Skip to main content

First Responders, Last Days - Stop for a Moment & Remember at Least This Name from 2021

By Frank J. Diekmann CUToday

Stop. Before we all race to get into our 2022 resolutions and strategic plans, let’s pause. Let’s breathe (preferably through a mask if we ever want to get this thing behind us). And let’s first remember the credit unions that left us in 2021, from A(rrowpoint) to X(ceed). Let’s remember their stories, let’s remember what they teach us, and let’s especially remember why one now former CU’s name should be practiced by credit unions everywhere, especially if you want to see 2023 and 2033 and 2050 and beyond.

From the beginning credit unions have always been so much more than just little not-for-profit companies no different than the local oil change place or pizza joint; from 1909 on they have always been mirrors to their communities and pages in the American history book inscribed with the words from earlier generations--living, breathing snapshots of different eras until they live and breathe no more.

History pages from this last year that have turned for a last time include Boys Town (sorry, Father Flanagan) and Tin Mill Employees. It was also a goodbye to some old historical legacies that many believe deserve to be forgotten, such as Jeff Davis Teachers (2021 also meant, ironically, goodbye to Legacy CU, too).

Let’s Stand and Turn

So, before we get into this new year, let us all stand slowly and do a 360-degree turn as we wave one last goodbye in all directions, first toward Northern United, Tesoro Northwest, and Northland, then toward South Division, and finally in the direction of a sun setting on Western Districts, Western Rockies, Western Heritage and Western States Regional FCU. 

Place names were once automatic when chartering CUs and why wouldn’t they be? It was the places, after all, that very often put the “field” in field of membership. Today, the fences have fallen, and “rebranded” credit unions select generic, fabricated names that have no geographic ties and suggest in an Internet age they are everywhere and nowhere at the same time.

We shall not forget those places and instead on the CU History Book pages we will record where you once lived, Dane County, Tallahassee Community, Sumter City, Waterbury Police, Des Moines Water Works, SUNY Geneseo, Town of Palm Beach, Virginia Beach Schools, Gloucester Fire Department, Essex County NJ Employees, South Bend Post Office, Romeoville Community (where art thou now?), Credit Union of the Berkshires, Texas, Borinquen Community, Lancaster PA Firemen, First Credit Union of Scranton (no word on whether Dunder Mifflin was a SEG), Greater Watertown FCU, Firestone Lake Charles, Nishna Valley CU, Munseetown Community, General Portland Peninsular Employees, Greenup County, Gloucester Municipal, Columbus Metro, Canoga Postal, Fairmont Village, Groton Municipal Employees, Fort McPherson, and Canaan (named for the land once conquered by the tribes of Israel, but, alas, no match for the tribes from the Land of Financial Services).

If the place name wasn’t automatically in a CU’s name, then a company’s name was. It was other bond in common bond. So, as the days of knowing who the sponsor was/is just by looking at someone’s nametag increasingly fade, we honor you as you SEG-ue into new CUs, Patterson Pump, Meadow Gold Employees, McKesson Employees FCU, Flowers Employees, Burns & McDonnell, Roper Corp. Employees, Holston Methodist, CONE CU, AE Goetze Employees, Norton-Troy Employees, Cal Poly, Central Hanna Employees, Construction Industries CU, Electrogas, and Bacharach Employees (I can only guess that all those raindrops falling on the CU’s head finally became a flood).

First Responders, Last Days 

It’s difficult for the scribe not to notice Continue Reading

Comments

Popular posts from this blog

Cutting Through The Stablecoin Noise—What Credit Unions Actually Need To Know Now

By Ray Birch DOVER, Del.—By any measure, stablecoins have quickly become one of the most talked-about—and least understood—topics in credit union boardrooms. The pressure to “do something” is building, fueled by headlines, fintech momentum and a growing fear of being left behind. But according to InvestiFi CEO Kian Sarreshteh, that urgency may be misplaced. “There’s a lot of FOMO right now,” Sarreshteh said. “If I don’t adopt a stablecoin solution this year, I’m going to be left behind. I would argue pretty strongly that’s very far from the truth.” Instead of rushing to sign up for a Stablecoin pilot, Sarreshteh said credit unions should begin with a more fundamental question: what problem are you actually trying to solve? While stablecoins are often discussed as a potential challenger to traditional payment rails dominated by Visa and Mastercard, he believes that kind of mass-market disruption remains years away—especially in the U.S., where consumers already have fast, convenient opt...

Senate Banking To Vote Thursday On Landmark Digital Assets Bill

“NCOFCU appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear and responsible regulatory framework for digital assets,” said the National Council of Fire Fighter Credit Unions (NCOFCU) leadership. “As lawmakers consider this legislation, it is essential that first responder credit unions are recognized as a vital part of the financial services ecosystem and are not overlooked in the evolving digital asset landscape. Credit unions serving police, fire, EMS, and other emergency personnel must have equitable access to innovation, regulatory clarity, and the tools necessary to continue supporting the financial readiness and resilience of America’s first responders.” Grant Sheehan CEO WASHINGTON—The Senate Banking Committee will vote on the long-awaited CLARITY Act this Thursday, Committee Chairman Tim Scott (R-SC) announced Friday. Tim Scott The announcement marks a potentially major step forward for legislation that would establis...

NCUA Identifies Supervisory Priorities for 2024

ALEXANDRIA, Va.–In a new  Letter to Credit Unions , NCUA has outlined its supervisory priorities and other updates for its 2024 examination program. The agency said the areas identified are those with the highest risk to credit union members and the insurance fund. As CUToday.info has previously reported, growing financial strains and liquidity risks are cited by the agency, as well as the growth in the number of composite CAMELS code 3, 4, and 5 credit unions.  The agency further noted: Its exam flexibility initiative will continue in 2024, extending the exam cycle for certain credit unions. It will continue its Small Credit Union Exam Program in most federal credit unions with assets of $50 million or less. Supervisory Priorities f...

Hood: Credit unions are safe and sound

Hood’s term on the NCUA Board will expire in August.  NCUA Board Member Rodney Hood appeared via live stream with Brad Barnes, Air Academy Credit Union, and Amy McGraw, Tropical Financial Credit Union. The regulator lauds strong membership, asset, and loan growth. Despite recent headwinds, including high-profile bank failures, the credit union movement is still safe and sound, says Rodney Hood, NCUA board member, and immediate past chairman. “We’re not seeing the contagion like at other financial institutions,” says Hood, who addressed the 2023 CUNA Finance Council Conference Monday via live stream. The Silicon Valley Bank (SVB) crisis was one of confidence, he says. Ninety percent of SVB’s deposits were uninsured. In comparison, more than 91% of credit union deposits are insured. “We don’t have those entanglements,” Hood says. “That bodes well for our future.”  He lauded America’s 4,800 credit unions for growing membership to 135 million, assets to $2.2 trill...

7 Secrets For Merger Success | Credit Unions

These best practices will ensure your next merger won’t be your last. By Aaron Pugh  With six mergers completed since 2009 and three more on the immediate horizon, Credit Union of Southern California ($781.8M, Whittier, CA) — commonly referred to as CU SoCal — attributes just over half of its branch footprint and about 70% of growth achieved in the past five years to merger activity. On the opposite side of the country, The Summit Federal Credit Union ($723.7M, Rochester, NY) averaged close to one merger a year between 2003 and 2011, increasing its assets by more than $445 million and adding 12 branches in three regional markets beyond its original Rochester and Seneca Falls footprint. Despite the prevalence of this activity, neither of these institutions has ever actively sought out any merger partner. Instead, they’ve been responding to increased demand from small-to-mid-sized credit unions for cooperative alliances, both for survival and for the enhanced economies of scale ...

Ransomware: 'It's A Growing Issue'

MADISON, Wis.—Ransomware attacks, already a quiet concern that has been growing among credit unions, are expected to dramatically increase this year—with one analyst saying there is “no silver bullet” to prevent the threat. Ransomware is a type of malicious software designed to block access to a computer system or PC until a sum of money is paid. In the case of a financial institution, crooks first use the malware to encrypt the contents of the FI’s data and then extract a ransom in exchange for decrypting the information and allowing the victim to regain access. It’s an issue, according to one regulator source who asked for anonymity that has been growing within credit unions, many of which have paid ransoms to regain access to their data and have chosen not to speaking publicly about the crime. “This has become a huge problem,” said Ken Otsuka, senior consultant in CUNA Mutual Group’s risk management department, adding that CUNA Mutual Group’s cyber liability coverage data d...

Visa, Mastercard Revisions Will Cost Merchants more Than $475 Million Annually, Economist Says

 NEW YORK—The two biggest U.S. card networks are preparing revisions to their interchange schedules that at least one research firm says will cost U.S. merchants an estimated $475 million in additional transaction fees. Though Visa Inc. and Mastercard Inc. have historically revised their rate schedules each April and October, “this April is particularly significant,” Callum Godwin, the Atlanta-based chief economist for CMSPI, a United Kingdom-based research firm, told Digital Transactions. The firm’s estimates indicate the changes in Visa’s rates will add up to a net $145 million in additional cost to acquirers. For Mastercard, the impact will net out to $330 million. The networks do not collect interchange. Merchant processors pay in...

A Perfect Example - What Makes Credit Unions Different from Banks!

When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...

The Most Overlooked Growth Opportunity in First Responder Credit Unions

Credit unions spend enormous amounts of time, energy, and marketing dollars trying to acquire new members. But many institutions — especially sponsor-based first responder credit unions — are sitting on one of the most valuable growth opportunities already inside their existing membership base. The joint owner population. Every day, firefighters, police officers, EMTs, dispatchers, and other first responders join credit unions through sponsor relationships. During account opening, spouses or partners are often added as joint owners for convenience. They help manage the household finances. They use the debit card. They log into online banking. They interact with the credit union regularly. Yet in many cases, they never actually become full member-owners of the cooperative. They are connected to the institution — but not fully part of it. And that creates a major strategic opportunity. Why Joint Owner Conversion Matters For sponsor-based credit unions, converting joint owners into full m...

CEOs of CUNA, NAFCU Offer First Public Remarks Since Announcing Merger Plan; Numerous Issues Discussed

COLORADO SPRINGS, Colo.–The CEOs of CUNA and NAFCU made their first joint appearance  since the two trade groups announced plans to merge, addressing reasons for the proposed merger and what those who may oppose the merger should do, and further speaking to the concerns of smaller CUs and what will happen with conferences, as well as stressing the combination is not being driven by problems at either group. During a 45-minute Q&A at the Defense Credit Union Council (DCUC) annual meeting, CUNA CEO Jim Nussle and NAFCU CEO Dan Berger answered questions posed by DCUC CEO Tony Hernandez, as well as from CUToday.info and members of the audience. As CUToday.info reported here , the two trade groups are proposing to merge and create a new organization called America’s Credit Unions that will be led by Nussle—who was appearing at the DCUC meeting on the 89 th anniversary of CUNA’s creation--with Berger departing NAFCU at year-end. At one point Berger received a standing ...