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Josh Gallo
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Zero - Cost - Zero - Risk

  https://synergycu.org/ _______________________________________________ Check out some of NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
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Not Your Mother’s Credit Union

“Stablecoins aren’t a speculative play. They’re the next evolution of payments — and a chance for credit unions to lead, not lag. It starts with connecting members to DLT rails - the digital wallet. Without that, nothing else can happen. It’s just a new payment rail - embrace it or lose the relationship. It’s that simple.” While ‘ stablecoins ’ were the prevailing buzzword across Money20/20 this year, the credit union industry had a significant presence. Small financial institutions have staked a place in the future of payments. Credit unions  received a significant boost this summer with the enactment of the stablecoin bill into law. The Guiding and Establishing National Innovation for U.S. Stablecoins Act authorizes subsidiaries of federally insured credit unions, such as credit union service organizations, to become issuers. Not Your Mother’s Credit Union A Money20/20  fireside chat  with the regulator for credit unions that I moderated focused on the rulemaking task a...
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TruStage Economic Projections for 2026 - Steve Rick

MADISON, Wis.– Noting it’s “that time a year to make economic projections for 2026,”   TruStage’s   economists are offering their preview for what they believe lies ahead. “We expect real GDP to expand 1.5% in 2026, below the 1.8% pace for 2025, and lower than the 2% long run trend growth rate,” wrote the company’s chief economist, Steve Rick, in TruStage’s newest Trends Report. “Growth will be slightly weaker than normal due to tariff policy uncertainty, restrictive monetary policy and slower labor force growth.” The report states that inflation is expected to be 3% in 2026, only falling slightly from the 3.1% pace this year. “We expect inflation to run above the Federal Reserve’s 2% target as firms pass through any additional tariff costs and the slow growth in labor force will keep upward pressure on wage growth,” the report observes. “This stubbornly high inflation will ensure monetary policy stays restrictive for most of 2026.” The Trends Report notes that the unemploymen...
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Two Members of FOMC Indicate December Rate Cut Not a Sure Thing

  WASHINGTON–Two members of the Fed’s Open Market Committee have indicated they are in no hurry to further cut rates, despite market expectations. “I’m not decided going into the December meeting” and “my threshold for cutting is a little bit higher than it was at the last two meetings,” Federal Reserve Bank of Chicago President Austan Goolsbee said in a Yahoo Finance interview. “I am nervous about the inflation side of the ledger, where you’ve seen inflation above the target for four and a half years, and it’s trending the wrong way.” Goolsbee was interviewed after last week’s Federal Open Market Committee meeting that saw policymakers cut their interest rate target by a quarter percentage point, to between 3.75% and 4%, as officials sought to offset rising risks to the job market while still keeping interest rates in a position where they’ll help lower inflation pressures, noted Yahoo Finance. As the report also noted, Fed Chair Jerome Powell cautioned last week that “a further r...
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What Credit Unions Must Prioritize In 2026’s Payments Landscape

  By Ray Birch ST. PETERSBURG, Fla.— Artificial intelligence isn’t just reshaping the way consumers search, shop, and save—it’s about to transform how they pay. And according to Velera Chief Marketing and Communications Officer Tom Pierce, credit unions that don’t start preparing now risk being left behind as members grow increasingly comfortable letting AI handle financial decisions. They also need to be paying attention to an immediate opportunity to grow their credit card portfolios, he said. iStock-Harsa Maduranga Velera’s newly released Eye on Payments 2025 study—one of the industry’s most comprehensive looks at consumer payment behavior—shows the rise of AI is accelerating at a pace few anticipated. One in three consumers now use AI a few times per week, and more than half already apply it to financial planning or budgeting. Even more striking, 42% said they would feel comfortable using AI to make transactions, and that figure jumps to nearly 80% among Gen Z and younger ...
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Interest-bearing stablecoins could siphon deposits from community banks and credit unions

  WASHINGTON — Warning that interest-bearing stablecoins could siphon deposits from community banks and other traditional financial institutions, the American Bankers Association joined 52 state bankers associations from across the country in submitting a   letter   to the U.S. Department of the Treasury urging strong implementation of the GENIUS Act’s prohibition on interest for payment stablecoins. The letter, which responds to Treasury’s advance notice of proposed rulemaking regarding implementation of the GENIUS Act, emphasizes the need to preserve the law’s core intent: ensuring stablecoins serve as payment tools, not investment vehicles. iStock-Gri-spb “The GENIUS Act’s prohibition on a payment stablecoin issuer paying interest or yield on payment stablecoins reflects Congress’s intent for payment stablecoins to be used for transactions and not as investment vehicles,” the associations wrote. “Treasury must reinforce this intent.” The associations warn that wit...
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Sunday Reading - Near-death experiences, 101

  Scrapes with Death   Near-death experiences, 101 A near-death experience usually occurs in the wake of a traumatic physical event or a reversible clinical death, such as when someone is  revived after a heart attack . While the experience varies, NDEs commonly feature a feeling of detachment from the body, visions of bright lights, a warped sense of time, or religious experiences. Records of NDEs go back to the ancient Greeks and are found across cultures all over the world. The first known clinical observation was recorded  in 18th-century France . In the 1970s, psychiatrist Raymond Moody pioneered the academic study of NDEs as medical events after an acquaintance relayed his own near-death experience. Roughly  5% of the population  is estimated to have a memory of an NDE, with common reports of a feeling of peacefulness (80%), followed by bright lights (69%) and encountering other people or spirits (64%). ... Read our full  explainer on NDEs here ....
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Scott Simpson Marks First Day Leading America’s Credit Unions

  WASHINGTON—  Today, Scott Simpson officially begins as the president and CEO of America’s Credit Unions.  Scott Simpson "With more than 20 years of proven leadership in credit union advocacy and organizational strategy, and several years in public policy and politics, and organizational strategy, Simpson steps into the role with deep experience and a lengthy track record of advancing a unified credit union movement across multiple states and on the national stage—at a time when many Americans are in need of a trusted financial partner," ACU stated, noting the trade group represents CUs holding 95% of the industry's assets and serving more than 144 million members nationwide.  “The credit union movement is at a pivotal moment in history,” said Simpson. “Credit unions have always stood apart by putting people before profit, and that mission is on full display during this governm...
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Fed cuts interest rates for the second time this year

The Federal Reserve on Wednesday lowered interest rates for the second time this year in a continued bid to prevent unemployment from surging. Fed officials voted for another quarter-point rate cut, lowering their benchmark lending rate to a range between 3.75% and 4%, the lowest in three years. It is the first time since the Fed’s rate-setting committee was established in the 1930s that officials have set monetary policy while lacking an entire month of crucial government employment data due to a government shutdown. ____________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
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