Firefighter Credit Union Newsroom

 Jose Triana SideCar For most people, Web3 is an often confused and hard-to-imagine future version of our world complete with its own financial systems and virtual realities we’ll use to interact. And while many of these new technologies sound exciting, a polished and functional version of them is still a ways away.  However, many of the tools and systems that will be used in the future are already being experimented with and are quickly making their way into the association and non-profit industry.  This is why having a basic knowledge of Web3 terms and concepts is key to not only understanding the possibilities for your organization, but also the future implications you need to prepare for as an association leader.  Understanding Web3 At its most basic, however, Web3 is a future iteration of the internet that will be secured by blockchain technology, likely immersive and decentralized, and using alternative finances to keep things moving.  ...

  By Ray Birch CUToday MADISON, Wis.—As employees are being called back to the office, are credit unions effectively executing the hybrid work environment? A new analysis by the Filene Research Institute offers some answers on what’s working and what is not. According to Filene, the data show the response is mixed. The credit unions that are handling the current shift well are doing so by engaging employees and building trust, while those that are failing in the transition are losing leadership credibility, staff and are stifling the innovation that’s needed to drive the organization forward. “Back to office policies often fall in the crosshairs of worker concerns these days, particularly for white collar workers,” said Pa...

 NEW YORK–Banking will be centered around the smartphone by 2030 as all countries become functionally cashless, according to a new analysis from GlobalData. The analysis forecasts that even developing nations in Asia and Africa are jumping straight from physical cash to mobile payments, and that $140 trillion worth of transactions will be made by mobile wallets by 2030. This prediction is part of GlobalData’s latest report,  ‘Tech in 2030 – Thematic Research’ , which highlights that—especially in the wake of COVID-19—"consumers are finding it more convenient to manage their finances online, with financial services often embedded into apps.” Accelerated Adoption “The omnipresence of smartphones has accelerated the adoption of digital w...

After a pandemic-era spike, American consumers are saving at a lower rate than they have in over a decade. PERSONAL SAVINGS RATE FOR U.S. CONSUMERS | DATA AS OF 06.30.22 SOURCE:  Federal Reserve Bank of St. Louis The personal savings rate, or personal saving as a percentage of disposable income, hit 5% at midyear, marking a return to relative normalcy after a pandemic-induced spike and subsequent decline.   Although the current rate is broadly in line with normal trends, it marks a slight decline from traditional midyear figures, and is 1.5 percentage points below its lowest figure in the past decade. The rate has not been this low in more than 10 years, landing at 4.5% in August 2009, when the nation was still dealing with the fallout from the financial crisis and the Great Recession.   The shift is partly the result of a return to normal deposit activity after government relief efforts to combat COVID-19 wrappe...

Mortgage Bankers Association reduces its fourth-quarter forecast for purchase mortgage originations. By Jim DuPlessis | September 26, 2022 at 05:15 PM Mortgage rates started the week at their highest level in 20 years as the Mortgage Bankers Association continued to pare back expectations for mortgage originations this year. Investopedia.com reported that the average rate for a 30-year fixed-rate purchase mortgage was 6.96% on Monday. Compared with average weekly data from Freddie Mac going back to 1971, it was the highest rate since it was 6.99% for the week ending April 12, 2002. The Mortgage Bankers Association last week lowered its forecast for fourth-quarter purchase originations for the sixth month in a row. It said it now expects homebuyers will take out $372 billion in mortgages in the fourth quarter, down 23% from a year earlier and down 4% from the $388 billion it forecast for the third quarter. The Sept. 19 forecast left refinanc...

Experts believe "a brief and mild recession" will happen and "the U.S. economy should start to expand again toward the second half of 2023.” By Alan Goforth | September 23, 2022, at 01:00 PM (Photo: Shutterstock) Although there may be a light at the end of the tunnel late next year, economists expect the economic downturn to linger well into 2023. “It is our expectation that we will continue to see inflation gradually slow over the course of 2022 and into 2023,” says Eric Lundh, principal U.S. economist for The Conference Board. “That being said, we do not expect the Fed to realize its 2% target even toward the end of next year. What this means in terms of monetary policy is that we will continue to the Fed’s fund rate increase close to 4% in early 2023 and hold there.” Lundh and Dana Peterson, the organization’s chief economist, shared their insights during the Sep. 16 webinar “The Strangest Recession: Making Sense of the Economic Down...

NORTH BEND, Wash.– Sno Falls Credit Union is reporting that when it needed an ATM upgrade in a hurry, it was able to do so thanks to an assist from   Dolphin Debit . According to the company, Sno Falls, which serves members in the Snoqualmie Valley east of Seattle, has been a Dolphin Debit client for seven years. Earlier this year it was alerted by the company that serves as the backend for Sno Falls’ deposits that all of its ATMs needed a security upgrade within months. “If we didn’t get that done, we would lose the ability to take ATM deposits,” said Abbie Lankford, chief experience officer for Sno Falls. “We couldn’t have that.” Because the ATMs that Dolphin Debit installed in 2015 were nearing their end of life anyway, the company said...

  ARLINGTON, Va.—Existing home sales declined by 0.4% in August to a seasonally-adjusted annualized rate of 4.8 million units. Curt Long This represents a 19.9% decrease in sales compared to 2021. “Existing home sales fell for the seventh straight month in August, but by the smallest amount of any month within that period,” said NAFCU Chief Economist and Vice President of Research Curt Long.  The median existing home price declined by 2.4% in August to $389,500, which Long said is “in line with typical seasonal changes at the end of summer.” “Inflation and Fed rate hikes have pushed mortgage rates to more than 6%, sidelining many potential buy...

  ALEXANDRIA, Va.–The NCUA board, meeting for the first time in-person at agency headquarters in 30 months—and with Vice Chairman Kyle Hauptman attending his first-ever in-person meeting—has approved new rules for expelling members from credit unions. (L-R) Kyle Hauptman, Todd Harper, Rodney Hood The new NCUA rules—technically Part 701, Appendix A, Federal Credit Union Bylaws, Member Expulsion—were outlined to the board by Rachel Ackmann, senior staff attorney in the Office of General Counsel. The updated rules follow the March 15 th passage by Congress of the Credit Union Governance Modernization Act, which required NCUA to develop a...

Jose Triana  September 22, 2022 SideCar Just when we thought we were turning the corner on the Great Resignation and a hiring and retention crisis, there’s a new term to worry about – quiet quitting. While not an entirely new phenomenon, quiet quitting is quickly gaining in popularity as professionals share their experiences on social media and shifting mindsets around work continue to evolve in a post-pandemic world.  So, is this a problem associations should be considering, and how can organizations get proactive about addressing these concerns? What Is Quiet Quitting? Not every day at work is going to be the best, and maybe on those tough days, you check out a bit, do the bare minimum and live to fight tomorrow. However, for some professionals, this has become the everyday norm. But that isn’t the only problem. While most definitions of quiet quitting often harp on the fact that staffers are doing the bare minimum, it usually has to do more with engagem...

Paul Davidson, USA TODAY Wed, September 21, 2022 at 2:00 PM · 4 min read WASHINGTON--The Federal Reserve barreled ahead with a third straight outsize interest rate hike Wednesday in an effort to squash high inflation but economists worry the campaign is increasingly risking a recession by next year. The Fed raised its key short-term rate by three-quarters of a percentage point to a range of 3% to 3.25%, a higher-than-normal level designed to ease inflation by slowing the economy. It also significantly bumped up its forecast for what that rate will be at the end of both this year and 2023. Fed officials now predict the key rate will end 2022 at a range of 4.25% to 4.5%, a full percentage point above the 3.25% to 3.5% they projected in June, and close out next year at 4.5% to 4.75%, according to their median estimate. That suggests the central bank could approve another three-quarters point hike at its November meeting and then a half-point rate rise in December. But within ...

LAWRENCEVILLE, Ga.—With electric cars (EVs) growing in acceptance and sales, a new tool is available to help consumers and lenders better understand the range (mileage capability on one charge)—and value—of each EV model. Black Book reported that it is integrating its VIN-specific data into a valuation tool built on Recurrent’s new Range Score. “Range Score makes it easier to understand expected range in a used EV by comparing a car’s current expected range to what was normal when new, which often differs from its EPA-rated range,” stated Black Book.  Added Jared Kalfus, president of Black Book, “By combining our vehicle valuation data with Recurrent’s battery health data, consumers and dealers alike can access first-of-its-kind insight int...

We’re all experiencing it. Longer phone hold times with customer service support, less prompt service at restaurants, reduced flight options when booking a trip for Labor Day weekend, and longer wait times in doctors’ offices. Some would consider COVID-19 to be a primary reason that businesses may be struggling. That may have been the case two years ago, but now there is a new obstacle that companies across the U.S. are dealing with. Employee retention rates are at an all-time low, and if things do not change, those rates will continue to decline. It’s easy for business owners to blame COVID-19 for this issue, but the truth is that employee retention is down due to employers. Harvard Business Review states that, while the pandemic may have spurred the mass exit from the workforce, there were several underlying issues that played a role in this exodus. If companies can own their part in this issue, then not all hope is lost. It’s time to take a fresh look at how your prog...

By Sarah Miller, Ashley Putnam From Philadelphia to Atlanta to Portland, communities rallied behind workers who couldn’t shift to remote work at the beginning of the COVID-19 pandemic. When 7 pm came around, neighbors stood on their front steps and leaned out windows to applaud health care workers. Handwritten signs supporting grocers, farmers, and first responders decorated windows and lawns. Drivers found snacks and thank-you notes on porches as thanks for delivering packages safely. Workers who could not work from home even got a new name: Essential . As the pandemic marched on, life resumed some measures of normalcy. You may find yourself eating inside restaurants or shopping more frequently in stores. Once again, more of us are traveling to see family or friends, or to get away for a long-delayed vacation. You might also notice that fewer workers seem to be doing those “essential” jobs we celebrated not too long ago. More jobs than jobseekers The question eve...