Skip to main content

NCOFCU Awards Presentations Seattle WA

Seattle WA 9/20/18
These prestigious awards are presented annually recognizing a credit union professional and volunteer whose career best embodies the National Council of Firefighter Credit Unions Inc (NCOFCU) mission.  The recipients will have demonstrated support for the credit union philosophy of “people helping people” and organized and/or provided significant assistance to their credit unions needs which constructively impacted the growth, image and/or service capacity of their credit union. 

Volunteer of the Year

Michael McCormick V Chairman
San Diego Firefighters FCU
Mike has been a volunteer at the credit union for the past 20 years and is currently the Vice-Chairman of the credit union's Board of Directors. Mike is also on the Board of the NCOFCU.
Mike has been a great advocate for the credit union over these past 20 years and has attended numerous educational conference on behalf of the credit union. He has also been a valued member of the ALCO committee for most of those 20 years. Mike's years of experience in both the private sector and the public sector along with an Executive MBA allows him to play a key role in the decision-making process regarding the strategic financial direction of the credit union.
The credit union is truly fortunate to have someone of Mike's dedication and commitment to the success of the credit union.

Lifetime Achievement Award

Richard T. Andrews CEO
F & A Credit Union
Rich Andrews holds over 40 years of service within the credit union industry. He began his career with credit unions as a Real Estate and Special Service Manager, working his way up to Executive Vice President of Operations and eventually to the CEO position he holds today.  A vast majority of Rich’s credit union career has been serving as President/CEO of F&A Federal Credit Union.

F&A Federal Credit Union closed its books in 1985 with $115 million in assets and a capital ratio of 5.27%. In March of 1986, Rich was hired to take the helm of the Credit Union and lead them into the future. Today, F&A stands as one of the most successful credit unions in the country with over $1.6 billion in assets, nearly $260 million in capital, and an outstanding capital ratio of 15.79%.

Soon, Rich Andrews will leave his long, distinguished career at F&A behind knowing that he, with the help and support of many others, has crafted one of the most successful credit unions in the country. 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Without President’s Signature, ROAD to Housing Act Becomes Law; Includes CU Board Modernization Act

WASHINGTON — The bipartisan 21st Century ROAD to Housing Act became law Friday without President Donald Trump’s signature after the president allowed the measure to take effect while Congress remained in session, choosing not to sign it in protest over the Senate’s failure to advance separate voter identification legislation.  The legislation includes the Credit Union Board Modernization Act, which reduces the frequency with which credit unions must meet and which had strong support from the credit union trade groups.  Trump announced on social media that he would not sign the housing package because the Senate had not passed the SAVE America Act, a measure he has championed requiring proof of citizenship for voter registration. Under the Constitution, a bill becomes law if the president neither signs nor vetoes it within 10 days, excluding Sundays, while Congress is in session.  Scott Simpson ‘Steadfast in Commitment’ “America’s Credit Unions, our league partners, and cr...
Post a Comment
Read Complete Article HERE>»

Invest in Education - Invest in Tomorrow

 
Post a Comment
Read Complete Article HERE>»

Inflation Cools in June Report, But One CU Economist Says There’s One Reason–And it Could Change

WASHINGTON — U.S. consumer inflation cooled more than expected in June, offering relief after several months of elevated price pressures, though economists cautioned the improvement could prove temporary as renewed geopolitical tensions threaten to push energy prices higher. The Consumer Price Index fell 0.4% in June on a seasonally adjusted basis, the largest monthly decline since April 2020, after rising 0.5% in May, according to data released Tuesday by the Bureau of Labor Statistics . Compared with a year earlier, consumer prices rose 3.5%, down from 4.2% in May.  Foot off the Gas Dawit Kebede “Falling gas prices led June’s decline and pulled headline inflation lower year-over-year. Renewed hostilities could complicate the energy picture ahead, and a reversal in gasoline costs would be the most likely channel for that pressure to show up,” said America’s Credit Unions Senior Economist Dawit Kebede. “But softening core prices point to broader-based moderation, suggesting the ea...
Post a Comment
Read Complete Article HERE>»

What You Might Not Know About July 4th.

Post a Comment
Read Complete Article HERE>»

White Paper from WOCCU Examines How Stablecoins are Reshaping Financial Infrastructure

WASHINGTON– World Council of Credit Unions (WOCCU) has released a new white paper that examines how stablecoins are reshaping the financial infrastructure that credit unions and other cooperative financial institutions rely on to serve their members.  According to WOCCU, the white paper, How Digital Money Is Impacting Credit Unions, Part 1: Focus on Stablecoins , is the first in a planned three-part series exploring how emerging forms of digital money are affecting the global credit union movement.  “The report begins by noting that stablecoins are no longer a niche fintech development, but part of a broader structural shift in how money is stored, moved and regulated,” WOCCU explained. “As commercial banks, payment networks, technology firms and retailers build stablecoin offerings or integrate stablecoin rails into their platforms, credit unions must consider how these changes could affect deposits, payments, member relationships and long-term institutional relevance.” For ...
Post a Comment
Read Complete Article HERE>»

NCUA Tells FICUs Crypto Trading is OK — If Big Exchanges Provide the Service

When it comes to reading between the lines of financial regulators’ advisory letters, tone matters. Take last week’s letter from the National Credit Union Administration (NCUA) which gave the federally insured credit unions (FICUs) it oversees permission to partner with digital asset providers to allow retail customers to buy, sell and trade in cryptocurrencies. Now compare it to the one issued by Comptroller of the Currency Michael Hsu’s agency to the national banks and federal savings associations it regulates a month earlier. On the surface, both said much the same thing: Financial institutions can provide cryptocurrency services (albeit with some notable differences: the OCC’s letter dealt with more back-end services, including custody services as well as holding and using dollar-pegged stablecoins for transaction settlement). Neither was enthusiastic. The NCUA’s letter said it “does not prohibit FICUs from establishing these relationships” — which is not as enthusiastic as “are a...
Post a Comment
Read Complete Article HERE>»

Emerging Risks and How to Mitigate Them

5 Emerging Risks and How to Mitigate Them With each technological advance emerges new risk. Think about it: Every technology upgrade, new mobile device and new payment method brings exposure that wasn’t identified previously. The real threat occurs when these risks aren’t anticipated or communicated within your organization. Here are five emerging risks every credit union should have on their radar right now: Social media. Employees posting comments on social media that are inaccurate or appear incomplete or disparaging can threaten your organization’s reputation. Be careful when taking disciplinary action, as the National Labor Relations Board can classify social media activity as “protected concerted activity.” Mistakes here can lead to retaliation, wrongful termination claims and expensive litigation. Internet of Things (IoT) era . The IoT offers new tools and technologies that provide constant connectivity. It also creates new opportunities for data compromises. Workplace ...
Post a Comment
Read Complete Article HERE>»

The FedNow Service will launch in 2023 "Are you ready?"

The FedNow Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real-time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Consistent with the Federal Reserve’s historical role of providing payment services alongside private-sector providers, the FedNow Service will provide choice in the market for clearing and settling instant payments as well as promote resiliency through redundancy. Financial institutions and their service providers will be able to use the service as a springboard to provide innovative instant p...
Post a Comment
Read Complete Article HERE>»

Houston Texas Fire Fighters Federal Credit Union Disaster Relief Fund

Houston Texas Fire Fighters Federal  Credit Union Disaster Relief Fund   The National Council of Firefighter Credit Unions Inc (NCOFCU) has established a Disaster Relief Fund which will contribute directly to the Houston Texas Fire Fighters Federal Credit Union. The fund's donations will be used to assist in the rebuilding efforts of their staff and volunteers. Many of the staff and volunteers have suffered sufficient losses if not total losses to their homes and property due to the heavy rains and flooding in the past week. If you or your credit union/organization would like to contribute directly to Houston Texas Fire Fighters Federal  Credit Union through our fund to further assist in their recovery, please use the following links. Ways to Give     Mail in Pledge Form      On-Line Contribution Form *The National Council of Firefighter Credit Unions, Inc. (NCOFCU) is a non-profit, 501(c) (3) charitable organization. Donors ...
Post a Comment
Read Complete Article HERE>»

The Federal Reserve has opted to make no changes in interest rates

WASHINGTON–The Federal Reserve has opted to make no changes in interest rates following the conclusion of its meeting here, but it has indicated it could move as soon as next month to cut rates if the United States and China isn’t able to find ways to resolve their trade dispute. As a result,  For now, the Fed left its short-term rate at a range of 2.25% to 2.5%. Eight of the 17 votings, Fed policymakers did predict there could be as a half percentage point decline in rates in 2019. In a statement following its meeting, the Fed did dial down a bit its forecast for the economy.   “In light of these uncertainties and muted inflation pressures, the FOMC will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market” and inflation near the Fed’s 2% goal,” the Fed said.  Fed Chairman Jerome Powell in recent interviews has expressed concerns over what he ...
Post a Comment
Read Complete Article HERE>»