Firefighter Credit Union Newsroom

Kurt Long ARLINGTON, Va.–What can be done about the lack of growth at more than half of all federally insured credit unions? It’s a challenge for which there is no one clear-cut answer, notes NAFCU. Newly released data from NCUA show that while overall membership in federally insured credit unions continued to grow during the year ending in the first quarter of 2021, 55% of federally insured credit unions had fewer members at the end of Q1 than a year earlier. That data is being reported even as overall, federally insured credit unions continued to experience double-digit asset and share-and-deposit growth over the year ending in the first quarter of 2021. ‘Disparity’ is Apparent “We do see the big disparity between large and small credit unions when it comes to growth especially,” said NAFCU’s chief economist, Curt Long. “That’s true along a number of dimensions. It’s a long-standing trend. If you look at the median, a credit union with $50 million in assets, they are probably not ...

ALEXANDRIA, Va.–NCUA has announced it will be distributing $865.5 million to the 1,800 membership capital account holders of the former Members United, Southwest Corporate, and U.S. Central corporate credit unions. NCUA placed those corporates (plus Constitution Corporate and Wescorp) into conservatorship more than a decade ago as the result of failed investments in mortgage-backed securities that plummeted in value with the housing crisis. The agency also announced the end of the NCUA Guaranteed Notes program and said it “will continue to effectuate its plan to orderly liquidate the remaining post-securitized assets” and make further distributions when possible. “This third round of distributions is the largest to date and another milestone in the NCUA’s successful management of the Corporate System Resolution Program,” said NCUA Chairman Todd M. Harper. “As we wind down the remaining corporate credit union asset management estates, the NCUA will continue to conduct an orderly liqui...

MADISON, Wis.–Credit union yield on asset ratios hit a record low, and every real estate loan category reported positive growth while every consumer loan category (except used cars) saw negative growth through April, according to the newest CUNA Mutual Trends Report, which is also predicting a “surge” in CU mergers during 2023-26. The June Trends Report, which is based on CU community data through April of 2021, also predicts loan growth will “accelerate” in 2022 for a number of reasons. According to the Trends Report, CU yield on asset ratios fell to 3.04% in the first quarter of 2021, the lowest in credit union history. The report notes the ratio has fallen a full one percentage point from the 4.04% set in 2019, right before the COVID-19 pandemic. Continue at CUToday  

Capitalization of Interest Rule to Assist Financially Distressed Borrowers NCUA Board Approves CECL Phase-in Final Rule ALEXANDRIA, Va. (June 24, 2021) – Through a live audio webcast, the National Credit Union Administration Board held its sixth open meeting of 2021 and unanimously approved three items: A final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications. A final rule that would phase-in the day-one adverse effects on regulatory capital that may result from the adoption of the current expected credit losses accounting methodology over a three-year period. An extension of the federal credit union loan interest rate ceiling until March 10, 2023. Capitalization of Interest Final Rule to Aid Members in the Coming Months The Board approved a final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications. This follows a 60-day public comment period that...

  NOFFCU Voted Top Winner New Orleans Firemen's Federal Credit Union | June 18, 2021 Award , Awards , press release   New Orleans Firemen’s Federal Credit Union (NOFFCU) is proud to be recognized as the Top Winner in the New Orleans CityBusiness 2021 Reader Ranking Awards in the Credit Union category. The Reader Ranking Awards recognize outstanding businesses across a range of industries in the Metropolitan Orleans area. Results are driven by readers who nominate and vote for their top businesses. “It is truly an honor to be voted top credit union in our area,” said NOFFCU CEO Judy DeLucca. “This recognition, which was decided by those in our community, reminds us of why we do what we do and the impact we have on people’s lives. We appreciate the trust our members have put in us and will always put them first.”  New Orleans Firemen’s Federal Credit Union is a full-service financial institution serving over 26,000 members across Louisiana and Mississippi, and the se...

WASHINGTON – The Federal Financial Institutions Examination Council (FFIEC), of which NCUA is a member, has released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). According to the FFIEC, the updates affect the following Manual sections: International Transportation of Currency or Monetary Instruments Reporting (PDF) Purchase and Sale of Monetary Instruments Recordkeeping (PDF) Reports of Foreign Financial Accounts (PDF) Special Measures (PDF) “The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work,” the FFIEC said. The FFIEC added the Manual provides instructions to examiners for assessing the adequacy of a bank’s or credit union’s BSA/AML compliance program and its compliance with BSA regulatory requirements and reminded the Manual itself does not establish requirements ...

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Jerome has spoken... and investors didn't clap. Last week, the Fed indicated it expects to raise rates by the end of 2023, sooner than previously projected. The central bank has been pumping $$$ into the economy to keep rates low. Now, investors worry that could end sooner than expected. Higher interest rates can make bonds and savings accounts more attractive compared to riskier assets, like stocks. They also increase borrowing costs (think: credit card interest). Should be an Uber Limo... for the price of that Uber X. The Fed can raise interest rates to slow inflation. ICYMI: things have been pretty #flated recently. Consumer prices jumped 5% in May from last year, the fastest pace since 2008. Here's where you might be feeling the bump: Gas: The pump anxiety is real. Gas prices are up a whopping 56% since last May. Cars: Consider the bus. Used car prices are up 30%, and insurance is up 17%. Flights: Your Miami getaway ...