Firefighter Credit Union Newsroom

With the Fed no longer forecasting a recession, the strength of the U.S. economy continues to defy its doubters following a stronger-than-expected reading for second-quarter GDP. The U.S. economy grew at a stronger-than-expected pace over the second quarter, data indicated Thursday, powering through a series of aggressive Federal Reserve rate hikes, a regional banking crisis, and a worrying standoff in Washington over the nation's debt ceiling .  The Commerce Department, in its first estimate of second-quarter GDP , said the economy grew at a 2.4% annualized pace over the three months ending in June, accelerating from the 2% clip recorded over the first quarter and well ahead of the Street consensus forecast of 1.8%. At the same time, a key reading of domestic price pressures, which feeds into the Fed's inflation forecasts, slowed notably over the quarter. The core PCE price index was pegged at 3.8%, inside the 4% Street forecast and sharply slower than the 4.9% ta...

WASHINGTON—Emphasizing it remains “highly attentive to inflation risks,” the Federal Resoerve has moved to hike interest rates by 25 basis points, setting the target range for federal funds at 5.25 to 5.5%--their highest level since 2001. The Federal Open Market Committee made the announcement Wednesday at the close of its July two-day meeting here, and suggested it may not yet be done with rate increases. “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Fed stated in a release. Tighter Conditions “Tighter credit conditions for households and businesses are likely to weigh on economic...

Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tig...

The numbers show that there are roughly half a million ATMs throughout the United States. And an estimated 30% or more of those ATMs will need to be replaced in 2024. Two of the largest manufacturers have product lines that are sunsetting or expiring next year. Many financial institutions have models in operation that will be expiring. Budget and planning conversations are rapidly approaching as we head toward the Fall.  This budget season is incredibly important for the success of your future ATM or ITM fleet. Whether you have two or 200 units the coming planning process will be important as your ATMs are an extension of your branch and a lifeline for cardholders that need cash and make deposits after hours. In addition to the typical ATM use, now is a good time to consider ITM technology that can further enhance the cardholder experience and enable even more self-service. Not all ATMs need to be ITMs but if you have to replace a large portion of your fleet, it’s an opportunity ...

Sponsored Content By Auto Financial Group The high cost of vehicles combined with rising interest rates is creating the perfect storm and making it very hard for many consumers to afford a reliable vehicle. Borrowers are experiencing not only sticker shock but also payment shock. Conventional loan payments have risen by 29% since March of 2020, according to Cox Automotive . In its predictions for 2023, Cox says vehicle affordability will be the greatest challenge facing vehicle buyers. Almost 17% of people financing a new vehicle in the first quarter of 2023 signed up for a loan with a monthly payment surpassing $1,000 . According to Edmunds , the average annual percentage rate on new financed vehicles rose to 7% in the first quarter of 2023 from 4.4% in the s...

ARLINGTON, Va.—Existing home sales fell 3.3% in June to a seasonally-adjusted annual rate of 4.16 million units, representing an 18.2% decrease in sales versus a year ago, according to National Association of Realtors data. “Last month, existing home sales fell by just over 3% to a level slightly above the winter trough. Sales for the first half of the year were depressed, and the declines since March coincide with rising mortgage rates over that period,” said NAFCU Chief Economist and Vice President of Research Curt Long. In June, sales were mixed across the regions. Sales fell the most in the South (-5.4%) and the West (-5.1%). Sales remained flat in the Midwest but rose in the Northeast (+2%), the NAR reported. Three Months of Supply Based ...

New Orleans Firemen's Federal Credit Union has been awarded a Top Workplaces 2023 honor by New Orleans Top Workplaces. The list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The confidential survey uniquely measures 15 culture drivers that are critical to the success of any organization: including alignment, execution, and connection, just to name a few. "We are deeply honored to once again receive recognition as one of the leading workplaces in the New Orleans area," said Firemen’s Federal CEO Judy DeLucca. "This remarkable accomplishment truly embodies the collective efforts of our exceptional team, as we consistently foster a supportive environment across all departments. Our unwavering commitment to our members unites us and drives our shared purpose." New Orleans Firemen’s Federal Credit Union is a full-service financial institution serving ov...

  About the FedNow SM  Service The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments. The FedNow Service will be deployed in phases, with the initial launch taking place July 2023. The video below follows a payment over the FedNow Service from start to finish, highlighting what financial institutions need to know about their role in the process. The first release of the F...

ALEXANDRIA, Va.–With his term expiring in August, NCUA Board Member Rodney Hood has issued a public statement. However, a source with NCUA told CUToday.info that Hood has no immediate plans to leave, and he was simply seeking to acknowledge his term is ending. Rodney Hood Hood, who formerly served as chairman of the agency under President Trump, is a Republican appointee, and the board currently includes two Republicans (Hood and Vice Chairman Kyle Hauptman) and one Democrat (Chairman Todd Harper). It is expected the Biden Administration will want to move quickly on a new appointee to change the balance of power on the board. The NCUA board traditionally d...