First-responder Credit Union Newsroom

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A proud sponsor of NCOFCU Auto lending at U.S. credit unions was relatively robust in the third quarter despite rising interest rates and slowing growth in the loan portfolio. Up 10.8% annually, total auto lending expanded $35.8 billion over the year to $365.3 billion as of Sept. 30, 2018. This is the sixth consecutive year of double-digit growth in the third quarter. Total auto loan balances at credit unions have more than doubled since the third quarter of 2012, and auto lending continues to be strong despite growth slowing and interest rates rising in the overall loan portfolio. Credit union auto market share has grown 5.9 percentage points in the past five years to 20.6% as of Sept. 30, 2018. With the largest market share of any major loan product, auto loans are essential to balance sheet growth at credit unions.   Growth in indirect lending continued its three-year decline and was down 3.8 percentage points year-over-year to 15.5%. Still, the financing ...

WASHINGTON — For the first time in recent memory, the Federal Reserve has indicated it doesn’t anticipate any additional rate increases. A statement made following the just-concluded meeting of the Federal Open Market Committee (FOMC) is a break from another statement made just a month ago, and runs counter to the forecast from many that the Fed will raise interest rates two times in 2019. In its statement, the Fed said the economy remains “solid” and that it expects economic growth to continue.  But the FOMC also said, “In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.” As it typically states following its meetings, the Fed said it will continue to assess conditions relative to its objective of a 2% inflation rate. The inflation rate has been sluggish f...

The Federal Open Market Committee will wrap up its two-day meeting today, which is not expected to end with a rate hike. The committee last raised the federal funds target rate to the current range of 2.25% to 2.5% at the end of its December meeting, the fourth rate hike of 2018. Following the FOMC's meeting in December, committee members pared its projection for 2019 from three rate hikes to just two. President Trump has been critical of the rate hikes, and some members of the FOMC have indicated they do not feel as strongly as they have in the past about raising rates given recent economic data. Join us in Clearwater Beach FL 10/1-4/2019

  Auto Link Newsletter NEW ORLEANS, LA. — Auto Link announced today that the company has filed with the US Patent & Trademark Office for a patent that covers the ability to seamlessly embed a third-party, white-label website into a host website. The normal method of embedding a third-party web content into a host website is using an iframe.  However this method is not seamless and introduces several inconveniences and difficulties for the end-user, as well as obvious visual cues indicating the content is from a third-party. The patent application is for a system and method that, among other things, places all the typical auto research, buying, and financing ...

2019 Examination Program Dear Board of Directors and Chief Executive Officer: This letter outlines the NCUA’s primary areas of supervisory focus for 2019, and is intended to assist you in preparing for your next NCUA examination. Regarding the examination cycle and procedures to be employed, the extended exam cycle introduced in 2017 will be fully implemented in 2019. 1  Consistent with 2018, agency examiners will continue using the streamlined small credit union exam program procedures for most credit unions that have assets under $50 million. For all other credit unions, examiners will conduct risk-focused examinations, concentrating on the areas of highest risk, new products and services, and compliance with federal regulations. In 2019, NCUA examiners will have increased flexibility to conduct suitable examination work offsite. In the agency’s Flexible Examination Program (FLEX) pilot, examiners were able to conduct as much as 35 percent of examination time off...

LOS ANGELES–Firefighters First Credit Union has announced it is paying a year-end bonus to members of $2 million. Since 1981, the credit union has returned more than $46 million to members. Firefighters First Credit Union said it rewards its members for having a strong engagement with the credit union, saying deeper membership engagement via investment accounts, insurance policies and business loans is greatly welcomed and an active growth strategy. “It is rare to find an organization today that shares any percentage of their profits. However, at Firefighters First Credit Union, this is part of our foundation. While many credit unions have ceased sharing their profits, we feel strongly about giving back to our members to help improve the financial lives of our Fire Family,” said President/CEO Dixie Abramian. “At the discretion of the board of directors, it is an important part of our tradition. The payouts vary based on member relationships – if you have a mortgage or ...

NEW YORK–How many times will the Fed raise interest rates in 2019? It’s a question of keen interest to credit unions, and the answer according to many investors is zero—the Fed will not act. The current Fed funds rate is set to a range between 2.25% and 2.5%.The reason, according to analysis by the Wall Street Journal, is declining confidence in U.S. economic expansion, which is expected to slow over the next year even as the economy remains strong. The Federal Open Market Committee voted to raise rates at its December meeting, finishing the year with a slow but steady effort to nudge rates upward. The rate increases have been met with criticism by President Trump.  Many analysts, including inside credit unions, had predicted the Fed would raise rates twice more in 2019. Now, some are saying not so fast. Fed Funds Futures Flat “Fed-funds futures, which investors use to bet on the direction of Fed policy, on Wednesday showed a 91% probability that the central bank’s polic...

WASHINGTON– As the partial federal government shutdown stretches on, more credit union have announced offers of assistance. The U.S. Office of Personnel Management, which handles human resources for the government's civilian workforce, has advised thousands of employees who won't be paid during the government shutdown to reach out to creditors in order to work out alternative payment schedules. OPM has even released sample letters it suggests federal workers affected by the shutdown use to ask for help from mortgage lenders and landlords. The latest to offer help to members missing paychecks due to the shutdown include: AmeriCU Credit Union in Rome, N.Y., which is offering interest-free furlough loans, fee refunds, and penalty-free certificate withdrawals. "We want to help alleviate the financial stress that a shutdown like this could cause our members,” Ron Belle, chief experience officer for AmeriCU, told local media. “We’re doing everything we can to mak...

PLANO, Texas.— Member First Mortgage has launched its Western Division.  The new division is led by Executive Vice President Linda Clampitt. Clampitt and her management team bring more than 100 years of combined experience partnering with credit unions and assisting them in providing a superior mortgage experience for their members, the CUSO said. “The Western Division will help expand the national footprint of Member First Mortgage by offering multiple partnership levels designed to utilize state of the art origination and digital marketing technology enabling credit unions to increase their market share, their income, and to help as many of their members as possible achieve the American Dream of home ownership,” the Grand Rapids, Mich.-based company stated. “We are thrilled to join Member First Mortgage and bring new, innovative mortgage solutions to credit unions,” said Clampitt in a statement. “Member First Mortgage has an excellent culture committed to credit u...