Firefighter Credit Union Newsroom

With a recession on the minds of consumers, executives at banks and credit unions might be tempted to cut back on marketing investments. But the opportunity for outsize gains is there for those who are willing to pivot instead. Rather than doing less marketing, try new marketing tactics that strengthen connections with consumers in these uncertain times. Lean into these three trends —unbundling, personalized experiences, and new technology — to get started. Fears of a recession — which have loomed large in recent years — have now evolved into expectations of one. A July 2022 McKinsey Consumer Pulse survey indicated that 30% of consumers were bracing for not just a recession but “one of the worst recessions we have seen” — a significant increase in this grim expectation over 2021 (18%) and 2020 (14%). For bank and credit union marketers, acknowledging the economic climate is key. The challenge is to adjust messaging to reassure and educate consumers, while still capitalizin...

WASHINGTON– NCUA has joined with four other federal financial regulatory agencies and state credit union regulators in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end on June 30, 2023.  “The statement reiterates the agencies’ expectations that financial institutions with USD LIBOR exposure should complete their transition of remaining LIBOR contracts as soon as practicable. Accordingly, the (agencies are) urging banks and nonbanks alike to continue their efforts to adequately prepare for the sunset of USD LIBOR,” the agencies said in releasing the statement. The statement notes that the financial services industry uses USD LIBOR as a reference interest rate for many consumer financial products, in...

OMAHA, Neb.– Saying it was facing higher costs for aging ATM replacement, Omaha Firefighters Credit Union said it has selected  Dolphin Debit  to manage its ATM operations. According to the company, the credit union, which serves firefighters throughout the state of Nebraska and neighboring Council Bluffs, Iowa, says it is already seeing benefits from the relationship with Dolphin Debit, which provides full-service ATM management services. “We have a small staff, and it took time and effort to deal with the ATM,” said Scott Winkelmann, president of Omaha Firefighters Credit Union. “Dolphin has taken the burden off us, and now it is a pretty easy system.” Dolphin Debit said the main factors in the decision to selects its solutions were t...

ARLINGTON, Va.—Existing home sales fell 2.4% in March to a seasonally adjusted annual rate of 4.44 million units, a “stark contrast” to the 14.5% rise in February, NAFCU noted. “Most buyers lock in rates a month prior to the purchase date, therefore, rising rates in February likely impacted March sales totals,” said NAFCU Chief Economist and Vice President of Research Curt Long. “A lack of inventory buoys prices in places that continue to see job growth, however, prices are moderating in the most expensive locales around the U.S.” Existing home sales in March fell across three of the four regions, with the Midwest falling 5.5%, followed by the West (-3.5%), and South (-1%). Sales in the Northeast were flat. Based on current sales, the...

CUs should make smooth and comprehensive digital transformations a central priority in the coming years. By Omar Jordan  The digital banking experience. (Source: Shutterstock) Credit unions are in the middle of a sweeping digital transformation that is fundamentally changing how they provide services and interact with members. The future will be built around automation, accessibility and the digital tools necessary to facilitate this shift. What if credit unions shifted the resources currently allocated to maintaining their physical branches toward digital services? This change in emphasis will no longer be optional in the coming years. Consumer expectations are rapidly moving away from brick-and-mortar banking experiences and toward a much more streamlined, on-demand approach to managing money. Although credit unions will always be people-focused businesses, there’s no contradiction between this fact and the digital transformation that’s taking p...

By Jim DuPlessis | April 21, 2023  Source: AdobeStock. Electric vehicles sales are growing far faster than those for cars with internal combustion engines, and some credit unions are giving members breaks to finance them. Last year, Americans bought 762,883 electric vehicles, 65% more than in 2021 and three times more than the 230,761 sold in 2019, according to the CleanTechnica website . This year, Cox Automotive forecast new car sales will rise 2.9% to 14.2 million, while electric vehicle sales will surpass one million, which would represent a 35% gain. In the first quarter, electric vehicle sales were 258,882, up 42% from a year earlier. Electric vehicles accounted for 7.2% of sales of new cars and light trucks in the first quarter, up from 5% a year earlier and 0.7% five years earlier. In an April 12 news release , Cox Automotive said its analysts believe EV sales growth rates will exceed the market “for the foreseeable future.” “Many ...

CUPERTINO, Calif.–Consumers can now turn to their iPhones for a high-yield savings account. Apple has announced that holders of its Apple Card can open an account with a 4.15% APY as the company jumps into the increasing competition around high-yielding savings products. As CUToday.info just reported here , many smaller institutions—a relative term when CUs and banks are compared—are being forced to raise interest rates in order to stem the outflows, according to one new analysis. The offering comes in the wake of the introduction by Apple of its Apple Pay Later offering, a buy now, pay later solution. Apple has partnered with Goldman Sachs on both of its newest offerings as it seeks to transform its iPhone into a digital wallet that can help keep consumers linked to the software ecosystem behind its devices, according to analysts. ...

MADISON, Wis.–The Fed is likely to push the Fed funds rate above 5% at its next meeting, according to CUNA Mutual’s chief economist. Writing in the company’s newest Trends Report, Steve Rick noted that at its March meeting the Federal Open Market Committee increased the federal funds effective interest rate to 4.87%, up from 4.58%. The fed funds rate has increased 4.75 percentage points in the last year, the fastest increase in rates in over 40 years. The FOMC will next meet later this month. “We expect the Federal Reserve to push the fed funds rate over 5% this spring to bring inflation down to their 2% inflation target sometime in the next two years,” stated Rick. What effect will a rising fed funds interest rate have on credit union lending a...

04/13/2023  Tweet WASHINGTON — Newly released minutes from the Federal Reserve’s March meeting show officials are seeking to remain flexible when it comes to future rate decisions. The paradox for the Fed remains that the labor market remains strong, even as inflation continues to be high, although it cooled in March, according to new data from the Bureau of Labor Statistics. “Central bankers have spent more than a year waging a battle against the most painful burst of price increases in decades, raising interest rates to slow the economy and to wrestle price increases under control,” noted the Wall Street...

Unfortunately due to the recent workplace shooting in a bank by a disgruntled employee, it is a good time to review your Active shooter plan. A disaster/emergency occurs somewhere in the world almost daily, but these events vary considerably in scope, size, and context. How quickly your company can get back to business after a tornado, a fire or flood or a terrorist attack often depends on  emergency planning done today . While these incidents have led to an increase in general emergency/disaster awareness, the relative infrequency of major catastrophes affecting defined populations leads to a certain degree of complacency and underestimation of the impact of such an event. A key way to cope with an emergency/disaster or active shooter is to  have a plan . Know how to react before, during, and after an emergency/disaster. Know the threats that could affect where you live, work, and go to school. To refresh your business emergency/continuity plan. Take a minute and watch the Ac...

Used car prices are likely to remain high and sales low in 2023. By Jim DuPlessis | April 10, 2023 Source: Adobe Stock. The year is shaping up to be better than expected for new car sales as supplies have become more abundant and manufacturers are starting to amp up incentives as the threat of a recession looms, according to Cox Automotive analysts. Chief Economist Jonathan Smoke said March numbers showed a clear shift in momentum toward new cars as the supply issues that drove new car buyers into the used car lots during the pandemic are now reversed. “Now those people are going back to buying new vehicles,” Smoke said during a webinar Friday . Those remaining are traditional used car buyers, “who are the most challenged with affordability and credit conditions.” Cox Automotive estimated that used retail sales in March were 6% lower than a year earlier, while new car sales rose 9% with a stronger benefit from fleet sales than retail. The sup...

WASHINGTON–The newest jobs report data indicate the labor market is moving away from a state of “imbalance,” but there remains “work to be done,” according to credit union economists. Data released today by the Labor Department show U.S. employers added 236,000 workers in March, with the unemployment rate falling to 3.5%. The data indicate the labor market remains solid even after a year of aggressive rate increases by the Federal Reserve as it has sought to tamp down inflation. Employers added jobs last month in leisure and hospitality, government, professional and business services and healthcare. Fewer jobs were seen construction, manufacturing and retail, the Labor Department said. ...

Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that the U.S. central bank likely has more interest rate rises ahead amid signs the recent banking sector troubles have been contained. To keep inflation on a sustained downward path to 2% and keep inflation expectations anchored, Mester said she sees monetary policy moving “somewhat further into restrictive territory this year, with the fed funds rate moving above 5% and the real fed funds rate staying in positive territory for some time.” “Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on how much inflation and inflation expectations are moving down, and that will depend on how much demand is slowing, supply challenges are being resolved, and price pressures are easing,” Mester said...

Hi, I would like to emphasize the importance of life insurance for first responders, and how American Income Life (AIL) can provide valuable coverage for them. As you know, first responders put their lives on the line every day to protect our communities. It's important that they have access to quality life insurance that can provide financial security for their families in the event of a tragedy. According to the National Fire Protection Association (NFPA), an average of 58,150 firefighter injuries occur annually in the United States. In addition, the National Institute for Occupational Safety and Health (NIOSH) reported that 475 firefighters died while on duty between 2006 and 2015. These statistics demonstrate the significant risks and hazards that first responders face while performing their duties. AIL has been a trusted provider of life insurance for first responders for nearly 70 years. They understand the unique risks and challenges that first responders face, and th...

The fear that drove the run on SVB is a powerful emotion, but at its core, it’s the absence of a feeling of safety and belonging. Last week’s scheduled third piece about spring strategy work was supposed to set up the board and leadership team for success as they collaborate on strategy management and making strategy operational, but it was overtaken by bankers behaving badly. When a $200 billion bank with no appreciable credit risk on its balance sheet can fail almost overnight, does it even make sense for a $2 billion credit union to be thinking and planning a decade down the road? And the even more daunting question: When the near universal response from “experts” is that bigger is safer, better, and more rational, do relatively small financial institutions have much of a future at all? The answer to both questions is yes! The closer we look at what happened at Silicon Valley Bank (SVB), the better the future looks for purpose-led credit unions. SVB’s failure means i...

Owning your own credit card program gives you the freedom to serve the needs of each member while deepening relationships. By Anil Goyal | March 31, 2023 Source: Shutterstock. Offering credit cards to commercial members has not been something that credit unions have prioritized in the past, but as the opportunity for commercial lending increases, credit unions are in a unique position to support their small business and commercial members. As credit unions continue to pursue innovative ways to compete with larger financial institutions, providing their members with services that support their professional interests is a fantastic way to add value to member relationships and retain members. Offering credit cards to commercial members not only brings value to those relationships, it also brings monetary value to the credit union. Provide Solutions to Unique Problems Local financial institutions are known for their personalized service and close relation...