Friday, April 26, 2019

Fire Family Foundation Hosts Sixth Annual Fire Boot Classic on Saturday

Fire Family Foundation Hosts Sixth Annual Fire Boot Classic on Saturday

April 27th Charity Event Supports Firefighters

Published: Thursday, April 25, 2019 | 2:25 PM

Firefighters…  They risk their lives every day to protect their community … “to protect us, our lives and our property. They are men and women like you and me, yet, they serve… every day to ensure that we are safe.” Their commitment to helping others is second to none. With all of the devastating fires the past few years, many firefighters lost their homes while helping to save so many others.

On April 27, 2019, Fire Family Foundation is hosting its 6th Annual Fire Boot Classic Charity Event at the London Hotel in West Hollywood. This event is a Casino Night and Poker Tournament, with Drinks, Dining, a Silent Auction, Live Auction, and Fun! The funds raised from this event will support the Firefighter Relief fund that provides financial assistance to firefighters and their families in times of need. The mission is to be there… “when they need our support.”

As the charitable hand of Firefighters First Credit Union, the Foundation provides vital financial assistance to the Fire Family. We also award $50,000 in scholarship grants each year to the children of active or fallen firefighters nationwide and we help 501(c)(3) tax exempt organizations to support the local charitable needs of fire departments, firefighters and their families and other charitable causes within their local communities.

Please show your support for firefighters who sacrifice so much for the safety of the surrounding communities, for your safety.

Fire Boot Classic tickets and sponsorships can be purchased at

London Hotel is located at 1020 N. San Vicente Blvd. in West Hollywood, CA 90069.

Fire Family Foundation donations can be made:
* online at
* on Facebook at
* or mailed to the Foundation office: 815 Colorado Blvd, Los Angeles, CA 90041

About Fire Family Foundation

Established in 2008, Fire Family Foundation is committed to providing financial assistance to fire families in need, scholarships, wellness, and financial education while supporting fire charities nationwide. Firefighters are in service to all of our communities. They show up when we need assistance, generally in some of our most vulnerable times. Through medical emergencies, fires and national disasters, we depend on firefighters to help us. We believe in helping them and their families to the extent possible during their times of need. The Foundation is committed to these men and women who unselfishly give so much of themselves, often at great risk of impact to family life. Fire Family Foundation is a non-profit
501(c)(3) charitable organization, tax ID number 36-4613248. All donations to the Foundation are tax deductible to the full extent of the law.

About Firefighters First Credit Union

Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and serves fulltime, paid firefighters nationwide and their families. In 2014 we changed our name to Firefighters First Credit Union to better reflect our member base and in 2017 we received our Federal charter. Firefighters First currently has assets of over $1.4 Billion with over 45,000 members and serving over 570 fire departments.

Thursday, April 18, 2019

Credit Union Strategic Planning Topics Credit Union 2.0

Ahhh, credit union strategic planning topic season. Let’s take off our pessimistic blinders, pull out our beanies and start thinking of the credit union world we want tomorrow. Soon, our credit union will disrupt the local banks. We will put them those evil bankers out of business and take over the world… cooperatively (of course).

If you are looking for quick strategic questions to ask your board at your credit union planning session, you are in the right place.

Credit Union Strategic Planning Topics About Growth
    strategic planing for credit union topics
  1. If you had to process 3x your normal loan or member growth volume, how would you?
  2. Where do you want to be in 3 years?
  3. What market trends support that vision?
  4. What client demands support that vision?
  5. What are the tactical plans to support that goal?
  6. What are the known risks?
  7. If you could rebuild the credit union 2.0, what would it look like?
  8. What are the top 10 questions we have about our credit union (analytics based)? What would you do differently if you knew the answer?

Credit Union Strategic Planning Topics for Critical Self-Evaluation

  1. What is the one thing your credit union was worst at this year? What needs to happen to fix it?
  2. What is one thing your credit was best at? How can you double down on it?
  3. What is the single metric that you least like hearing about this year? Why? What can you do to change it?
  4. Where do we use Analytics well?
  5. Are we moving or reacting fast enough in the marketplace?
  6. In each department, what should you start? What should you stop? What should you continue?
  7. What are our best service experience and memories?

Credit Union Strategic Planning Topics About Culture

  1. What are some examples of living your core values?
  2. What are some examples of failing to live your core values?
  3. If you could change one thing about the credit union, what would it be?
  4. What are the top 3 credit unions we admire and why?
  5. What does the perfect member look like? Where do they hang out? Who do they know?
  6. What makes an ideal board member?
  7. If you were the new CXO and were brought in tomorrow, what were three things you would fix immediately?

Credit Union Strategic Planning Wildcard Questions

  1. If a perfect competitor opened across the street tomorrow, what would they look like?
  2. If we were to rebuild our credit union with no branches, what would it look like?
  3. If the NCUA got merged into the FDIC, what would change?
  4. If your largest SEG went out of business, what would you change?
Any of these credit union strategic planning topics can help you and your board plan for a brighter, warmer future.

Credit Union 2.0 — Credit Union Strategic Planning Facilitators

Kirk Drake and Chris Otey take a unique approach to planning sessions. Their goals are to deal with some of the real issues facing credit unions. These include:
  • Who is your ideal member?
  • How do we improve board governance?
  • How do we get our board to look more like our membership?
  • How do we deal with the onslaught of fintechs and technology?
  • How do we change our culture to be more like a fintech?
As the author of Credit Union 2.0, head of a large technology CUSO, and founder of CU Wallet, Drake has great insights from both his time working at a credit union through his entrepreneurship and board experience.

As board chair of South Bay Credit Union and former CU Wallet and Fiserv executive, Chris has worked with hundreds of credit unions to help them deal with board governance, CUSOs, and other technology challenges.

Click here to book us for your next strategic planning session.

Wednesday, April 17, 2019

Kirk Drake will be in Clearwater Beach, FL

The National Council of Firefighter Credit Unions Inc (NCOFCU)  is thrilled to announce that this year’s closing session at Clearwater Beach, Florida conference, October 1 – 4, will feature, speaker, author, and presenter Kirk Drake! Kirk has been helping credit unions climb mountains for nearly two decades. As the President/CEO of Ongoing Operations and founder of Credit Union 2.0, he has provided credit unions with the tools, playbook, and strategies they need to excite their members and scale the summit to the top of the field. Most recently, he was a keynote speaker at the CU Leadership Convention in Las Vegas! But you don’t have to travel far to take advantage of his know-how, because this year, we are bringing Kirk to Florida!

What can you expect from Kirk Drake? Well, in recent decades, credit unions have seen unprecedented threats, due in large part to an eighty-year-old business model and an inability to adapt quickly to a digital economy. But, Kirk has devised a powerful plan to revitalize these noble institutions, making them more competitive, more creative, more connected with their membership, and more in tune with the times. It's time to be innovative and bold, to challenge long-standing inefficiencies and move away from the "old school" methods of doing business. CU 2.0 provides the skills, the savvy, and the fresh ideas necessary to finally transport the credit union out of the twentieth century and into the twenty-first.

Be prepared to be wowed as Kirk combines digital strategies, marketing, communications, and technical know-how to help credit unions rise to their peak in the digital age. A lifelong entrepreneur, he has created and founded 8 successful businesses, starting with his first venture, founding a high school bank. It was through this process that he first learned about the “unfair” advantage credit unions have over banks! Since then, Kirk has been inventing ways to support credit unions. Now, he’s coming to our event to share that incredible knowledge and insight. Do not miss this opportunity to hear from an industry leader and game-changer!

Thursday, April 11, 2019

The Fed offered additional insights into its decision to make no changes to rates.

WASHINGTON–The Fed has released minutes from its March meeting, offering additional insights into its decision to make no changes to rates.

As reported earlier, the Fed opted not to change rates at its March meeting and is now indicating it’s unlikely to change rates at all during 2019 and perhaps won’t move again until 2021. President Trump has been pushing the Fed to lower rates to encourage greater growth.

Minutes released by the Federal Open Market Committee (FOMC) show the FOMC found the labor market remains strong but that “growth of economic activity has slowed from its solid rate in the fourth quarter.”

The FOMC further found payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low.

“Recent indicators point to slower growth of household spending and business fixed investment in the first quarter,” the Fed said in a statement. “In a 12-month basis, overall inflation has declined, largely as a result of lower energy prices; inflation for items other than food and energy remains near 2%. On balance, market-based measures of inflation compensation has remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.”

At its March meeting, the Committee decided to maintain the target range for the federal funds rate at 2.25% to 2.50%. 

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman;  John C. Williams, Vice Chairman; Michelle W. Bowman, Lael Brainard, James Bullard, Richard H. Clarida, Charles L. Evans, Esther L. George, Randal K. Quarles, and Eric S. Rosengren.

Monday, April 8, 2019

President Trump Designates Rodney E. Hood as Chairman of the NCUA Board

ALEXANDRIA, Va. (April 8, 2019) – President Donald J. Trump has designated Rodney E. Hood as the eleventh Chairman of the National Credit Union Administration Board.
Today, as his last official action as Chairman of the Board, J. Mark McWatters administered the oath of office to Mr. Hood, at the NCUA headquarters.

“It is an honor to have been nominated by President Trump, confirmed by the U.S. Senate, and sworn in by Chairman McWatters to serve as the eleventh NCUA Chairman,” Mr. Hood said. “I look forward to leading the agency and focusing on the safety and soundness of America’s credit unions as they operate in today's ever-changing marketplace. As President Trump’s pro-growth economic agenda seeks to empower individuals and communities across the nation, America’s credit unions are on the frontline of providing affordable access and opportunity to the financial system.

“Over the next four years, I will be especially honored to lead the talented and professional NCUA team while doing my level best to ensure that they have the necessary resources to respond nimbly to today’s market risks and emerging issues. As Chairman, I look forward to enhancing and modernizing the federal credit union charter, addressing the issues of capital reform and cyber security, creating opportunities for credit unions to serve vulnerable communities, and reducing regulatory burdens.”

Hood was nominated to the NCUA Board on January 16, 2019, and confirmed by the Senate on March 14, 2019. Upon his swearing in, his term will expire on August 2, 2023. Nominated to the NCUA Board by President Barack Obama on January 7, 2014, J. Mark McWatters will remain on the Board. His term expires on August 2, 2019.

“I look forward to working with Mr. Hood in continuing to pursue an agenda of safe and sound regulatory reform for the credit union community, upon his assuming the Chairmanship of the NCUA,” Chairman J. Mark McWatters said. “I thank President Trump for the honor of serving as Chair for the past two years and congratulate Mr. Hood on his designation. Mr. Hood brings a wealth of financial and credit union experience to the position having previously served on the board and will do an outstanding job as Chairman.”

Immediately prior to his rejoining the NCUA Board, Mr. Hood served as a corporate responsibility manager for JPMorgan Chase, managing national partnerships with non-profit organizations promoting financial inclusion and shared prosperity for underserved communities.

He previously served as Vice Chairman of the NCUA Board, as associate administrator of the Rural Housing Service at the U.S. Department of Agriculture, and as a member of the Board of Governors for the University of North Carolina. Before public service, Mr. Hood held management positions in retail finance, commercial banking, affordable housing and community development at G.E. Capital, Bank of America, Wells Fargo and North Carolina Mutual Life Insurance Company.

Mr. Hood holds a bachelor’s degree in business, communications, and political science from the University of North Carolina at Chapel Hill.
Rodney E. Hood
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Tuesday, April 2, 2019

Proposed rule to amend overtime could affect credit unions.

WASHINGTON—The Department of Labor (DOL) has issued a proposed rule to amend overtime rules under the Fair Labor Standards Act (FLSA).

  • Increases the minimum salary required for an employee to qualify for overtime exemption from $23,660 to $35,308 per year
  • Increases the total annual compensation requirement for highly compensated employees (HCE) from the currently-enforced level of $100,000 to $147,414 per year
  • Establishes a four-year, periodic review of the salary threshold
  • Allows the use of nondiscretionary bonuses and incentive payments (including commissions) that are paid annually or more frequently to satisfy up to 10% of the standard salary level

As covered employers, virtually all credit unions are subject to the department's overtime rules and could be impacted, said NAFCU, which noted the proposed rule makes the following substantive changes:

Under the proposed rule, credit unions could be impacted by changes to the salary level applicable to the executive, administrative and professional (EAP) overtime exemption and adjustments to the compensation requirement for the HCE exemption, stated NAFCU, which has urged the department to revise the overtime rule with “more flexibility and reasonable benchmarks to ensure the credit union industry isn't adversely affected by it.”