Firefighter Credit Union Newsroom

By   Carter Pape January 29, 2024,  CEO David Becker unveils First Internet Bank's new headquarters in Fishers, Indiana. This year, the bank will look for ways that AI can make the day-to-day work of employees more efficient. Courtesy of First Internet Bank One of the fundamental questions leaders in the banking world have looked to answer over the past year is whether artificial intelligence will replace human jobs. Views on the matter vary wildly. Some anticipate the impact of AI on banking jobs will be akin to the effects of automated teller machines on tellers. That's the view of Zor Gorelov, CEO of Kasisto, a conversational AI company that builds products for the finance and banking sector. "Look at the ATM — it didn't replace tellers, it just took over some of the more simple tasks, but many people still count on bankers to handle some of the more complex activities within the branch," Gorelov said. "AI is doing the same across a number of functions wi...

LAKE FOREST, Ill.—With the math and some analysts suggesting most financial institutions will eliminate overdrafts if the new CFPB overdraft proposal becomes a rule, one economist is recommending an “overdraft holiday” be held to highlight the importance of the service to consumers. As CUToday.info reported, the Consumer Financial Protection Bureau has proposed a rule it said is designed to “rein in excessive overdraft fees” charged by the nation’s biggest financial institutions, and is proposing benchmarks of $3-$14 per overdraft. The proposal applies to institutions of $10 billion or more in assets, which would affect approximately 21 credit unions. Michael Moebs, economist and chairman of Moebs $ervices, outlined the costs for overdrafts that he said credit unions and other financial institutions would have to absorb if overdrafts are reclassified as loans. ...

      Helping families and their businesses plan for the future     A Comprehensive Guide to Crafting an Estate Plan: From Assessment to Signing   Introduction   In drafting estate documents, a meticulous and thorough approach is essential to ensure that clients’ assets are safeguarded and their wishes clearly articulated. We understand the importance of this process and have developed a streamlined approach to guide clients through the assessment, dra...

RALEIGH, N.C.–  Professional League Resources (PLR), a subsidiary of the Carolinas Credit Union League (CCUL), said it has entered into a partnership with  Dolphin Debit , the ATM and ITM management company. The partnership will offer member credit unions a fully managed ATM & ITM-As-a-Service solution, providing a more efficient alternative to in-house ATM management, PLR said. “Credit unions are always in need of strong reliable solutions,” said Craig Beach, CCUL executive vice president and COO. “The Carolinas Credit Union League proudly welcomes Dolphin Debit to its family of partner solutions. Dolphin has a strong reputation in our market and across the country.” Comprehensive Offering The organization noted Houston-...

  The economy and AI are top concerns for boards in the coming year, according to a new report. But boards should also take a look at their own structures, and those of the employees they direct. By Mark Athitakis Jan 01, 2024 Share Share Share As a new year begins, a lot of staff leaders are understandably eager to hit the ground running. The good news is a lot of boards are too. The National Association of Corporate Directors’ 2024 Governance Outlook Report , published last month, suggests that board leaders are very eager to follow through on their strategic plans. According to NACD’s survey of more than 500 U.S. corporate directors, 80 percent of respondents say that “oversight of strategy execu...

ALEXANDRIA, Va.–In a new  Letter to Credit Unions , NCUA has outlined its supervisory priorities and other updates for its 2024 examination program. The agency said the areas identified are those with the highest risk to credit union members and the insurance fund. As CUToday.info has previously reported, growing financial strains and liquidity risks are cited by the agency, as well as the growth in the number of composite CAMELS code 3, 4, and 5 credit unions.  The agency further noted: Its exam flexibility initiative will continue in 2024, extending the exam cycle for certain credit unions. It will continue its Small Credit Union Exam Program in most federal credit unions with assets of $50 million or less. Supervisory Priorities f...

By Ray Birch WASHINGTON—If credit unions under $10 billion in assets believe they will not feel the effects from the CFPB’s new overdraft proposal, one expert says they’re mistaken. Brandy Bruyere, a partner at Honigman, LLP, told CUToday.info she believes the proposal will impact all financial institutions, no matter their size, first via competitive pressure and then by a follow-up rule if the current rule does not have the CFPB’s intended effect—which is to which is to drive the average OD charges well below $20 per incident, if not to eliminate them altogether. As CUToday.info reported, the Consumer Financial Protection Bureau has  proposed a rule  it said is designed to “rein in excessive overdraft fees” charged by the nation’s biggest financial institutions, and is proposing benchmarks of $3-$14 per overdraft. The proposal applies to institutions of $10 billion or more in assets, which would affect approximately 21 credit unions. ...

By Ray Birch CINCINNATI—Credit unions should expect a U-turn in leasing penetration in 2024, as volume steadily increases, according to one analyst, who is crediting muted economic “turmoil” and consumers’ changing their perspective on car ownership for the shift. “First, I am predicting a relatively turmoil-free year,” Scot Hall, EVP at Swapalease.com , told CUToday.info. “Said differently, no pandemics, no supply chain issues, no strikes, and better general economic factors—lower inflation and improving interest rates. Moreover, dealerships seem to be able to get inventory in most cases.” Hall said leasing, much like the overalll economy itself, just had hurdle after hurdle to overcome during the last several years. “One of those, o...

    Letter to Federal Credit Unions (24-FCU-01) Federal Credit Union Operating Fee Schedule for 2024 Dear Boards of Directors and Chief Executive Officers: The NCUA Board unanimously approved the agency’s 2024 operating and capital budgets at its December 2023 meeting. As a result of that decision and other factors, federal credit union operating fees will increase by an average of approximately 16.36 percent in 2024. Additionally, the operating fee exemption threshold was increased from $1 million to $2 million. Federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from the operat...

By Rodney E. Hood Reflecting on my tenure at the National Credit Union Administration (NCUA), a period marked by unprecedented challenges and triumphs, I’m proud of the work we’ve accomplished to ensure the ongoing safety and soundness of the nation’s federally insured credit unions.  It’s been an eventful five years, to say the least, in which we confronted a crippling global pandemic, ongoing economic uncertainty, and seemingly countless political and social challenges. Yet in spite of those difficulties, credit unions have performed well and stayed strong.  The numbers tell the story: credit unions today command $2.23 trillion in assets, with $1.59 trillion in ou...