Firefighter Credit Union Newsroom

BROOKFIELD, Wis.–Fiserv said it has entered into a strategic relationship with Bakkt, a digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets. “The combination of expansive capabilities from Fiserv, including the ability to move funds into and out of mobile wallets, with Bakkt’s digital asset platform will enable practical uses of crypto and emerging asset classes,” the company said. According to the company, a future integration of Bakkt into the Carat omnichannel ecosystem from Fiserv will allow businesses to pursue new options for B2B and B2C payouts, loyalty programs, and transactions, all with crypto assets accessible via a digital asset wallet. “Merchants will be able to deliver innovative consumer experiences through a simple integration to Carat and roll out new digital asset offerings that are right for their brand and customers,” Fiserv said. “Carat is a trusted solution for businesses, including fintechs, that want to access a...

Numerous CEO shifts this year directly impact potentially outdated compensation philosophies related to creating a rewards package to retain and reward a newly hired or promoted CEO. Unfortunately, CEOs are often unsure of their performance metrics, short-term incentives, long-term incentives, and retirement package a year or more after they assume a CEO role. The impact is a lack of clarity on success factors between the Board and CEO, which inevitably transfers and translates to a less-than-adequate clarity of priorities and actions within the executive and management ranks. Deedee Myers, Ph.D., MSC, PCC  Direct office:  602-840-1053  Cell: 602-821-9300 https://ddjmyers.com/   Save The Date 10/5-8/2022    

JACKSONVILLE, Fla.— VyStar Credit Union is the latest to offer a service that allows members to be paid up to two days sooner when they link their VyStar checking or savings account with a direct deposit payment. “In an effort to provide members with additional benefits, VyStar is advancing access to direct deposit payments when they are posted to a member’s account, up to two days earlier than most traditional banks,” the credit union said. In most cases, payers post their payment files in advance of the payment date, VyStar stated, adding that when this happens it will go ahead and advance the payment amount to the member’s account right away — resulting in members getting access to their payment up to two days before the actual payment date. “We’re always looking for ways to help our members maximize their financial power, and this unique benefit is a prime example of that,” said VyStar EVP/Chief operations Officer Chad Meadows. “By providing our members with even earlier access t...

CAMBRIDGE, Mass.–A new analysis has found the average ATM surcharge was unchanged from last year at $3.08. “This marks a rare feat, as this surcharge has increased in 20 of the past 23 years, with 2004, 2020, and 2021 being the exceptions,” reported Bankrate.com , which conducted the survey and performed the analysis. “However, every ATM owning bank surveyed will charge non-customers.” The average fee charged by banks when their own customer goes outside the network fell for the fourth consecutive year, to $1.51, a 10-year low and down 12% from the previous record in 2017 of $1.72. The decrease can be linked to continued increases in the number of accounts permitting free out-of-network withdrawals, now 40%, up from 35% last year and 32% in 2019, according to Bankrate.com. The company’s analysis said that in combining the two fees, the average total cost of an out-of-network ATM withdrawal is $4.59, down for the second year in a row, and about 3% below the record high of $4.72 set in ...

Due to digitization, growing consumer awareness, competitive forces and political pressure the days of $35 overdraft fees are fading for many financial institutions. As more banks and credit unions drop or reduce fees and provide alternatives to help consumers bridge short-term cash flow issues, they also need new revenues. Building trust through fee transparency and advice can not only make up the shortfall but put institutions in a better long-term position. In a time of rising consumer awareness, increasing competition and political and regulatory scrutiny, overdraft charges are casting some financial institutions as villains, even if they complying with Reg E or other applicable regulations. A growing number of banks and credit unions are extending grace periods or offering short-term accommodations to bridge gaps in consumer liquidity. As the industry slowly moves away from overdraft fees, banks and credit unions will have to seek new channels to replace the revenues. Read the com...

DALLAS—First there were home equity loans, now consumers can leverage the equity in their automobiles. https://www.otto.xyz/ Otto , a fintech startup that aims to allow people to tap into their vehicle’s equity for access to credit, has raised $4.5 million in a seed round of funding, TechCrunch reported. Among Otto’s financial backers is Mark Cuban, along with several other venture capital firms. The company is building a mobile platform that will essentially let people borrow against their vehicles at the same interest rate as standard credit cards. But unlike other cards, Otto said it will not charge fees or overdraft charges, and will not require applicants to supply their FICO credit scores. Users will be able to remotely verify and collateralize their cars through Otto’s mobile platform, which is set to launch in early 2022, TechCrunch reported. ‘ “Predatory” title loan agreements a bsolutely Crush People" According to TechCrunch, friends and former colleagues George Utko...

ARLINGTON, Va.—Existing home sales rose 7% in September to a seasonally adjusted annual rate of 6.29 million units. This represents a 2.3% decrease in sales versus a year ago. NAFCU's Curt Long noted “existing home sales rose on the month to the highest level since January." "Housing starts fell 1.6% on the month while permits are down 7.7%, but the pipeline of construction is still full with backlogs near a 15-year high," said Long, NAFCU's chief economist and vice president of research. "Until they can catch up, home-builders will limit their sales as they battle labor and material shortages." Sales rose in all four regions this month. The South saw the largest rise, gaining 8.6% on the month, followed by the West (+6.5%), Northeast (+5.5%), and Midwest (+5.1%). Versus a year ago, sales were down in all regions. The median existing home price declined from $356,700 in August to $352,800 in September (not seasonally adjusted). That is a 13.3% increas...

TORRANCE, Calif.–UNIFY Financial Credit Union and Five Star Bank are reporting they have become the first financial institutions in the U.S. to enable their members/customers and members to buy, sell and hold bitcoin. UNIFY Financial and Five Star are offering the bitcoin availability through the integration of solutions provided by NYDIG and the Q2 digital banking platform, according to a statement from Q2Holdings. NYDIG is a financial services firm focused on bitcoin. According to NYDIG’s research, more than 20% of American adults own bitcoin and more than 80% of those individuals would store it with their primary bank or credit union if the service was offered. Additionally, more than 71% of bitcoin holders say they would switch to a bank or credit union that supports Bitcoin, according to the company. “This is an exciting partnership with Q2 and NYDIG and a huge opportunity for UNIFY and our members. We are thrilled to be the first credit union on the Q2 platform to enable members...

The credit union joins only a handful of other CUs that have removed or reduced fees this year. In a first for a credit union in New Mexico, U.S. Eagle Federal Credit Union said it will drop all overdraft fees for personal and business checking accounts beginning Thursday – which happens to be International Credit Union Day. During a virtual press conference Wednesday, U.S. Eagle President/CEO Marsha Majors said, “We’re so proud to be among the first of a very small group of financial institutions that are stepping up to do this.” According to Majors, the Albuquerque-based U.S. Eagle ($1.3 billion in assets, 83,029 members) sees roughly 10,000 to 20,000 of its members each year having to pay some kind of overdraft fee or non-sufficient funds (NSF) fee. Eliminating these fees, which range from $29 to $33 per incident, will result in the credit union losing somewhere between $1.5 million and $3 million each year. However, that does not worry Majors. “Our focus here, along with our strat...

Dear Boards of Directors and Chief Executive Officers: As a follow-up to Letter to Credit Unions 21-CU-03, LIBOR Transition , this letter provides additional reminders related to LIBOR’s discontinuance. Five federal financial institution regulatory agencies, in conjunction with the state bank and state credit union regulators, are jointly issuing the enclosed statement to emphasize the expectation that supervised institutions with LIBOR exposure will continue to progress toward an orderly transition away from LIBOR. [1] The NCUA encourages all federally insured credit unions to transition away from using U.S. dollar LIBOR as a reference rate as soon as possible, but no later than December 31, 2021, and to ensure existing contracts have robust fallback language that includes a clearly defined alternative reference rate. Please contact your NCUA Regional Office or state supervisory authority if you have any questions about this important topic. Read the Letter to Credit Unions   Sav...

On Tuesday, Senate Democrats distributed an update to the controversial IRS reporting requirements that the credit union industry has been very vocally opposed to since it was unveiled in late June. According to the updated proposal rolled out Tuesday, it would require financial institutions to report inflows and outflows of personal and business accounts, as well as transfers between accounts of the same owner, if it is more than $10,000 per year. The proposal floating around for the past four months had the threshold at $600 per year. The requirements do not apply to payroll deposits for wages or to those receiving Social Security benefits. In response to the updated IRS reporting proposal, NAFCU President/CEO Dan Berger said, “It has become abundantly clear that Americans oppose the IRS obtaining additional information on their financial accounts. The updated plan is nothing more than window dressing in an attempt to shore up support for a flawed proposal. Instead of creating financ...

  It’s in. It’s out. It’s in again. On Thursday, NAFCU, CUNA and more than 100 associations sent a letter to all members of the U.S. House of Representatives and Senate asking them to reject a proposed IRS reporting requirement that credit union trades have been pushing back against since July . The proposed IRS reporting requirement would require financial institutions, including credit unions, to report the inflows and outflows of personal and business accounts, as well as transfers between accounts of the same owner, if it is more than $600 per year. The proposal found new life inside the House version of the budget reconciliation bill after it was rejected in the version approved by the House Ways and Means Committee last month. On Tuesday, Speaker of the House Nancy Pelosi (D-Calif.) said the IRS reporting requirement would be included in the House version of the bill. CUNA, NAFCU and other organizations voiced their objections to the proposal in a joint letter. While the l...

In late April 2021, transactions totaling close to six figures from the same retailer hit the credit union in nearly one fell swoop. Transaction data from Air Force FCU’s core provider indicated all the charges were card-not-present purchases, which tipped Miller off to the fraud. The cooperative had to act quickly. Because the retailer, which Miller declines to name, is a large, legitimate business, the credit union couldn’t simply cut off those transactions. However, during its due diligence, Air Force FCU learned the attack came from only one of the several networks through which it processes transactions, and it could shut off transactions from specific card networks. “We made the decision to stop all transactions from that network for two days,” Miller says. “It stopped the fraud in its tracks and gave us enough time to figure out our next move.” The credit union’s chief technology officer along with several risk employees began to thoroughly review Air Force FCU’s daily cred...

NEW YORK–With home prices at record highs following record appreciation in recent years, many borrowers and lenders alike are going to be surprised by a new report from Goldman Sachs that is predicting prices have yet to peak. The investment bank is projecting that home prices will grow another 16% by the end of 2022. “Despite price increases of 20% over the past year, the analysts at Goldman Sachs suggest that homes remain ‘relatively affordable’ thanks to historically low mortgage rates,” CNN Business reported. “But continued strong demand among buyers and ongoing low inventory will keep pushing prices even higher, according to the report.” While the home inventory situation has improved, with more homes for sale and price growth moderating a bit, Goldman's analysts say the supply and demand imbalance is expected to continue through next year, according to the report. “But it is questionable whether demand will remain as strong going forward, given the high prices. About two-...

ALEXANDRIA, Va.–CommonWealth One FCU said it has turned over operations of its entire fleet of ATMs to Dolphin Debit, a provider of ATM management solutions. All of the credit union’s 15 ATMs have been replaced by Dolphin Debit, including those in major select employer group (SEG) locations, the company said. The $440-million credit union has more than 37,000 members, serving Northern Virginia, Washington, D.C., and two counties in Virginia’s Shenandoah Valley, as well as a large number of federal government and other SEGs.  For CommonWealth One, it turned out to be a straightforward decision to partner with Dolphin Debit, as the credit union was coping with an aging fleet and a looming major investment in new machines, according to Dolphin Debit. “We were at a point where we were going to have to replace the fleet because they required upgrades. Our machines were pretty dated. Dolphin provided a way for us to do that cost-effectively,” said Shamus McConomy, chief operations offic...

WASHINGTON–The CFPB said it expects to issue a final rule in January 2022 to assist in covered institutions’ transition away from use of the London Interbank Offered Rate (LIBOR) as a reference rate in consumer credit contracts. The CFPB included a statement related to LIBOR in a report to Congress that was posted on the agency’s website. The Bureau issued its proposed LIBOR transition rule in June of 2020. In its new report, the CFPB said that for creditors for home equity lines of credit (HELOCs) (including reverse mortgages) and card issuers for credit card accounts, the rule would facilitate the transition of existing accounts to an alternative index “well in advance” of LIBOR’s anticipated expiration at the end of 2023. It would also address change-in-terms notice provisions for HELOCs and credit card accounts and how they apply to the transition away from LIBOR, to ensure “consumers are informed of the replacement index and any adjusted margin,” the Bureau said. Card Compliance...

WASHINGTON–What many are calling the newest jobs report disappointing, it has some positives, according to economists with both CUNA and NAFCU. The federal government said that during September nonfarm payrolls rose by just 194,000 in the month, after many analysts had been saying they expected as many as 500,000 new jobs to be reported. According to the fed data, the topline number was hurt by a 123,000 decline in government payrolls, while private payrolls increased by 317,000. Dawit Kebede, CUNA Despite the weak jobs total, the Bureau of Labor Statistics reported wages were up sharply. The monthly gain of 0.6% pushed the year-over-year rise to 4.6% as companies use wage increases to combat the persistent labor shortage. ‘Still Reluctant to Travel’ “Following the Delta surge in August, various indicators started showing signs of improved economic activity,” noted CUNA Senior Economist Dawit Kebede. “The September jobs report is weaker than expected, but the good news is that whi...

NCUA Director addresses NCOFCU attendees in Fort Worth TX.     Thank you very much for the kind introduction. It’s a pleasure to join you today, and I’m especially delighted that conditions are so much improved that we’re able to gather in person. After what we’ve been through the last year and a half, I think we’re all ready for a gradual return to a more normal footing, even if we still have some way to go to reach that point. I spend a lot of time studying what credit unions are doing, and one of the best parts of this job is that I’m regularly reminded of how powerful the credit union model can be for making a difference in our communities. This initiative is a true testament to the strength of that model. I certainly look forward to checking in on the progress of this program so we can see how it works – it looks like a promising experiment.  Read his complete p...

Fort Worth, TX October 2, 2021 - Credit Unions serving first responders from across the country met in Fort Worth, TX on September 29 - October 2 to discuss issues facing their credit unions. This was NCOFCU's 20th annual meeting for credit unions serving the firefighter and the first responder community.  NCOFCU CEO, Grant Sheehan, said: "The conference was very well attended by credit unions from across the country." Sheehan added, "This is not your run-of-the-mill conference. It's unique, as all attendees have a common bond in serving their select group of members– firefighters and first responders." Key topics discussed included the national economic outlook, mobile banking, business lending, legislation, NCUA regulatory update, executive succession planning, salary setting methodologies, new technology coming at CUs, case study marketing programs, implementing social media programs, and both business and personal cybersecurity. Speakers included Rodney ...