Firefighter Credit Union Newsroom

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it will keep its key short-term interest rate near zero for the foreseeable future as part of its extraordinary efforts to bolster an economy that is sinking into its worst crisis since the 1930s. Chairman Jerome Powell noted the gravity of the downturn caused by the coronavirus outbreak and made clear that the Fed would continue to do all that it could to provide support. Speaking at a virtual news conference, Powell said he believed the viral outbreak would imperil the economy for potentially a year or more, particularly if a vaccine or an effective treatment isn’t developed before then. He warned that a deep and prolonged recession could cause devastating damage by forcing businesses into bankruptcy, keeping unemployment high, and eroding the skills of idled workers. “It will probably take some time for us to get back to a more normal level of employment and ultimately, maximum employment,” the chair...

Dear Boards of Directors and Chief Executive Officers: The NCUA is committed to understanding the challenges credit unions are facing during the COVID-19 pandemic. Information we gather is used to provide credit unions with assistance and accomplish the agency’s mission. Our initial credit union outreach focused on operational status and liquidity. We are now expanding our outreach to also identify any emerging credit risks. Your examiner will contact you between May 4 and May 18, 2020, to review the attached list of questions . 1  I encourage you to schedule a mutually agreeable time with your examiner. Many of the questions ask for your best estimates only; we do not anticipate significant research will be necessary. As with all interactions with the NCUA, I encourage you to have an open dialogue with your examiner, ask questions, and express challenges you may be facing. The NCUA will continue to be mindful of the impact of information requests on any credit unions ex...

Does the following scenario occur at your credit union? If it does, we have a solution for you! A member comes in into your credit union and wants to know if you will loan them a couple of hundred thousand $$$ to buy a building, or can you loan him some seed money to start a new business or purchase equipment for the company they currently own, and you say,  “the credit union doesn't do those kinds of loans”.  Does this sound familiar? How many times do you and your staff say NO and literally tell a member to  “go down the street or go somewhere else” ?  Well, now, you have another option.   CU First Responders Finance (CUFR) CU First Responders Finance, LLC (CUFR)  is a partnership between the National Council of Firefighter Credit Unions, Inc.   (NCOFCU) , and Biz Lending & Insurance Center, Inc. to provide business lending origination programs to NCOFCU member credit unions. CUFR  will provide you with a turnkey operati...

MADISON, Wis.–Capital and liquidity may never be more important to credit unions than they will be during what looks to be a very challenging second half of 2020 and all of 2021, according to one analyst, who said provision for loan losses is going to be a big topic of discussion, as will be negative ROA a year from now.            Steven Rick Steve Rick, chief economist with CUNA Mutual, who said during a webinar hosted by the CU Leadership Convention observed, “The biggest thing we’re working on as economists are revising down our forecasts every week,” made clear the effects of the coronavirus pandemic mean credit unions are well on their way into one of the most difficult operating environments they have faced in their century-long history. The webinar was organized to help credit unions plan for the next several years and make adjustments to forecasts that might have been made during planning sessions in late 2019. If there is any ...

The mission of the Stephen Siller Tunnel to  Towers   Foundation is to honor the sacrifice of firefighter Stephen Siller, who laid down his life to save others on September 11, 2001. We also honor our military and first responders who continue to make the supreme sacrifice of life and limb for our country. In response to COVID-19 , Tunnels to Towers has established the COVID-19 Heroes Fund , pledging to support frontline health care workers by providing meals, personal protective equipment (PPE) and, should tragedy strike, financial relief through temporary mortgage payments on homes of health care workers who lose their lives and leave behind young children. Through the  Fallen First Responder Home Program , Tunnel to Towers aims to pay off the mortgages of fallen law enforcement officers and firefighters killed in the line of duty that leave behind young children.  The Foundation’s goal is to ensure stability and security to these families facing sudden, tra...

Dolphin Debit Access, a NCOFCU Business Partner and Conference Sponsor, provides financial institutions with a more efficient alternative to in-house ATM management. We provide complete, worry-free ATM network services covering every aspect of ATM management, from site prep and equipment procurement to system updates and cash management. We are ATM management specialists with decades of experience. It’s what we do best; which leaves our clients free to focus on what they do best: running successful financial institutions. Take a minute and watch Pelican State Credit Union’s Project Manager Lisa Cupit share the credit union's ATM management strategy, overseeing more than 20 ATMs. For more information on how Dolphin Debt can work for you, call: Joe Woods,  CUDE SVP, Director of Sales Dolphin Debit Access, LLC #  614-378-0367 jwoods@dolphindebit.com www.dolphindebit.com WHO IS DOLPHIN DEBIT

Letter to Credit Unions (20-CU-10) Residential Appraisals Threshold Increase and Other COVID-19 Related Relief Measures Dear Boards of Directors and Chief Executive Officers: The NCUA Board approved a final rule on April 16, 2020, to increase the residential appraisal threshold from $250,000 to $400,000. The raised threshold provides long-term regulatory relief to credit unions and members. The rule also increases flexibility for credit unions struggling with mortgage pipeline delays due to appraisals during the COVID-19 pandemic. In addition to the final rule on appraisal thresholds, the Board also approved an interim final rule to temporarily allow credit unions to defer appraisals and written estimates of market value for up to 120 days after the closing of a loan. This flexibility will expire on December 31, 2020. This deferral is intended to provide liquidity and relief to property owners affected by disruptions to property valuations caused by COVID-19 mitigation effor...

The Senate on Tuesday passed legislation that would earmark $30 billion of new Small Business Administration Paycheck Protection Loans to banks, credit unions and Minority and Community Development Financial Institutions with less than $10 billion in assets. Another $30 billion would be set aside for financial institutions with assets of between $10 billion and $50 billion. The funding is included in the latest coronavirus crisis stimulus legislation negotiated between the Trump Administration and congressional leaders. The Senate passed the bill by unanimous consent. The House is expected to vote on the legislation in the measure Thursday. House leaders are expected to ensure that there is a quorum present to ease the passage of the bill. President Trump has indicated he would sign the measure. The bill would provide $320 billion to refill the coffers of the PPP program, which were drained shortly after Congress enacted it. “This new money puts a special focus on commun...

Permanent Working at Home Will Rock Banks and Credit Unions The longer Americans' office at home, the better it may look to both workers and employees. No commuting, more living and the chance to work in sweatpants all the time. But the ripple effects will hit many industries, including financial institutions large and small.   READ ARTICLE   _________________________________________________________________________ Some Helpful Links You can track your stimulus check, starting this week How to get the coronavirus tracking app from Apple, Google Make a face mask at home News, advice and more about COVID-19

WASHINGTON–New data indicate the coronavirus pandemic appears to have created a split in the mortgage market: more borrowers are turning to refinances to save money each month, while potential home buyers are quickly dropping out of the market. According to the Mortgage Bankers Association, total mortgage applications were up 15.3% last week over the prior week, but that number was driven entirely by refinancing. Volume was also 67% higher than one year ago when interest rates were higher, the MBA said. According to the MBA, after increasing for two weeks, mortgage rates last week hit the lowest level in the history of its survey. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.47% from 3.82%, with points decreasing to 0.33 from 0.35 (including the origination fee) for loans with a 20% down payment. That rate was 89 basis points higher from the same time in 2019, the MBA said. No Su...

Credit Union First Responders Finance (CUFR) THREE WAYS TO JOIN You can be a Referral Credit Union – A structured method for credit unions to refer commercial and business loan requests to lead lenders and generate non-interest income. You can be a Participation Credit Union – Member credit unions will be given the first option on opportunities to buy and sell participations. You can be a Lead Lender Credit Union – The lead lender will be underwriting and funding the pre-screened loan opportunities that meet their policy, procedures, and guidelines. We create a funnel of opportunities with our credit union collaboration and the First Responder communities find a lending partner they trust! CONTACT Murray Halperin p. 561.393.3770 murrayh@theblic.com https://theblic.com/ www.financeresponders.com CU First Responder Finance is a partnership between the National Council of Firefighter Credit Unions, Inc. and Biz Lending & Insurance Center, Inc. (BLIC) ...

Source:  Tim Harrington Gauges the board and management should watch. Governing changes during a crisis. Boards need to stay out of operational decision-making, yet they need to be aware of what is happening in the credit union. Awareness—even of bad news—is extremely important. As the effects of COVID-19 ripple across the economy, the board and management need good, up-to-date information on key financial issues that may change rapidly. You don’t want any surprises during turmoil, such as what’s happening in the wake of the coronavirus. Surprises can destroy trust between the board and the CEO. A key to awareness is to develop and monitor systems of early indicators of financial changes taking place. In addition, with so much uncertainty, it is important for management to create a variety of projections based on different scenarios: best case, likely case and worst-case scenarios. Manage the Balance Sheet: Capital and Deposits A key to survival, now and always, is pr...

Source: Wendy Elieff, SVP, Client Service and Marketing, CU Recovery & The Loan Service Center Now more than ever, the credit union philosophy of “people helping people” is critical to maintaining member loyalty and trust in their biggest time of need. While the COVID-19 pandemic has left us all experiencing disruption and uncertainty, credit unions are in a unique position to provide members with financial reassurance and support in navigating our new reality. By employing some of these best practices for successful delinquency management, you can help your credit union build strong member relationships, both during this crisis and in the long term. Prepare an Action Plan Credit unions must first develop a crisis management strategy or response plan. Credit union leaders should begin by asking themselves the following questions: What will our approach be regarding fee reversals, payment deferments, workout loans, etc.? How much risk are we willing to take? If we ...