Economic and Industry Issues

Weekly News Summary - July 30, 2020

Press Release

For Immediate Release

Weekly News Summary

Hello NCOFCU Members,

Here are some things that were in the news last week. Please share these articles with your Supervisory Committee and Board of Directors. If you missed previous editions of the weekly news, summaries of those can be viewed at our archive.

Have a great week!

Mike Richards, CPA

The Callahan Credit Union Auditors Guide is now available. Our firm exists exclusively to serve the Credit Union Movement, and that shows in the ratings attached. Thanks to all of our clients!

Callahan & Associates: 2020 Credit Union Auditors Guide Read More

Economic and Industry Issues

Knowledge is the key to effective corporate governance. Staying abreast of economic and industry issues affecting your credit union will prepare you for those responsibilities.

CUNA economic and credit union forecast - July 8, 2020

Is Today Like The Great Recession Or The Great Depression? Read More

How Credit Unions' Competition Could Change Read More

Credit Union Leaders Share What's Working During Uncertain Times Read More

Weekly claims turn higher as coronavirus jobs crisis inflicts more damage Read More

Regulatory and Accounting Issues

Regulatory and accounting issues are changing all the time. Staying abreast of those changes is an important part of the corporate governance.

Berger calls for CU CECL exemption as FASB gets new chair Read More

NCUA set to address FOM changes, CECL implementation Read More

Credit Union Director Handbook Read More

Fraud Awareness

As you will see from reviewing these articles, fraud can happen in any credit union. Staying vigilant is the key to preventing your credit union from being the next victim.

Former NYPD cop Joseph Guagliardo sentenced to more than 2 years for stealing $400K from MCU Read More

Securing A Digital, Branch Or Network Transformation Read More

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Comments

What Does PTSD in a Firefighter Look Like? A New Brain Scan Can Show You

Link Post-traumatic stress disorder (PTSD) is often described as one of the invisible scars that firefighters and others accumulate after years of dealing with trauma in their jobs. Now the scars are invisible no longer. A new tool—the SPECT scan—is offering a new way for firefighters and others with PTSD to visualize their injuries. SPECT stands for single photon emission computed tomography, and it creates 3-D scans of the patient’s brain that look at blood flow and brain activity, KTLA reports. Those scans can then be used to generate a treatment plan tailored to the specific patient based on the visual effects of PTSD. Retired Firefighter-Paramedic Matthew Fiorenza, a PTSD sufferer, told the station that the scans also help make the illness more tangible. “Looking at a picture of my brain, it just took the stigma out of it,” he told KTLA. “It’s like, okay, I’m not crazy.”

Read Complete Article HERE>»

The Pros and Cons of Tariffs

Since there has been so much discussion on Tariffs, I felt a post would benefit our membership. Grant Sheehan CEO NCOFCU Tariffs 1440 Business & Finance Background A tariff—a word derived from the Arabic arafa, meaning “to make known”— is a tax imposed by a government on goods that are imported or exported . Historically, tariffs have served as a primary source of revenue and a means to protect domestic industries, as they make foreign products more expensive, encouraging consumers to purchase locally produced goods. The tools have a checkered history, famously bolstering US textiles, German steel, Japanese cars, South Korean technology, and more, arguably contributing to major economic downturns like the Great Depression. Tariffs can be specific (a fixed fee per unit) or ad valorem (a percentage of the item's value). Purpose Economically, tariffs aim to protect domestic industries, generate government revenue, and influence trade policy. By imposing taxes on imported goods —wh...

Read Complete Article HERE>»

Advice On Winning Over Gen Z In ’25

NEW YORK—As 2025 approaches the close of Q1, how can credit unions win over Gen Z? By tailoring credit rewards for a digital-first generation, a new report recommends. Gen Z is reshaping the workforce and redefining financial behaviors. As of 2024, this generation is poised to surpass Baby Boomers in workforce size and will make up 30% of the workforce by 2030. This rapid growth presents a major opportunity for financial institutions to tap into a younger, digitally native audience with distinct spending habits and financial needs, emphasized a GlobalData report authored by Zachary Johnson, specialist, campaign execution & strategy, financial services at VDX.tv. “Unlike previous generations, Gen Z’s economic journey has been shaped by inflation and delayed career starts due to the pandemic and skyrocketing living costs. These factors have made them highly dependent on credit, with Gen Zers being 23% more likely to own a credit card than Millennials at the same age, and carrying...

Read Complete Article HERE>»

Hauptman Announces Changes to NCUA’s Overdraft/NSF Fee Collection

Hauptman Announces Changes to NCUA’s Overdraft/NSF Fee Collection WASHINGTON, D.C. (March 3, 2025) – To help ensure credit unions can continue to support the needs of Americans struggling with inflation, the National Credit Union Administration will no longer publish overdraft and non-sufficient fund fee income for individual credit unions, Chairman Kyle S. Hauptman announced today. The NCUA will ...

Read Complete Article HERE>»

Share Insurance Fund Report Highlights Asset, Income Growth in Q4 2024

Share Insurance Fund Report Highlights Asset, Income Growth in Q4 2024 ALEXANDRIA, Va. (Feb. 27, 2025) – The National Credit Union Administration Board held its second open meeting of 2025 and received a briefing by the Chief Financial Officer on the performance of the National Credit Union Share Insurance Fund for the quarter ending on December 31, 2024. The Share Insurance Fund reported a net income of ...

Read Complete Article HERE>»

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