Skip to main content

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
 Read More

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




If this email was forwarded to you by another subscriber, you can join our mailing list and have the free Weekly News Summary sent directly to you. Subscribe now

Visit us at richardscpas.com 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Why Decision Intelligence Will be What Really Defines the Future of Credit Union Growth

By Alisha Crafton For years, credit union marketing has been built around a familiar formula: understand your members, segment your audiences, develop targeted campaigns, and deliver the right message through the right channel to the right audience.  Although that approach still matters, it is relationships that serve as the foundation of the credit union model. The challenge for every credit union is that member expectations, competitive pressures, and technological capabilities are changing rapidly. Members increasingly expect financial institutions to understand their needs, anticipate life events, and provide relevant guidance at the right moment. Meeting those expectations requires more than better campaigns. It requires better decision-making. The future of credit union growth will not be defined by who can create more content, launch more campaigns, or automate more emails. It will be defined by which institutions can interpret information more effectively, identify opportun...
Post a Comment
Read Complete Article HERE>»

Report Probes Just How Sophisticated and Pervasive Fraud Has Become

BOSTON–Fraud threats facing credit unions are becoming more sophisticated and pervasive as digital banking expands and artificial intelligence tools enable increasingly complex attacks, according to new research and analysis from PYMNTS Intelligence .  The report said fraud has evolved from isolated incidents into a “persistent, systemwide threat” that affects every stage of the member journey, from onboarding and authentication to transactions and account servicing.  According to the report, fraudsters are increasingly using coordinated, multichannel schemes that challenge traditional fraud detection and response systems. PYMNTS Intelligence said attackers are no longer exploiting single vulnerabilities but are instead orchestrating broader campaigns involving impersonation, credential theft and unauthorized transfers.  The Findings Among the report’s findings, according to PYMNTS: One in 10 consumers encountered card fraud during the past year. Most fraud incidents occu...
Post a Comment
Read Complete Article HERE>»

NCUA Board Nominee John Crews Moves to Full Senate

  WASHINGTON–By a voice vote, the Senate Banking, Housing, and Urban Affairs Committee has advanced to the Senate floor the nomination of John Crews to become the next chairman of NCUA. John Crews “Credit unions thank Chairman Scott and the members of the Senate Banking Committee for advancing John Crews nomination to the NCUA Board,” America’s Credit Unions Chief Advocacy Officer Kathleen Coulombe said in a statement. “We appreciate that the Committee recognizes a robust credit union industry requires a fully staffed NCUA Board and John Crews possesses the necessary experience and knowledge to efficiently lead the NCUA. We urge the Senate to quickly vote to confirm his nomination.” About John Crews Crews is the assistant secretary for financial institutions policy in the Treasury department. Crews was appointed to the position in mid-2025 and has a long history in Washington. Prior to joining the Treasury Department, he served as a policy advisor to Majority Leader Rep. Steve Scal...
Post a Comment
Read Complete Article HERE>»

More Consumers Turning to Digital Wallets to Manage Finances

BOSTON — Consumers facing financial pressure are increasingly turning to digital wallets not only for convenience, but also as a way to better manage their household finances, according to a new report from PYMNTS Intelligence . The report, titled “ The New Checkout: Crimped Consumers Lean Into Online Retail and Digital Wallets, ” is based on a survey of 2,108 U.S. adults and found digital wallet adoption is growing fastest among younger consumers and those experiencing financial stress. According to PYMNTS Intelligence, digital wallets are evolving beyond simple payment tools by offering features such as buy now, pay later options, real-time balance information and spending management tools that help consumers monitor their finances. Source: PYMNTS Intelligence Among consumers experiencing high financial stress, 28% said they used a digital wallet for their most recent retail purchase, compared with 11% of consumers reporting low financial stress. For grocery purchases, 21% of financi...
Post a Comment
Read Complete Article HERE>»

Coffee Consumption Guidance

Most adults can safely drink  up to five 8-ounce cups of black coffee per day, and regular consumption may improve cardiovascular health, the American Heart Association said yesterday. An analysis of recent studies suggests that consuming about 400 milligrams of caffeine daily may lower the risk of Type 2 diabetes, stroke, heart disease, and heart failure. However, because most research is observational, scientists are still unsure why caffeine may benefit heart health. Some studies suggest antioxidants  in coffee help reduce inflammation, indicating not all caffeine sources offer the same effects. Synthetic caffeine products, such as energy drinks, have been linked to a higher risk of high blood pressure and irregular heart rhythms. Coffee's benefits also diminish when sugar and high-fat creamers are added.  Brewing methods may matter, too. Cardiovascular benefits have been linked most strongly to paper-filtered or instant coffee. Unfilter...
Post a Comment
Read Complete Article HERE>»

Unemployment 101

   Unemployment 101    For millions of Americans , the prospect of becoming unemployed is a persistent source of financial anxiety. The US unemployment rate, or the percentage of people in the labor force who are actively looking for work but aren't currently employed, has long been considered an economic bellwether. Many economists agree that a rate between 4% and 5% is considered healthy. As of June 2026, the US unemployment rate was 4.2%. > Learn how the unemployment rate is calculated. ( More ) > The US Bureau of Labor Statistics' monthly jobs report tracks the unemployment rate and more. ( More ) Americans who are unemployed for up to 26 weeks ...
Post a Comment
Read Complete Article HERE>»

2026 Volunteer of the Year Award

  www.ncofcu.org/voy ================================================= Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Advocacy   Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's
Post a Comment
Read Complete Article HERE>»

Sunday Reading - The Fab Four (Beatles)

  The Fab Four   The Beatles were a 20th-century British band credited with innovating the sound of popular music and, in the process, helping to legitimize rock 'n' roll as an art form. > How the Beatles became the most influential band on Earth. ( More , w/podcast) > Explore Abbey Road Studios, the site of the first ever stereo recordings and home to most of the Beatles' songs. ( More ) The intense fandom for the band, called Beatlemania, began in the United Kingdom in 1963 but did not initially translate into success in the United States. In fact, the band's American label rejected the band's first two singles. Eventually, the band gained tra...
Post a Comment
Read Complete Article HERE>»

LA County firefighters help each other cope with toughest part of the job

This is an excellent program, and no matter what size your department is, you should be prepared. Scott Ross  talks over issues with Firefighter Richard Conejo who was recently affected by the death of a fellow firefighter . They meet under the auspices of the LA County Fire Department's Peer Support Program. **** Read More ; LA County <b>firefighters</b> help each other cope with toughest part of the job :
Post a Comment
Read Complete Article HERE>»

Business Lending Gains May Come From Fresh Capital Seekers

While the degree of optimism varies, a sampling of perspectives from business lending CUSOs suggests an economic upturn may be underway. One sign of how widespread member business lending has become can be seen from figures provided by the Regional CUSO Alliance, which is a collaboration of business lending CUSOs. The group represents 16 regional business lending CUSOs involving 330 credit unions and an aggregate loan portfolio of $2.5 billion. **** Read More : Business Lending Gains May Come From Fresh Capital Seekers :
Post a Comment
Read Complete Article HERE>»