Firefighter Credit Union Newsroom

NORWALK, Conn.–The Financial Accounting Standards Board has announced a delay in the implementation date for its new current expected credit loss (CECL) standard for an additional year for credit unions, pushing back the compliance date until 2023.  Both credit union trade associations have been pushing for the delay.   “We appreciate FASB considering credit unions’ concerns and moving forward with a delay of the CECL standard and committing itself to conducting a cost-benefit analysis to better understand this new standard’s impact on consumers, credit unions and the economy as a whole,” said NAFCU Chief Economist and Vice President of Research Curt Long. “NAFCU will continue to advocate for credit unions to be exempt from this onerous and costly accounting standard as it could adversely affect credit unions’ capital levels immediately upon implementation. More so, credit unions did not cause or contribute to the financial crisis or the poor lending condit...

SAN FRANCISCO—For the first time in five years, rates of certificates of deposits have reversed course and are declining, a new report reveals. Separately, mortgage rates have also declined to a two-year low. The report from Analyticom signals a reversal of a rising-rate trend that started in June of 2014 and lasted until now. The last time deposit rates started declining, as they are now, was 12 years ago on the eve of the Great Recession in July of 2007. “The main driver behind the decline in CD rates is the growing probability of a Fed rate cut in the second half of this year,” stated Analyticom’s Dan Geller. “Banks and credit unions are lowering interest rates on CDs in order to reduce their risk and exposure to shrinking net interest margins once the Fed cuts the Funds rate and loan rates start to decline. “The decrease in interest rates on CDs is going to impact fixed-income savers, such as retirees, who like the safety and predictability of certificate of dep...

  Does Credit Union Content Marketing Work? Content marketing is a kind of marketing strategy designed to attract and nurture inbound leads. It relies on maintaining a consistent and prominent online presence to show up in peoples’ internet searches. Can credit union content marketing work? Few credit union marketing strategies are exactly alike. Each credit union fills a unique niche and appeals to particular local community. Each credit union offers something that other financial institutions near them don’t. With quickly evolving technology and the popularity of online and mobile banking, traditional marketing avenues are changing as well. Content marketing can help credit unions reach prospective members who turn to the internet first to gather information about companies, products, and services that interest them. Quick Content Marketing Statistics According to Hubspot, generating traffic and leads is by far the largest marketing challenge for most bus...