients

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.                                                                                                                                                                                                                                                                              The 2018 Fire Family Foundation Annual Scholarship Recipients include  :

McKenna Arenz                                               Madison Moye
Paris Barraza                                                   Sarah Ponce
Abbey Brown                                                  Samantha Scherer
Gabriel Kline                                                   Micah Tobon
Emily McGauley                                              Teagan Wasserman
Rebecca McGauley

Congratulations to all recipients! 

Linda Corrente
Executive Director

Saturday, August 18, 2018

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Friday, August 10, 2018

CU*South Reports 13 Core Conversions

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 said the company is about more than selling software and is instead a “network of owners and collaborators.”
“It’s all about the members,” added Leo Vaulin, CEO of CU*SOUTH. “We see credit unions as the heroes in their members’ lives. If you use that as your guiding principle, it becomes easy to figure out how to structure our software and our organization to support credit unions in their mission. We invite credit unions to allow us to help them achieve their dreams, both through software tools and through the experience we’ve gained helping credit unions grow.”

See you in Seattle

Friday, August 3, 2018

AutoLink Partners with CU*South

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 their next vehicle from the safety of their credit union website and out of sight of the internet advertising world.”
CU*SOUTH said it will market the Auto Link solution through its comprehensive CU Managed Services division, leveraging both companies’ technology, data, artificial intelligence, and marketing capabilities to provide unparalleled member experiences in purchasing and financing vehicles.
‘Excited About Partnership’
“We are excited to enter into this relationship with CU*SOUTH and help more credit unions succeed in the auto lending space,” said Ed Bourgeois, CEO of Auto Link. “Our goal is to keep credit unions relevant today and in the future, in the auto vertical as technologies change, protecting members from the Internet world of easy, but expensive, financing and auto protection product sales. It’s a win-win solution for credit unions and members.”
Auto Link provides a complete auto lending solution from the web interface, marketing library, social media portal, training tools and analytics to a built-in loyalty feature. Each member that finances a vehicle at an Auto Link credit union automatically receives a myEZ Car Care membership filled with discounts at over 10,000 locations nationwide and an Electronic Glove Box desktop and mobile app.

Wednesday, August 1, 2018

Fed Not Expected To Raise Rates

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