Firefighter Credit Union Newsroom

By Ray Birch RANCHO CUCAMONGA, Calif.—In the wake of a ransomware attack that shut down 60 credit unions, cyber security experts are warning many CUs are just one compromised key supplier away from being shut down, too. It’s a growing threat they say can have numerous  downstream effects on many organizations. No institution is immune, and the best line of defense remains educating employees on how to avoid making mistakes that place a credit union, CUSO or vendor right into the hands of criminals. “Co-op Solutions views ransomware attacks as an industry-wide threat that will continue for the foreseeable future with two main threat areas of concern,” said Christopher Williams, deputy chief information security officer at Co-op. The two ar...

            Dear Friend,   On behalf of First Responders Children’s Foundation, we look forward to your support of our organization's mission to provide transformational programs and services to the children and families of first responders.   Now, more than ever, the job of a first responder is becoming increasingly dangerous and uncertain. Through our year-round programs, we are there for their children, especially in situations where the unimaginable happens.   ...

WASHINGTON–Some of the governors with the Federal Reserve have offered some additional insights into their thinking around the direction of rates in 2024, although there is some disagreement around how many rate cuts might take place and when. Mary Daly San Francisco Fed President Mary Daly said her outlook for interest rates and inflation was “very close” to the median of projections from 19 Fed officials who met last week and opted to leave rates steady, indicating as many as three rate cuts could take place in 2024. “We’re acknowledging progress when progress is there,” Daly said in an interview with the Wall Street Journal, adding that it’s her view i...

  By   Ken McCarthy December 21, 2023, 12:11 p.m. EST 3 Min Read On Wednesday, the Senate confirmed Tanya Otsuka's appointment to the NCUA board. Senate Banking Committee The U.S. Senate Wednesday confirmed Tanya Otsuka as the newest member of the National Credit Union Administration's board of directors, giving Democrats control of the board for the first time in seven years. President Biden announced Otsuka's nomination in September. Her term on the NCUA board, alongside Chairman Todd Harper and vice chairman Kyle Hauptman , will run through Aug. 2, 2029.  Once sworn in, she will succeed Rodney Hood , whose term on the board officially expired on August 2. Otsuka will also be the first Asian American to sit on the NCUA's board in the organization's 53-year history.  The change in the board's makeup—the Republicans controlled the three-member board  since May 2016—will shift the board's priorities toward more regulation and focus on issues such as climate...

 WASHINGTON–The management team for the new trade group that is being created by the merger of CUNA and NAFCU on Jan. 1 has been named. Jim Nussle, the current CUNA CEO who is to also be CEO of the trade group America’s Credit Unions, has named six people who will lead the organization.  They include: Jill Tomalin, executive vice president.  Tomalin is currently EVP and COO with CUNA, and has Tomalin has more than 30 years of experience within credit unions. Tomalin will oversee membership and engagement, communications and marketing, operations and finance, and association services. Carrie Hunt, chief advocacy officer . Hunt is currently president and CEO of the Virginia Credit Union League and prior to that had a long career as an executive at NAFCU. Overall, Hunt has more than 20 years of experience in consumer finance and financial services law, credit union regulations, and association lobbying.  Anthony Demangone, chief membership and engagem...

The NCUA Wednesday issued an alert for credit unions, outlining a technical correction with the calculation of the current expected credit loss (CECL) transition amount in the NCUA’s regulations. Credit unions that adopted the CECL accounting standard in 2023 should use the method described below to calculate and report on the Call Report their CECL transition amount. The NCUA notes that credit unions should ensure computation alignment with the transition rule’s intent by calculating the CECL transition amount for quarters 4 through 12 as the difference between: the credit union's retained earnings as of the beginning of the fiscal year in which the credit union adopts CECL, adjusted for any restatement of the initial CECL adoption amount; and the credit union's retained earnings as of the closing of the fiscal year immediately before the credit union’s adoption of CECL. For credit unions that adopted CECL in the first quarter of 2023, any corrected CECL tr...

Tanya Otsuka   The Senate Wednesday confirmed Tanya Otsuka to the NCUA Board by voice vote. NAFCU Senior Vice President of Government Affairs Greg Mesack offered the association’s congratulations on her confirmation. “Today’s Senate confirmation for Tanya Otsuka to join the NCUA Board is one of historic nature as she will be the first Asian American to serve in the agency’s 53 year history, and we congratulate her on her new position,” Mesack said. “NAFCU works closely with the NCUA to advocate on behalf of the credit union industry and the nearly 140 million Americans who rely on them for their financial well-being. We look forward to working with Ms. Otsuka to achieve a healthy regulatory environment and ensure credit unions can thrive in the communities they serve.” Otsuka replaces NCUA Board Member Rodney Hood as his term expired in August. Otsuka previously served as the senior counsel for staff of the Senate Banking Committee, led by Chairm...

 WASHINGTON–A new economic update has been released by CUNA’s senior economist, Dawit Kebede. Dr. Dawit Kebede The findings in the  November 2023 CUNA Economic Update include: CUNA’s forecast group –which includes seven current and former CUNA economists—pegs the odds of recession through year-end 2024 at 33%. CUNA economists believe the Federal Reserve will hold rates and not continue rate hikes.   “Many people who were on student loan forbearance accumulated a lot of debt,” said Kebede. “However, research from Arizona University broken down by financial institutions indicates that credit union members did not accumulate significant ...

By Ray Birch BALTIMORE—Credit unions should brace for almost a month of major problems if they’re victimized by a ransomware attack, according to one cybersecurity expert, whose insights into the “anatomy” of a ransomware attack are coming at the same time nearly 60 CUs are currently trying to restore their own operations. As those credit unions have come to learn, it takes on average 22 days to get through a ransomware attack and get to the other side, that same expert stated. That information and additional insights were shared during a webinar hosted by cybersecurity firm Think/Stack, which that was held to provide CUs with insights and answers regarding ransomware in light of the recent attack that that continues to affect those five-dozen CUs hit by an attack on a common vendor. ...

 WASHINGTON–The Fed is unlikely to announce a rate increase when it adjourns its meetings today, given the newest inflation numbers. Curt Long New data from the Labor Department reveal inflation held steady in November, primarily due to price decreases in gasoline and long-lasting goods, while costs around housing, transportation and some other services rose. The Fed’s Open Market Committee will conclude its two days of meeting this afternoon.  Overall, the consumer price index was up 3.1% in November, down slightly from October’s 3.2%, according to the Labor Department. Inflation held nearly steady in November, as cost declines for gasoline and lon...

Provided by Dow Jones Dec 8, 2023 9:28 AM EST By Victor Reklaitis Another view on Friday's payrolls data: 'There is still some sizzle left in the labor market' The November jobs report on Friday showed the U.S. economy gained 199,000 positions last month, with the unemployment rate dipping to 3.7% from 3.9%. Economists polled by the Wall Street Journal had expected an addition of 190,000 jobs and unemployment staying at 3.9%. See: Jobs report shows 199,000 gain in November. Wages rise sharply. Below are some initial reactions from economists and other analysts, including their views on what the jobs report means for the Federal Reserve as the central bank's Federal Open Market Committee considers how to proceed with interest-rate hikes. The main U.S. stock indexes SPX (ES00) looked set to trade lower following the hotter-than-expected data for nonfarm payrolls, also called NFP. . "Overall th...

  By rich@leading2leadership.com | December 1, 2023 As the financial landscape evolves and becomes disrupted, credit unions face the challenge of staying relevant. To maintain relevancy, innovation becomes a must-have if the organization is to meet the changing needs of its members. Embracing innovation is vital for credit unions to thrive. But innovation, for innovation’s sake, is not helpful. All innovation must focus on offering members a memorable and personalized experience. This article will explore the seven steps for credit unions to become innovative. Member-Centric Approach, Understanding the Member’s Needs: Everything a credit union does must begin with the member in mind. Understanding the member’s life journey needs, with an eye on their preferences and pain points, is critical. This deep understanding of members should be the driving impetus for all innovation. This member-centric approach ensures that innovations directly add...

WASHINGTON–Democrats in Congress have  introduced a bill  in both houses of Congress that seeks to ban hedge funds from buying and owning single-family homes in the United States, which some critics have said is driving up the cost of home ownership in the country. The bill would require hedge funds, defined as corporations, partnerships or real estate investment trusts that manage funds pooled from investors, to sell off all the single-family homes they own over a 10-year period, and eventually prohibit such companies from owning any single-family homes at all, according to the New York Times. Jeff Merkley During the decade-long phaseout period, ...