Firefighter Credit Union Newsroom

A big part of doing your duediligence, should be taking an in-depth look at a third party's Disaster Recovery and Business Continuity plan. You should be asking when was the last time it was tested? What were the results? Can you get a copy? At OMNICOMMANDER.com we take this very seriously. Since our headquarters are located in beautiful Miramar Beach, on the Gulf Coast of Florida, we actually get to test out our plan a few times a year. Any named storms that decide to roll through town allow us to go right into our business continuity plan. It's one of the reasons we chose our second fully staffed location to be in Nashville (different grid, climate, live music, hot fried chicken, etc...) The servers that run our over 400 websites are located throughout America in the Northeast, Central (ahem, Texas) and the Pacific Northwest. We have a 4th location in Europe just in case. In the event that any of these were to become unavailable, our websites would still be up and available....

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the central bank will not start raising interest rates until it believes its goals on maximum employment and inflation have been reached. Powell also warned that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs. As he did before the Senate Banking Committee on Tuesday, Powell told the House Financial Services Committee that the Fed is in no hurry to raise its benchmark short-term interest rates or to begin trimming its $120 billion in monthly bond payments used to put downward pressure on longer-term rates. Financial markets, which had begun to wane Tuesday on fears that higher inflation might trigger an earlier-than-expected tightening of credit conditions by the Fed, rebounded on Powell’s comments. That trend extended into Wednesday with the S&P 500 index rising more than 1 percent. Powell said the Fed does not see any...

Introducing the Doorways to Success Series: Financial Mastery So, what do Bob Ross and Tim Harrington have in common? More than you’d think! They both paint and they both make difficult things seem much easier. The Financial Mastery series is a new approach to learning credit union financials, which are a requirement for all credit union board members and a tremendous value for all those who rely on ratios and balance sheets to keep the credit union running. The TEAM Resources Doorways to Success Series: Financial Mastery is a series of five videos taught by Tim Harrington, CPA. Tim has an international reputation for his ability to communicate complex financial concepts into plain language and images. Train your entire board with one purchase. This video series captures the true dynamic of a Tim Harrington class. This is NOT a recorded PowerPoint with audio or a podcast with handouts. It’s definitely NOT a webinar. This series captures on video the real energy and style of Tim’s teac...

LAKE FOREST, Ill.—A Top 10 List of issues to watch for in 2021 when it comes to overdrafts is being offered to credit union leaders to help provide guidance and avoid costly mistakes. Michael Mobes will be a speaker at NCOFCU's Annual Conference this year in Fort Worth, TX. This list, assembled by Moebs Services , which does extensive research into overdraft practices at financial institutions, is included in a report that pays particular attention to the risks to revenue. Michael Moebs, economist and CEO at Moebs Services, said the cautionary list related to overdrafts differs from those in previous years, due largely to changing consumer behavior during the pandemic. The company assembled its Top 10 List from consumer data gathered in November from 87,181 depository locations across the U.S. and from several of its own recent reports. “We’ve put all of these road signs in one place because banks and credit unions need to be aware of how the overdraft landscape is changing,” said ...

 ALEXANDRIA, Va.—Stating the agency has attempted to avoid charging credit unions a premium during the pandemic in order to replenish Share Insurance Fund’s sliding equity ratio, NCUA Chairman Todd Harper suggested credit unions should nonetheless prepare for a premium to be assessed. But the agency’s other two board members didn’t sound so convinced, and at least one of them would have to vote in favor for any premium to be charged in the future. Harper, during the agency’s board meeting, also said premiums are only a short-term solution and the agency should work with Congress to obtain greater flexibility to manage the NCUSIF, so funds can be built up during good times to avoid premium assessments during difficult periods. The potential for a premium comes at the same time the credit union trade associations have argued no premium is necessary for several reasons, including that the declining equity ratio is the result of an influx of deposits and not due to the failure of any C...

ALEXANDRIA, Va.–The NCUA board has voted 3-0 to approve a change involving joint ownership share accounts. The change to Final Rule Part 745 is relatively minor in that it codifies a practice already in place at many credit unions when it comes to the use of electronic signatures. The rule would only apply in cases where a credit union fails and a jointly owned account is affected. The rule was finalized largely as proposed, with the agency saying it will provide targeted regulatory relief by allowing federally-insured credit unions to use information in account records to establish co-ownership of the share account and satisfy the signature card requirement. The final rule includes a clarifying change "to better convey the examples of evidence of co-ownership in the proposed regulatory text do not define the only form of evidence that could satisfy the signature requirement," according to NCUA. It is set to take effect 30 days after publication in the Federal Register. NCUA ...

Callahan & Associates Helping members is the heart of the credit union industry. We’ve been talking to credit union leaders and experts at Gallup about the difference between financial health and financial wellbeing, how to measure them, and what it means for credit unions and their members. Here are some insights from our recent Financial Wellness theme week on CreditUnions.com: What Financial Challenges Do Members Think They’ll Have In 2021 – A poll by Gallup directly asked credit union members: “What financial challenges do you anticipate in the next six to 12 months?” Read more about the three prominent themes and how to help members. Driving Market Differentiation Through Member Engagement – This webinar shares key takeaways from Gallup’s Financial Services Study and provides details on how credit unions can differentiate in today’s environment by focusing on the person behind the member. Watch here. What’s In A Name: Director Of Financial Wellness And Wellbeing – In this...

Join Michael McCormick in a Rapid-Fire interview (third in a series) with CEO Tim Green F&A Fire Dept FCU, as to how his credit union is doing during this time of COVID and what he feels the future holds.  https://youtu.be/R8ZgWn2JXIM Since we cannot get together this year, we thought we would bring the speakers to you. Stay tuned for more interviews. Join us on our YouTube Channel " NCOFCU ," which has interviews, training webinars, and exhibitor presentations. NCOFCU’s National Board of Directors Chairman: Michael McCormick Director San Diego Firefighters FCU  1st V. Chairman: Bonnie Sensing Nashville Firefighters CU  2nd V. Chairman:  David Lantrip Director Houston Firefighters FCU Treasurer: Gene Benick NCOFCU  Secretary: Brian Kurzel Director Charlotte Fire Dept. CU Directors:  Linda Williams CEO Akron Firefighters CU, Michael Tobler Chairman Albany Firemen’s FCU, Andy Doyle Chair. F&A CU, John Cowin Chairman Syracuse Firef...

The NCUA does an effective job of investigating consumer complaints, but often does not determine whether the complaint was a violation that should be sent to agency officials conducting examinations of credit unions, the agency Inspector General said, in a just-released report. “Based on our review of complaints, we determined that the agency’s consumer complaint process focuses mostly on assisting consumers with resolving consumer complaints with their credit union as opposed to determining whether the credit union has violated a law or regulation,” the IG said. The report is particularly timely, as the NCUA board debates whether the agency should focus more attention on consumer protection issues. New board Chairman Todd Harper has said that the NCUA is the only banking regulator that does not conduct separate consumer protection tests and that he wants a more concentrated focus on the issue. When he was chairman, board member Rodney Hood resisted Harper’s efforts to increase consum...

Credit union earnings will be continue to be depressed over the next two years because of low interest rates and less non-interest income, according to CUNA’s latest forecast. CUNA’s economic and credit union forecast released Feb. 12 expects the economy to improve much faster than it forecast in November, but it remains pessimistic about credit union margins. CUNA estimates return on average assets (ROA) for the 12 months ending Dec. 31 was 0.65%, down from 0.93% for 2019. And, it is predicting that ROA will fall to 0.50% both in 2021 and 2022. The forecast is a product of collaboration between economists at CUNA and at CUNA Mutual Group, both of Madison, Wis. Last year’s ROA “was propped up by fees from significant sales on mortgages and PPP [Payroll Protection Program] loans,” said Jordan van Rijn, CUNA senior economist and the report’s author. “Overall, the very low interest rates and falling loan to share ratio means that credit unions will be forced to place funds in low yieldin...

ALEXANDRIA, Va. (Feb. 16, 2021) – The National Credit Union Administration’s four funds again earned unmodified, or “clean,” audit opinions for 2020, according to audited financial statements released today by the agency’s Office of the Inspector General. The complete 2020 financial statement audits are available on NCUA.gov. The financial statements, audited by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.   View the entire press release

ALEXANDRIA, Va.–Saying his “whole heart is in NCUA, its vital work and its mission,” new NCUA Chairman Todd Harper used an introductory webinar to outline his regulatory philosophy and more, while other senior agency officials also touched on issues ranging from examination priorities to concentration risk to liquidity ratios. The webinar also included a Q&A with credit unions, which is reported below. Harper, who was elevated by President Biden to the chairmanship after serving on the NCUA board, said credit unions now sit “at the intersection of several crossroads,” noting on one of those roads are credit unions that are prospering, but on another are many CUs that are struggling with earnings. Harper said when he first joined the NCUA board he established several priorities for the agency, including capital and liquidity, consumer financial education, and diversity, equity and economic inclusion. “In the many months ahead these priorities will guide our agency’s decisions.” Harp...

WASHINGTON–Credit unions that issue cards with travel-related rewards programs may see a mild rebound in 2021, but the volume will remain down significantly from pre-pandemic levels. Travel Plans A new survey conducted by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) shows consumers are optimistic about traveling again in 2021, with 56% reporting they are likely to travel for vacation this year. “That represents a significant decline from pre-pandemic levels, when approximately 70% of Americans took a vacation in any given year, according to OmniTrak (TNS) data,” reported the AHLA. “Since the onset of the pandemic, just 21% of survey respondents reported traveling for vacation or leisure, and only 28% reported staying in a hotel. Prior to the pandemic, 58% of survey respondents said they stayed in a hotel at least one night per year for leisure, and 21% stayed at least one night per year for work.” Other Findings The survey also found that whil...

While there have been fears expressed by some of a repeat of the housing bubble that led to the housing crisis just over a decade ago, numerous real estate analysts say they believe the market fundamentals are much stronger now and that the sharp increase in home prices reflects low rates, a lack of inventory, and demographics. To be sure, the market is hot in many markets, with home sellers receiving multiple cash offers, often over the listed price, on homes. Some analysts, including those at Swiss banking giant UBS, have published charts showing how home prices are outstripping both wages and rents, reported USA Today. Home prices have appreciated more than 60% since November 2012, incomes have only appreciated by 20% and rents by 30% over the same time period, the report added. “But unlike the real estate boom that led to the Great Recession, this nationwide price spike is not being fueled by a wholesale collapse in lender ethics,” USA Today reported “There aren't any low-doc o...

The interest rate for a 30-year fixed-rate mortgage has hovered around the 3.0% mark for six months, making this a desirable time to buy or refinance a home. Indeed, performance data from the second half of 2020 shows refinancing is soaring at credit unions. At Star One Credit Union ($10.0B, Sunnyvale, CA), though, modifications are more popular than refis. California’s fourth-largest credit union by assets is headquartered in the heart of Silicon Valley. It holds its first mortgage originations on the books so it can offer competitive terms both at the time of origination as well as later in the life of the loan. For decades, Star One has modified the interest rate and monthly payments on active loans in good standing upon request, driving loyalty among members. All in all, the credit union’s real estate modification program boasts a process that is easier and more member-friendly than a refinance, says Victoria Tabler, Star One’s vice president of real estate lending. And there’s no ...

January 2021— LOS ANGELES, CALIFORNIA – Firefighters First Credit Union launched Digital Receipts within their mobile banking app, FireFirstCU. Digital Receipts allows members to capture purchase receipts from any source—paper, email or online—and store them in a single, searchable cloud database accessed from any mobile device. “Paper receipts are a nuisance,” said Kelly Ramsay, Firefighters First Credit Union’s Senior VP, Marketing. “Most of our members don’t have a good system for keeping them. Email receipts makes tracking purchases easier but merging them with paper records becomes a headache at tax time. Digital Receipts solves everything.” The Digital Receipts feature also allows users to set alerts for returns. “I think everyone has had the experience of hunting down a paper receipt for an item you want to return, only to find you’ve missed the allowable return window,” said Ramsay. “You can capture a receipt and set an alert right at the point-of-sale. It only takes a few sec...

WINSTON-SALEM, N.C.–Piedmont Advantage Credit Union has selected Houston-based Dolphin Debit, the full-service ATM management company, to manage its fleet of ATMs. The $390-million credit union has a dozen ATMs, which are deployed at most of its branches as well as other high-traffic locations. When it turned over the management of its machines to Dolphin Debit, it also got all-new ATMs installed at its many service locations. Piedmont Advantage had been thinking about outsourcing for some time before committing to Dolphin Debit, according to Sandy Milton, VP-service strategy with the credit union. “We started talking with Dolphin Debit a couple of years ago,” Milton said, “and the more we learned about outsourcing and Dolphin Debit’s expertise, the more we became impressed with Dolphin’s ATM network services.” Smart ATM Technology She noted that Piedmont Advantage did consider a couple of other companies before deciding to partner with Dolphin Debit. “Dolphin Debit’s outsourcing servi...