Firefighter Credit Union Newsroom

Credit union directors face a daunting challenge this year as you consider the annual review of your credit union’s CEO. Many or all of your standard metrics will need to be thrown out and replaced with criteria that is specific to the context of the year. By Tim Harrington and Kevin Smith CEO Annual Review One of the significant functions of the board of directors is to perform the annual review of your CEO. Many of you will face this soon, before the end of the year. So what emoji adequately captures your thoughts on getting ready for that? Confusion, fright, thoughtful, scared, face-palm, nausea, challenge? It’s all of the above, right? The most likely scenario is that whatever you set up last year as part of the strategic plan for 2020 you need to fully or mostly throw aside and you will have to start over. At TEAM Resources we have been working on this issue. We found it challenging as well. We have done research about what other industries are doing. Do you know w...

WASHINGTON—In response to NCUA's proposed rule to create a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) accounting standard on federally-insured credit unions' net worth ratio, NAFCU  expressed support for the concept , but also again called for a longer phase-in option and additional examination flexibility. As the standard currently does not become effective for credit unions until 2023, NAFCU Senior Counsel for Research and Policy Andrew Morris suggested there is still time for an intervention to occur before the industry transitions to a standard that has the potential to "chill lending activities during a period of critical economic recovery." "NAFCU maintains that credit unions should not be subject to the CECL standard given our industry’s record of prudent fiscal management before and after the financial crisis, limited complexity, and structure as not-for-profit, member-owned cooperatives,...

Chairman Hood Reinforces Commitment to Financial Inclusion, Launches ACCESS Initiative ALEXANDRIA, Va. (Oct. 19, 2020) – National Credit Union Administration Chairman Rodney E. Hood today reinforced his commitment to financial inclusion by announcing the launch of the agency’s new Advancing Communities through Credit, Education, Stability, and Support, or ACCESS, initiative. “As Chairman, I have consistently characterized financial inclusion as the civil rights issue of the 21st century,” Chairman Hood said. “There is a clear business case for credit unions to enhance their outreach to underserved and underbanked populations. The NCUA will dedicate resources from across its lines of business to bring more Americans into the financial mainstream and provide them with greater access to safe and affordable financial services.” The ACCESS initiative will bring together leaders across the NCUA to refresh and modernize regulations, pol...

NEW ORLEANS — The first New Orleans firefighters were furloughed on Sunday under a plan requiring six unpaid days off by the end of the year to help stem a precipitous decline in city sales tax revenue during the coronavirus pandemic. The city’s furlough requires almost all 4,700 employees to take the six unpaid days, including police, firefighters and other safety workers, reducing their salaries by about 10% and saving the city $6 million. New Orleans' firefighters' union says the city's furloughs have had an impact on service. The city has required nearly all of its public employees to take at least six unpaid days off before the end of the year in order to offset COVID-19-related budget issues. ...

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What is a NCUA Charitable Donation Account (CDA) Investment? CDA is a hybrid investment which grants a federal credit union expanded investment powers to fund charitable contributions. To qualify as a CDA, the primary purpose of the investment must be to fund charitable contributions. To meet the primary purpose test, a minimum of 51% of the earnings and capital gains must be distributed to charities at a frequency of no less than five years. Gains and interest in excess of the 51% are booked as investment income by the credit union. How does your credit union retain control over the CDA? Your credit union maintains authority over the investment management of the CDA. MEMBERS Trust Company will develop an Investment Policy Statement that is compatible with the credit union’s risk tolerance, investment time period and business objective for its CDA. Investment strategy may be changed at any time by the credit union by simply notifying MEMBERS Trust Company of the need to change ...

NEW YORK—U.S. consumer borrowing unexpectedly fell in August as credit card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment. Total credit decreased $7.2 billion from the prior month after an upwardly revised $14.7 billion July gain, Federal Reserve figures showed. The median estimate in a Bloomberg survey of economists called for a $14 billion increase in August, Bloomberg said. The decline in revolving credit to a three-year low indicates the pace of consumer spending growth is moderating after outsized gains immediately followed the gradual lifting of restrictions on businesses and individuals, Bloomberg said. “The expiration of a $600 weekly supplemental benefit for the unemployed may have also played a role in the drop in consumer charges,” Bloomberg added.  

LAWRENCEVILLE, Ga.—Used vehicle values saw a slight increase in September, thanks to a surge in the values of full-sized pickup trucks, Black Book reports. The company’s Used Vehicle Retention Index hit an all-time high in September (130.8), a +1.8-point change from August (129.0). The uptick in values continues what many analysts have called surprising strength in the used market this year. However, big declines are expected before year’s end. “Overall, the Index increased slightly in September,” said Alex Yurchenko, senior vice president, data science at Black Book. “The increase was driven mostly by the strength of the full-size pickup segment in the first part of September as most of the other segments saw a drop in the Index. We expect the continuation of weakening of most of the segments including full-size pickups in the next several months as the economy remains weak and there is an expected glut of used supply.” The Black Book Used Vehicle Retention Index is calc...