First-responder Credit Union Newsroom

WASHINGTON — For the fourth year in a row, U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found consumers continue to “embrace digital banking channels,” with 48% of bank customers using apps on phones or other mobile devices as their top option for managing their bank account and 23% using online banking via laptop or PC the most in the past 12 months. The next most popular banking methods include visiting a branch (9%), ATMs (8%) and telephone calls (5%), the ABA reported. Demographic Breakdown  A breakdown of age demographic in the ABA’s study shows preferences vary ...

BELOIT, Kan.–Farmway Credit Union has selected Dolphin Debit  to oversee its ATMs. The credit union said it made the move after giving Dolphin Debit a try with a single ATM three years ago, and now it has quadrupled the number of machines under Dolphin’s management. The $97.4-million credit union, with four branches, serves 17 counties in heavily rural north central Kansas. It now has three operating Dolphin ATMs, with a fourth currently being deployed. According to FCU President and CEO Joe Deneke, Farmway’s first ATM was installed at the credit union’s Osborne branch, with the initial decision to go with Dolphin primarily being economic, as the CU looked for opportunities to reduce the costs associated with managing their own ATMs. ‘Fewe...

ARLINGTON, Va.—Existing home sales fell 2% in September to a seasonally-adjusted annual rate of 3.96 million units, representing a 15.4% decrease in sales versus a year ago, new data show. “In September, existing home sales struggled, dipping below four million units sold for the first time since 2010,” said NAFCU Research Analyst John Hay. “Mortgage rates continue to climb despite growing evidence that the Fed has raised rates for the last time in this cycle. Thus far, rising rates have had a larger impact on supply as existing homeowners cling to pre-2022 mortgage rates. With rates now exceeding 8%, demand is likely to suffer more, which could impact prices. The median sales price fell in September, and year-over-year prices are up only 2.8%.” ...

LAKE FOREST, Ill.–The controversy accompanying a new report showing the income earned by certain CUs in California from overdraft and NSF fees—as the CFPB renews attention to ODs and NSFs—is largely misplaced, according to one expert, who says the institutions that make the most money from overdrafts are those with the lowest prices. A new Moebs $ervices Study of more than 455 million checking accounts found the average price for an overdraft charge fell to $20 per transaction, a 6.7% reduction from year end 2022. “Overdraft prices haven’t been this low since 1999,” stated Michael Moebs, economist and chair of Moebs $ervices. “Yet those depositories that do the best are the ones with the lowest price. The survey found those FIs that charge less than Walmart ($15 per OD) make more money than those like Chase Bank ($34 per OD).” ...

WASHINGTON–Testifying before the very committee that employs her, NCUA board nominee Tanya Otsuka said during her nomination hearing that NCUA’s mission of ensuring a strong system of cooperative credit is one that “resonates with me both personally and professionally.” 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.  She has been nominated to replace NCUA Board Member Rodney Hood, whose term has expired. Tanya Otsuka testifies before Senate committee. ...

  Former Chief of Staff to Join FHLB-Dallas H. Lenwood Brooks, the chief of staff to NCUA Board Member Rodney Hood, is exiting the agency to join the Federal Home Loan Bank of Dallas, where he will spearhead the bank’s government and industry relations functions. Hood’s term has expired and he is awaiting  confirmation  of board nominee Tanya Otsuka prior to exiting the board. ‘Pivotal Moment’ “Lenwood joined the NCUA at a pivotal moment in May 2019 and quickly became a linchpin of my leadership team,” said Hood. “His expertise in executive leadership, management, and public affairs, paired with his unparalleled ability to lead our dedicated NCUA career staff, proved crucial, especially at the onset of the pandemic. Lenwood’s role as my chief of staff during that challenging period was pivotal in navigating the unprecedented challenges we faced. NCUA Board Member Rodney Hood (L) with Lenwood Brooks. “Throughout my tenure as NCUA’s eleventh chairman and currently as a boar...

WASHINGTON—The Senate Banking Committee plans to hold a  nomination hearing Oct. 19  that will include NCUA board nominee Tanya Otsuka. As CUToday.info reported , Otsuka was nominated in September by President Joe Biden to replace current Board Member Rodney Hood, whose term expired in August. Tanya Otsuka Otsuka is currently the senior counsel for staff of the Senate Banking Committee, led by Chairman Sherrod Brown (D-OH). Otsuka previously worked with the FDIC as a staff attorney and counsel. Hood has indicated he will serve until President Biden’s nominee to replace him is confirmed.  The hearing is scheduled to begin at 10 a.m. ET on Oct...