Firefighter Credit Union Newsroom

The depth and length of the recession depends on the coronavirus and assumptions there will be, among other things, no natural disasters. CUNA By  Jim DuPlessis   |   March 27, 2020 at 02:06 PM The recession that seemed a distant possibility a few weeks ago is now upon us, according to CUNA economists. A little more than a month ago, CUNA was predicting U.S. gross domestic product would rise 1.8% this year. But in the wake of widespread stay-at-home orders and shuttering of many businesses to contain the coronavirus, the CUNA Economic and Credit Union Forecast released this week predicted the U.S. economy will shrink 2.25% this year. CUNA economist Jordan van Rijn said Thursday the forecast appears optimistic in the wake of Thursday’s report of a massive wave of 3.3 million unemployment claims last week. The published forecast anticipated as many as five million people being out of work this year, and the unemployment rate rising to 6.5% by the third quarter. “That’s go

By: Daniel Martinez, Social Media Marketing Specialist, PSCU So much has changed in the last few weeks as the COVID-19 crisis continues to unfold around the world. Here in the US, many organizations have been forced to quickly adapt to “social distancing,” teleworking, and stay-at-home orders within just a matter of days. Some have even ceased their operations entirely. As the focus on COVID-19 has dominated nearly all news sources, social media has been no exception. In fact, many organizations have been consistently using their social media accounts to share updates and important information about the coronavirus with their followers. For organizations across the country, this has been a significant shift away from their 2020 social media strategies or general marketing efforts. For credit unions, it’s an opportunity to stand out as a trusted and valued resource for not only their members but also for the communities they serve. To achieve this, credit unions will need to

Brian Turner is president and chief economist with Meridian Economics. As you might anticipate, I’ve been getting a lot of questions as of late over the current economic climate, what to expect, what institutions might do and what advice we can pass to our members as the nation navigates through our current crisis. I thought I’d share a few thoughts: A Wall Street reporter asked if there were other suggestions, beyond the governments’ provisions and protocols, that might help. I suggested turning off their televisions and staying away from the Internet in particular to avoid all the demonstrable doom and gloom that is being projected. If the daily communication of prevailing conditions wasn’t so key, I’d be serious about it.  The point being, the projected path of the virus will diminish if we all follow the protocols. This could mean new cases peaking in as little as three months, but people still make poor, selfish choices that could threaten all of us while delaying the rec

We have used FreeConferenceCall here at NCOFCU for years and have been very pleased with their service so I thought I would pass on their thank you letter and video. Last week was one without precedent. I want to send a thank you to everyone in our FreeConferenceCall.com community. The Work From The home industry was given the ultimate test last week as audio and video usage soared past record levels. All in the industry worked tirelessly to meet that challenge. The difference for us was you. Most Importantly, Thank You: Many companies in the industry dealt with customers expressing displeasure when there were service disturbances. Our community, on the other hand, was beyond incredible. You gave us patience when you could have given frustration. You gave us support. You are the best part of FreeConferenceCall.com and we want to thank you. You Brought Free Communications To Millions Of People: A lot of people don’t know this but when you use FreeConferenceCall.com you h

NEW YORK––The Federal Reserve is making it absolutely clear it will do whatever it can to stave off a depression in the United States as a result of the spreading coronavirus pandemic. The central bank has announced numerous moves aimed at maintaining employment and ensuring liquidity and credit in the markets. On Monday, it announced unlimited bond-buying, three new credit facilities and an upcoming Main Street lending program. Altogether, the Fed said the new programs will provide up to $300 billion in new financing to an economy economist, including those in credit unions, expect to shrink in the second and even third quarters.   The latest moves include the Fed pledging to buy bonds "in the amounts needed" to support markets, and indicating there would be no limit to its efforts.  The Fed has also invoked emergency powers to create a special entity that will buy corporate bonds. The moves come as the stock market has seen declines that have erased all gai

(March 22, 2020) - The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner, and will not direct supervised institutions to automatically categorize loan modifications as troubled debt restructurings (TDRs). The joint statement also provides supervisory views on past-due and nonaccrual regulatory reporting of loan modification programs. The agencies view prudent loan modification programs offered to financial institution customers affected by COVID-19 as positive and proactive actions that can manage or mitigate adverse impacts on borrowers, and lead to improved loan performance and reduced credit risk. The statement reminds i

Callahan & Associates hosted a virtual event featuring a panel of credit union leaders across the United States. Panel participants shared their plans and perspectives on the matter at hand including, but not limited to, personnel management, travel, disaster recovery, branch services, member impact, and more. Read More

NCUA issued a letter to credit unions ( 20-CU-02 ) Monday outlining the agency’s actions related to the coronavirus (COVID-19) pandemic. “The NCUA recognizes there may be other accommodations that could assist members and communities in responding to challenges associated with COVID-19,” the letter reads. “We encourage credit unions to consult with their respective NCUA regional office or state regulator regarding additional actions that may help address the situation.” The letter includes suggestions for ways credit unions can work with affected borrowers, including: Waiving ATM, overdraft and loan balance or credit card late fees, early withdrawal penalties on time deposits and availability restrictions on insurance checks; Easing restrictions on cashing out-of-state and non-member checks, credit terms for new loans for members who qualify; Offering or expanding payday alternative loan programs, increasing credit card limits for creditworthy borrowers; and Offering paymen

In an effort to help members through the coronavirus crisis, the NCUA will give credit unions the flexibility to prudently adjust or alter member loan terms and will not subject those decisions to “examiner criticism,” agency Chairman Rodney Hood said Monday. Hood, in a letter to credit unions , outlined the steps the agency is taking to address the health emergency. Those steps include requiring all agency staff to work offsite through March 30. All examination work will be conducted offsite as well, the agency said. “A credit union’s efforts to work with members in communities under stress may contribute to the strength and recovery of these communities,” Hood wrote in outlining steps that credit unions may take to help members. Those steps include: Waiving ATM fees and increasing ATM daily cash withdrawal limits. Waiving overdraft fees. Waiving early withdrawal penalties in time deposits. Easing restrictions on cashing out-of-state and non-members checks. Easing credit terms f

The Federal Reserve on Sunday slashed interest rates by a full percentage point to near zero and said it would buy $700 billion in Treasury securities, an aggressive step to insulate the U.S. economy from the coronavirus pandemic. “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Federal Open Market Committee said in a statement. “The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.” The benchmark federal fund rate is now at a range of 0 to 0.25 percent, down from a range of 1 to 1.25 percent. The cut essentially brings the nation’s interest rate to zero -- something that President Trump has repeatedly pressed for over the past year. NEW YORK FED PUMPS LIQUIDITY INTO MARKETS The historically low interest rates, which not been at this level since the 2008 financial crisis, are expected to remain until the economy recovers from the rece

Being prepared and implementing your plan for business interruption is only part of the disaster. How do you get this information to your members? Branches Closed - Website open!

ARLINGTON–NAFCU will be hosting a  free webinar  on March 17 aimed at helping credit unions determine their institution's readiness to handle a pandemic as the threat of the coronavirus increases. Financial regulators recently  released pandemic preparedness guidance  and have also encouraged financial institutions to be ready to help consumers who experience financial hardships as a result of the virus. The webinar is scheduled for 2 p.m. ET Tuesday. While it is free,  registration is required . It will be available on-demand for a year after the initial airing, NAFCU. NAFCU added it is closely monitoring the spread of COVID-19 – the disease caused by the coronavirus – and has a  resource page available online  to help credit unions stay in-the-know of recent developments. During the March17 webinar, NAFCU said credit unions will: Learn more about pandemics Identify their credit union's pandemic plan Discuss how to effectively communicate with employees an

Come join the  National Council of Firefighter Credit Unions Inc (NCOFCU)  in New Orleans, LA October 7-10, 2020    Register HERE Help us complete our mission! NCOFCU is an exclusive network (have been meeting since 2001) of credit unions primarily serving over 800 thousand first responders, and their families. Our collaborative effort is to assist the volunteers and staff of credit unions serving first responders with their operational and educational needs and to promote the importance of first responder credit unions to the credit union community. For a list of our excellent sponsorship opportunities   Click HERE Separate Exhibitors Reception Enjoy our casual format with credit union attendees: participation not segregation! Exhibitors are located in general break & entry area for optimum exposure, not isolated in a large exhibit hall! Exhibitors are invited to set up early and remain throughout the entire conference

ALEXANDRIA, Va. –Federally insured credit unions during 2019 grew total assets by $113 billion (7.8%), loans by $64 billion (6.2%) and membership was up by 4.2 million, according to NCUA’s Quarterly Credit Union Data Summary for Q4 2019. Credit unions also showed improvements in net interest margins and ROA. But CUs in the smallest asset categories once again showed declines in lending and membership. The data is based on call reports from 5,236 federally insured CUs, representing approximately 120.4 million members. According to the report, here’s how credit unions performed during Q4 and 2019: Performance by Asset Category In its analysis, NCUA once again noted consistent with long-running trends, credit unions with assets of at least $1 billion reported the strongest growth in loans, membership, and net worth over the year ending in the fourth quarter of 2019. Credit unions with less than $500 million in assets reported declines in those categori

WASHINGTON–Citing the threat from the coronavirus, the Federal Reserve has cut the target range for the federal funds rate by .5% to a target range of 1% to 1.25%. In a statement, the Fed said the "fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range..." The Fed said it is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.

News broke over the weekend that 25 firefighters and two police officers in Washington state were placed under quarantine “out of an abundance of caution” due to a COVID-19 (coronavirus) outbreak at a care facility. The exposure of prehospital care providers in the U.S. was inevitable, and in the days and weeks ahead, we are certain to receive additional reports of first responders exposed to patients known or suspected to be infected with COVID-19. In today’s newsletter, EMS1 Editor-in-Chief Greg Friese offers key takeaways on the first responder COVID-19 quarantine . 

All, Firefighters in Kirkland and Redmond, Washington are now under quarantine after possible coronavirus exposure at a nursing facility. State health officials confirmed yesterday that two people connected to the Life Care Center in Kirkland tested presumptively positive for the virus. One patient is a woman in her 40s who is a health care worker at the facility. She is in satisfactory condition at Overlake hospital. The other is a Life Care resident in her 70s and she is in serious condition at Evergreen Health. At least 27 patients and 25 staff members at the Life Care Center have symptoms associated with COVID-19, according to local health officials. Several of the Kirkland Firefighters who helped ill patients at the facility in the last week are now under quarantine as a precaution. The firefighters are quarantined at home and a fire department facility. Officials in Kirkland and Redmond have confirmed that all fire department personnel who assisted in transporting the