Firefighter Credit Union Newsroom

At the end of every year, we all take time to reflect and take stock of where we find ourselves. 2020 will be a year to remember, filled with challenges that have tested our resolve and problem-solving abilities. As the National Council of Firefighter Credit Unions Inc (NCOFCU)  leaders continue to navigate rapidly changing conditions that impact our ability to meet our members' expectations and needs. It's clear that our firefighter, first-responder credit union's resilience is on full display. Our firefighter and first-responder credit unions have become nimbler and more adaptive during this crisis. They have exhibited tremendous perseverance in serving workers on the front lines of this pandemic. We must take this time to celebrate and be proud of our community. Ultimately, our fortitude and our collective purpose – firmly rooted in our need for connection, for answers, for personal growth – will see us through this pandemic and beyond. As 2020 comes to an end, we th...

NEW YORK–Sales of new vehicles in the U.S. are expected to close 2020 down at least 15%, which would mark one of the industry's worst annual declines since at least 1980. Vehicle Sales But as CNBC reported, “In any normal year, such a rapid fall would have meant an industry in crisis. But in 2020, the overwhelming sentiment is ‘it could have been worse’.” CNBC reminded that during the first peak of COVID-19 in the Spring,  sales of new vehicles collapsed as auto plants shuttered and many dealers were forced to close showrooms. J.D. Power even forecast retail sales would decline by as much as 80% in April, leading to likely near-recession sales levels for the year. But retail sales to consumers rebounded far faster than anyone forecast, the report stated. Sales during the second quarter declined by about 34%. They were largely driven by rock-bottom interest rates, historically long financing offers and people wanting to hit the open road instead of taking public transportation or ai...

REQUIRED INFORMATION FOR CREDIT UNION BOARD CHAIRMEN AND MANAGEMENT Board Approves Proposed Rule to Allow Exemptions from SAR Requirements ALEXANDRIA, Va. (Dec. 23, 2020) – The National Credit Union Administration Board unanimously approved, by notation vote, a notice of proposed rulemaking (opens new window) that would amend the agency’s Suspicious Activity Report (SAR) regulation. The proposed regulation would permit the NCUA to issue, on a case-by-case basis, exemptions from SAR filing requirements to federally insured credit unions, when the exemption is consistent with safe and sound practices and can improve the effectiveness and efficiency of Bank Secrecy Act reporting. The proposed rule would also make it possible for the NCUA to grant exemptions, in conjunction with the Financial Crimes Enforcement Network, to federally insured credit unions that develop innovative solutions to meet Bank Secrecy Act requirements. The NCUA expects these amendments will reduce regulatory burdens...

WASHINGTON– The federal government has provided greater clarity around whether employees can be required to get a COVID-19 vaccine before returning to work. The short answer employers can require workers to be vaccinated or otherwise be barred from the workplace, according to the U.S. Equal Employment Opportunity Commission—but the guidance comes with a caveat. thumbnail_EEOC Separately, a panel of the Centers for Disease Control and Prevention has voted to include financial services workers in Phase 1c of COVID-19 vaccinations. The recommendations of the CDC’s Advisory Committee on Immunization Practices mean credit union employees would be prioritized for vaccine doses alongside workers in sectors considered essential but with a substantially lower risk of exposure to COVID-19.

Weekly News Summary 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.    Happy Holidays! Mike Richards, CPA      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. Facing year-end cut off, U.S. banks scramble to extend COVID accounting relief Read More  NCUA Quarterly U.S. Map Review – Third Quarter 2020 Read More  Payments Trends In The Age of Coronavirus Read More  The lasting impact of COVID-era audits Read More   Regulatory and Accounting Issues ...