Firefighter Credit Union Newsroom

WASHINGTON — A new forecast from the American Bankers Association’s Economic Advisory Committee (EAC), which is made up of the chief economists at major banks, sees the U.S. economy progressing along a soft-landing path. “Recession risks have diminished, inflation continues to moderate, and employment gains remain robust,” the EAC said in releasing its new forecast. “A gentle easing cycle by the Federal Reserve will start around mid-year, facilitating trend-like GDP growth.” The committee, composed of 16 chief economists from some of North America’s largest banks, sees real economic growth remaining healthy at around 1.7% for 2024 and 1.8% for 2025. Recession odds have diminished somewhat over the last six months, although policy and geopo...

Credit unions make our communities stronger. We pioneered a better way to fund your charitable giving focus while remaining responsible and accountable to your members. By funding charitable donations through investment returns rather than operating income, you can give back to the causes that matter most . Say Hello to the CDA With More TLC  Our experience in responsible charitable investments inspired NCUA’s final CDA rule, and we now manage $200mm in Charitable Donation Accounts. And because of our credit union ownership, we are able to offer you more service than the competition for less. CLICK TO VIEW CDA FAQS Jonnathan De Jesus Luna, CFA, CIPM® VP, Head of Portfolio Management P: 813.386.8703 //// F: 813.631.9898 E: Jonnathan.dejesus@memberstrust.com ________________________________ *The National Council of Firefighters Credit Unions, Inc. (NCOFCU) is a non-profit, 501(c) (3) charitable organization. Donors may deduct contributions as provided in IRC 170(c) (3) ...

The frontrunner CUs will prepare to capitalize on fluctuations in the economy, technology and regulations. By Jody Bhagat | March 22, 2024 at 09:00 AM Credit/AdobeStock As we find ourselves nearly three months into 2024, several developments are shaping the credit union landscape faster than ever before. Greater member attrition, increasing digital migration, heightened regulatory scrutiny and the emergence of artificial intelligence are coming together against economic uncertainty. Credit unions face difficult prioritization in this fluid climate. One prediction seems sure: We'll see further divergence between top-tier credit unions and the rest of the pack over the next 18 to 24 months. While most concentrate on driving efficiencies and cost reductions in 2024, progressive institutions are strategically boosting investments in critical capabilities for an edge. His...

By Ray Birch CHICAGO—Economic conditions are right for a comeback in home equity lending this year, says TransUnion, which is forecasting a solid year for the product—but only if lenders can focus on consumer education. Satyan Merchant, SVP automotive and mortgage at TransUnion, told CUToday.info there is significant equity in homes that can be tapped this year, and that consumers’ reliance on other lending products for home repairs and upgrades is fading as rates have climbed. “There is over $20 trillion in untapped home equity in 2024, and that's based on the fact home values continue to either rise or largely remain level,” explained Merchant. “They're just very few areas in the U.S. where home values are going down.” As credit unions and other lenders experienced, during 2020-2021 a favorable option for many homeowners was a cash-out refinance of their first mortgage. “They were also not only capturing the...

WASHINGTON–As expected, the Federal Reserve’s Open Markets Committee adjourned its meeting without cutting rates, but it also indicated it will likely cut rates three times during the remainder of 2024.  The Fed continues to be concerned about the pace of inflation, which has remained stronger than many analysts have expected after it appeared it was cooling, held the federal funds rate in a range between 5.25% and 5.5%, a 23-year high. While inflation remains above the Fed’s 2% target rate, other indicators, such as cooler spending by consumers and a potential slowdown in hiring, indicate the Fed’s rate increases are having their desired effect.  In a statement at the conclusion of its meeting, which was similar to that it issued in ...

      Helping families and their businesses plan for the future     The Corporate Transparency Act: A Primer   The Corporate Transparency Act (“CTA”), 31 U.S. Code § 5336, effective January 1, 2024, has already had a significant impact on small businesses across the United States. Understanding the complexities of this act and its potential implications is crucial for small business owners to avoid potential criminal or civil penalties for non-compliance.   What is the Corporate Transparency Act?   The CTA was written to combat illicit activities such as tax fraud, money laundering, and terrorism financing by enhanci...

 The Still-to-be-Answered Question About Work By Ray Birch MADISON, Wis.—With several years’ experience now under their belts, what has turned out to be the most productive work structure for credit unions in the wake of the pandemic—return to office, work from home, hybrid? It’s a challenging question, one compounded by the fact many CUs lack objective metrics for measurement, according to one person. “As we all know, credit unions first jumped to remote work and then things came back a bit as they tried to create a work environment that as closely as possible reflected ‘normal,’” explained Lesley Sears, VP of consulting services at CUES. Sears pointed out when credit unions shut down at the b...

03/14/2024 07:24 pm WASHINGTON–The Federal Reserve’s chairman  said there is one rising cost that is playing an outsized role in inflation: the cost of insurance. Jerome Powell With the country looking to the Fed for when it might begin cutting rates, the Fed itself continues to closely monitor inflation data for signals it has been able to tame rising costs. And Fed Chairman Jerome Powell told Congress that costs have continued to rise significantly across the various types of insurance, including car, medical and pr...

03/12/2024 12:33 pm WASHINGTON–Inflation in the U.S. during February was stronger than many had expected, and while most analysts continue to forecast the Fed will begin cutting interest rates later this year, it may do so later than had been forecast. According to the Labor Department, consumer prices were up 3.2% last month over one year earlier. That’s slightly above the 3.1% many economists had predicted, and marks the second consecutive month of higher-than-expected price increases. ...

03/12/2024 08:04 pm LAKE FOREST, Ill.—Financial institutions are paying record-high rates on deposits and who the rate war is only going to get tougher as the year progresses, according to one economist. To illustrate his forecast, Michael Moebs, economist and chairman of Moebs $ervices, said his company’s latest deposit study reveals almost 22% of all FIs are paying 5% or higher on a six-month CD. “The riskless saver is now experiencing higher rates for their money than ever before,” said Moebs. “The six-month CD rate is the most dominant of all deposits rates—21.9% of all FIs are paying 5% or more on this deposit service. In the history of the United States this is extraordinary. Never before have so many FIs paid a maximum rate competing with Wal...

NEW YORK–In the wake of what has been called the “mother of all breaches,” IT execs and organizations are being offered six warning signs to be watched. According to researchers with Security Discovery and Cybernews, they uncovered a whopping 26 billion in leaked entries associated with LinkedIn, Twitter.com, Tencent, Dropbox, Adobe, Canva, Telegram as well as other platforms. These include government agencies in the U.S., Brazil, Germany, the Philippines, and Turkey, among others. In all, some 12-terabytes in information was breaches, according to the researchers. Entrepreneur.com has assembled a half-dozen warning signs to be wary of, noting the heightened risk of identity theft. What to Watch For It recommended businesses pay attention to the following when monitoring their infrastructure, according to Entrepreneur.com, include: Uncommon access scenarios . “In light of a data breach like this, keeping a close eye on access logs for any...

  MEMPHIS, Tenn., March 04, 2024 --( BUSINESS WIRE )--SRM (Strategic Resource Management), a trusted advisory firm serving financial institutions globally, announced that former National Credit Union Administration (NCUA) Chairman Rodney E. Hood is joining the company's diverse and growing international advisory board. Hood, a well-known regulatory leader and a staunch advocate for economic empowerment and financial inclusion, brings over three decades of financial services expertise to his SRM board role. Additionally, Hood has represented the U.S. credit union industry at conferences and summits across the globe, was named a Young Global Leader at the World Economic Forum in Davos, and has cultivated lasting relationships with regulators in South America, Africa, and Europe. "I've had the pleasure of knowing Rodney Hood for many years and couldn't be happier and more honored to have him join the International Advisory Board at SRM," said Brad Downs...

  https://youtu.be/G5V7rhEzpqo?si=UjWCOtrtge90r7gA   For more than 40 years, Judy DeLucca has been moving people forward toward their goals. From the dedicated staff of New Orleans Firefighter’s Federal Credit Union (NOFFCU) who thrive under her leadership to the partners she’s connected to help combat predatory lending, to the members of the credit union and community who struggle to find their financial footing, Judy and her team have been there to answer the call.  Judy’s core belief in financial inclusion for all hasn’t just inspired the people around her. It has been a catalyst for initiatives that are improving lives in Louisiana and Mississippi every single day. As the CEO of a Community Development Financial Institution (CDFI), she has paved the way for more than 50% of the credit union staff to become Certified Credit Union Financial Counselors and the formation of a Financial Inclusion Team. The one-on-one counseling and innovative solutions they provide make al...