Firefighter Credit Union Newsroom

  *** MEDIA ADVISORY *** LOCAL CREDIT UNION MEETS NATIONAL MILESTONE Syracuse Fire Department Federal Credit Union is the 1,000th Financial Institution to Offer Zelle® for Person to Person Payments Credit Union Members Celebrate with Food Truck, Gifts and Giveaways What: Syracuse Fire Department Employees Federal Credit Union is the 1,000th financial institution in the U.S. to join the Zelle Network ®, offering its more than 6,000 members a fast, easy and secure way to send and receive money with friends, family and people they know and trust. To celebrate this milestone, the credit union is hosting an onsite, member-exclusive launch party. The event will also give up to 1,000 members a chance to request and receive $10 from the credit union using Zelle®. Key Visuals: The event will feature: “Smokey and the Pig” food truck – owned and operated by Syracuse firefighter Paul Veri and retired Syracuse police officer Matthew Erwin. Both are Syracuse Fire ...

ST. PETERSBURG, Fla.—There’s another reason credit unions should be keeping their eyes on cryptocurrency, according to one expert– it may eventually affect non-interest income, especially from debit cards and ATMs, “(Treasury Secretary) Janet Yellen and (Federal Reserve Chairman) Jerome Powell are very interested in central bank digital currencies, having the U.S. dollar issued in digital form,” noted Lou Grilli, senior innovation strategist at PSCU. “It would be stored in a wallet, just like Bitcoin.” Grilli said that could have an impact on debit usage by consumers. “Imagine your credit union members now walking into the credit union and making a deposit or withdrawal to or from my central bank digital currency. I am using the digital dollar instead of my bank account,” he said. And what happens to ATMs? Grilli asked. “Do I need a physical ATM anymore to go and get cash when I have a virtual ATM where I just transfer money from my account into my digital wallet?” Grilli asked. “Th...

WASHINGTON–Fed Chairman Jerome Powell has released a new video in which he said the Federal Reserve is studying technological advances in the global payments landscape and exploring ways that it might refine its role as a core payment services provider and as the issuing authority for U.S. currency. "As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system," said Powell. "In pursuit of these core functions we have been carefully monitoring and adapting to the technological innovations now transforming the world of payments, finance, and banking." According to the Fed, the technology also offers new possibilities to central banks, and it enables the development and issuance of central bank digital currencies, or CBDCs. The Fed explained a CBDC is a new type of central bank liability issued in digital form. While various structures and technologies mig...

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