Firefighter Credit Union Newsroom

By Michael Ogden U.S. Sen. Sherrod Brown (D-Ohio) summed up the work to get the Secure and Fair Enforcement Regulation (SAFER) Banking Act passed through the Senate Committee on Banking, Housing and Urban Affairs in five words: “It’s been quite a journey.” Committee members passed the bill with a 14-9 vote Wednesday morning. The SAFER Banking Act legislation opens banking services to marijuana businesses – an issue credit unions have struggled with for years. The bill in its current form, which was introduced last week by a group of bipartisan senators, is an updated version of the CUNA and NAFCU-supported SAFE Banking Act, which was introduced earlier this year. During the hearing, Sen. Brown said, “Cannabis banking is just one part of the necessary conversation about marijuana policy. There’s still much work that needs to be done.” He added, “Cannabis policies look different in different states, but legal cannabis small businesses and their empl...

  By Ray Birch WEST WINDSOR TOWNSHIP, N.J.—There are a couple of important facts credit unions must keep in mind as they increasingly make loans for electric vehicles (EVs). The first is that while EVs are perceived to be more economical than internal combustion engine (ICE)-powered vehicles, one new report suggests that while electric vehicles are cheaper to operate, the overall savings may not be as significant as many people think. Moreover, as EVs become the dominant form of transportation, prices for charging—even at home—will begin to rise just like gas prices, one automotive industry expert is predicting. Sumit Chauhan, co- founder and COO at Cerebrum X, which provides AI-driven automotive data services and a management platform, s...

NEW YORK  – It’s a number that nobody wanted to see repeated, but 343, the number of New York City firefighters who lost their lives on 9/11, is now the number of FDNY employees who have lost their lives from illnesses related to that fateful day and its aftermath. The FDNY commissioner and union leaders alike said that number will only grow with time, which is why they also said it’s imperative that resources to care for first responders from 9/11 stay fully funded. At a late morning news conference at his headquarters, Uniformed Firefighters Association of Greater New York (UFA) President Andrew Ansbro joined the leader of the city’s other major firefighters’ union, Jim Brosi of the Uniformed Fire Officers Association (UFOA), to mark the milestone. They said the situation is tragic for their union members in general, but it feels all the more heartbreaking for the families of the recently departed. “His life and his retirement was cut short,” Ansbro sai...

ROMNEY, W.V.–Romney Federal Credit Union  has selected Dolphin Debit to manage its ATMs. “We wanted an ATM to better serve our membership after hours and on weekends,” said Beth McDonald, CEO of Romney FCU. “We didn’t have the staff or experience to take on all the vendors, compliance and troubleshooting issues.  McDonald and the staff at Romney turned to Dolphin to provide a solution. “Dolphin consulted with us on a plan and delivered,” she said. “We have an ATM that provides great access, and we don’t have to worry about it. Dolphin takes care of everything. We have been very pleased with their service and response.”  A ‘Perfect Fit’ Added Joe Woods, SVP-marketing & partnerships at Dolphin Debit, “ATM outsourcing for smalle...

  Involved in a data breach? Here’s what you need to know Posted: September 21, 2023 by Anna Brading If you've received a message from a company saying your data has been caught up in a breach, you might be unsure what to do next. We've put together some tips which should help you when the (more or less) inevitable happens. 1. Check the company’s advice Every breach is different, so check the company's official channels to find out what's happened and what data has been breached. Organizations often put out a rolling statement on their website, blog, or X (Twitter). Follow any specific advice they offer first, and keep an eye out for any further communications. 2. Change your password If your password has been caught up in a breach, you should immediately change it. If you've used the same password on another site or service then you also need to change that. Cybercriminals will often try one password on multiple sites because they know people reuse them, so make s...

WASHINGTON–With the Fed having opted to leave rates unchanged at its just-completed September meeting, Chairman Jerome Powel has offered some signals on how the central bank views a number of critical issues and for what might lie ahead. Jerome Powell As CUToday.info reported , the Fed  has left the target range for the federal funds rate at 5.25% and 5.50%. Some forecasters believe the Fed will raise rates once more this year—with the Fed itself indicating that is likely--while NAFCU Economist Noah Yosif predicted there will be “no further hikes in this cycle, with a rate cut arriving around the middle of next year.” Four Key Issues During a pre...

WASHINGTON–President Biden has nominated Tanya Otsuka to serve on the NCUA board. Otsuka would fill the seat currently held by board member Rodney Hood, whose term expired in August. Otsuka is currently senior counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-OH), where she has handled the committee’s work on banking and credit union issues since March 2020.   Tanya Otsuka In 2019, she also served on the Committee staff through the Government Affairs Institute at Georgetown University’s Capitol Hill Fellowship Program, on detail from the FDIC, according to the White Hou...

    NCUA Board Approves Final Rule on Financial Innovation ALEXANDRIA, Va. (Sept. 21, 2023) – The National Credit Union Administration Board held its eighth open meeting of 2023 and unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund during the second quarter of 2023. Board Approves Final Rule on Financial Innovation ...

 Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, 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 maintain the target range for the federal funds rate at 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 percen...

WASHINGTON—With the Federal Reserve’s Open Market Committee set to conclude its two-day meeting today, most analysts are expecting it to stand pat and not raise rates. But with underlying inflation decelerating and signs that the labor market is cooling, the central question for economists remains whether the economy is headed for a soft landing or a mild recession, Fannie Mae reported. According to the September 2023 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, “mixed signals” from key economic data releases continue to muddle the near-term outlook – and the answer to that question – but a modest contraction remains the most likely outcome as consumption continues to outpace incomes and previous monetary policy tightening works its way through the system, Fannie Mae said. “Significant divergence between gross domestic product (GDP) and gross domestic income (GDI) over the past three quarters increases the risk that the ESR Group’s 2023 GDP...

WASHINGTON–Thanks to a jump in the price of gasoline, the Consumer Price Index climbed 3.7% in the year through August, according to new data from the Bureau of Labor Statistics.  The new number is likely to lead to wariness at the Fed as it ponders the direction of rates later this month, as the August CPI figure was faster than the 3.2% July reading and the 3.6% that economists had expected, according to analysts.  Noah Yosif Categories also seeing cost increases in the new CPI data included airfares, car insurance and auto repairs.  "Headline inflation rose by 0.4% month-over-month due to a spike in energy prices, suggesting there is still...

  cutoday.info DULUTH, Ga. — A brand-new monthly index has been released that seeks to measure the purchasing power of middle-income households between $30,000-$100,000. Compiled by financial services provider Primerica, the Primerica Household Budget Index (HBI) looks at the difference between the growth in earned income and the change in the costs for necessities like food, utilities, health care, and gasoline to understand how the current economy is impacting middle-income households’ ability to maintain a budget, according to the company. It also evaluates whether there are opportunities for middle-income families to save money or pay down debt versus using savings or increasing debt, Primerica added. Primerica explained the HBI data is presented as a percentage.  How Index Works “When the index is above 100%, this means middle-income households may have extra mon...

WASHINGTON—Recent economic data points to a stronger economy than previously expected, but the current business cycle “contours” still point to an eventual downturn, according to the August 2023 commentary from the Fannie Mae Economic and Strategic Research Group. Given the “recent flurry of strong consumption data combined with two consecutive months of annualized Consumer Price Index (CPI) measures coming in close to the Fed’s 2% inflation target,” the ESR Group noted that the odds of a “soft landing” have increased, Fannie Mae said. However, the ESR Group added, the full lagged effects of monetary policy tightening are still working their way through the economy. The ESR Group analysis, for example, said wage growth also likely remains too ...