Richard & Associates News Summary

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.

Have a great week!

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.

Gain momentum and propel the board forward Read More

Fed expects to keep supporting economy ‘for some time,’ minutes show 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.

Appeals court: Websites not subject to ADA Read More

Interim final rule provides CUNA-League sought PCA flexibility 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 Apple Store manager indicted in $1.5 million COVID relief fraud case Read More

A fugitive for two years, Danville embezzlement suspect arrested after running from gunfire Read More

Former credit union CEO pleads guilty to embezzlement, tax charges Read More

8 Best Fraud Prevention Tactics for 2021 Read More

Comments

Let the Truth be Told - Why a New NCUA Rule Could Jolt Credit Union Innovation

The National Credit Union Administration has finalized a rule to improve board and executive succession planning within the credit union industry. This strategic move aims to curb the trend of mergers driven by technological stagnation and poor succession strategies, ensuring more credit unions maintain their independence and enhance their technological capabilities. By Ken McCarthy, Manager of marketing communications at Tyfone Credit unions are merging out of existence because of an inability to invest in technology, the National Credit Union Administration Board wrote when introducing its now finalized rule on board succession planning. The regulator now requires credit unions to establish succession planning for critical positions in their organizations. But it’s likely to have even wider effects, such as preserving more independent charters and shaking up the perspectives of those on credit union boards. “Voluntary mergers can be used to create economies of scale to offer more or ...

Read Complete Article HERE>»

Armand Parvazi MBA CUDE - Last Friday marked his last day with New Orleans Firemen’s Federal Credit Union.

It’s been an incredible journey, but it’s bittersweet to announce that Friday marked my last day with New Orleans Firemen’s Federal Credit Union. We've accomplished so much together in my six years as Chief Administrative and Development Officer. Some of the highlights: Implemented a data-driven marketing strategy that delivers over 1,800% annual ROI. Developed automated triggers to ensure members receive the right offers at the right time. Grew assets by 61% and increased products per new member from 1.88 to 2.62. Converted online banking to enhance the member experience. Introduced a loan origination system for faster and more efficient loan processing. Transitioned to a mobile-first financial institution to meet members where they are. Pioneered the first Cancer Care loan pause program in the nation (in collaboration with Andy Janning ) Secured nearly $17 million in grants for our impactful work. Expanded our field of membership to 35 parishes and counties and added numerous fi...

Read Complete Article HERE>»

Biggest Social Security Changes for 2025

Chris Gash Facebook Twitter LinkedIn Monthly payments are going up, and drop-in service at SSA offices is largely going away The cost-of-living adjustment (COLA) may be the most widely anticipated way Social Security changes from year to year, but it’s far from the only one. Inflation, wage trends and new policies directly affect not just the more than 68 million people receiving Social Security benefits but also the estimated 184 million workers (and future beneficiaries) paying into the system. Here are seven important ways Social Security will be different in 2025. 1. Cost-of-living adjustment Inflation continued to cool this year , resulting in a 2.5 percent COLA for 2025 for people receiving Social Security payments, down from 3.2 percent in 2024 . The estimated average retirement benefit will increase by $49 a month, from $1,927 to $1,976, starting in January, according to the Social Security Administration (SSA). It’s the lowest COLA i...

Read Complete Article HERE>»

Firefighter Credit Union Newsroom

Search This Blog