First-responder Credit Union Newsroom

04/24/2024 07:28 pm WASHINGTON – With the exception of one region of the U.S., existing-home sales slipped in March, according to new data from the National Association of REALTORS. Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions, according to the NAR. The NAR reported total  existing-home sales  – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 4.3% from February to a seasonally adjusted annual rate of 4.19...

04/23/2024 07:27 pm HOUSTON–  Dolphin Debit Access , the ATM/ITM-as-a-Service provider that is a wholly owned subsidiary of Euronet, is reporting it has onboarded Service Federal Credit Union’s fleet of 87 full-service ATMs in the U.S. and Germany. Portsmouth, N.H.-based Service Credit Union has approximately $5.4 billion in assets and more than 350,000 members. "We are thrilled to work with Service Federal Credit Union and welcome them to our esteemed portfolio of partners," Tim Fanning, CEO, EFT Americas and Dolphin Debit, said in a statement. "This partnership reflects our dedication to delive...

04/22/2024 07:27 pm By Ray Birch LAKE FOREST, Ill.— While the U.S. money supply in recent years has appeared to be stable, one economist says that’s not the case, adding that money supply components have been moving as wildly as a theme park ride and affecting deposits at FIs across the country. “What’s the story?” asked Michael Moebs, economist and chair of Moebs $ervices, whose new study takes a detailed look at money supply components. “Insured transactions have fallen but are at an all-time high since 1914. Insured savings are making a big comeback. And uninsured deposits are soaring with insured deposits. Total money supply is far from stable. It is like a Disney amusement park ride with people looking suspiciously calm after a wild ride where each screamed and yelled as limbs and bodies were thrown around.” ...

04/22/2024 07:32 pm NEW YORK–A person once called the “Oracle of Wall Street” for calling the financial crisis of 2008-09 is now predicting home prices are likely to fall substantially, and a big reason is the habits many young men have developed. Meredith Whitney “You have men staying single longer…and then you have what I call a growing crisis of the young American male…they’re twice as likely to live at home than women,” Meredith Whitney told CNBC. “One out of five young men live at home with their parents, and these ar...

04/17/2024 08:40 pm WASHINGTON–The House Financial Services Committee has approved resolution H.J. Res 122, which blocks CFPB's new rule capping credit card late fees at $8. The rule was which slated to go into effect May 14. The committee voted along party lines, with the Republican majority carrying the 28-22 vote. The resolution will now go to the House Floor, where it is also expected to pass it, again most likely along party lines.   The Senate, which also has an identical resolution, presents a difficult but possible next step, as this kind of resolution only requires a simple majority, according ...

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 75.1% of parents would consider switching to a different financial institution that offers a youth banking solution if theirs does not, spotlighting the direct link between such offerings and customer retention.” 04/11/2024 07:18 pm BLUE BELL, Penn.–Credit unions still working to respond to the divergent needs and attitudes of Millennials, Gen X and Gen Z now have research around a new generation to adjust to: Gen Alpha. A new report from Rego Payment Architectures and Q2 Holdings titled “ Banking on Tomorrow: How Today’s Youth Will Shape the Future of Banking ,” offers what the company said is a comprehensive analysis of the financial habits of Generation Z and Alpha and their parents' preferences for a youth banking solution. ...

  Welcome to Sheehan's Consulting LLC In the 21st Century, exceptional service is at the forefront of our mission at Sheehan's Consulting LLC . With a deep commitment to meeting the evolving needs of our clients, our firm is dedicated to providing top-tier professional services tailored to your specific requirements. Our team of experienced advisors covers a wide range of topics, all with one central focus: determining what will benefit you most. We firmly believe in guiding you towards the best possible outcomes, aligned with your unique objectives and aspirations. At Sheehan's Consulting LLC, we live by the age-old wisdom that advises against seeking directions from someone who has never ventured beyond familiar territory. As a consulting firm that has explored uncharted territories and overcome challenges, we are well-equipped to accompany you on your journey towards success. As the visionary CEO of Sheehan's Consulting LLC, I bring a wealth of experience in dynamic ...

April 10, 2024 by Jill Nowacki , Humanidei Share Share Share An email from Scott* when he was notified he would not be considered as my client’s next President/CEO: Jill, I’ll be interested to see the candidate you select as my experience in retail banking is extensive. My background is diverse in retail sales, customer experience, strategy, finance, and risk. I am currently responsible for over $2 Billion in portfolio assets, not to mention lending investments with assets under management exceeding $100 Million. So… Will be interesting to see the candidate that’s placed having a broader range of expertise than I do. This email would’ve made more sense if I actually interviewed for the position but that’s the problem with recruiters so thanks so much you have yourself a great day. Scott You kno...

04/10/2024 11:01 am WASHINGTON–A credit union economist has joined with other economists and analysts in forecasting a delay in any rate cuts by the Fed in 2024 following today’s inflation report. The newly released Consumer Price Index climbed 3.8% on an annual basis after stripping out food and fuel prices. That “core” index was stronger than the 3.7% increase economists expected, and unchanged from 3.8% in February.  Counting in food and fuel, the inflation measure climbed 3.5% in March from a year earlier, up from 3.2% in February and faster than what many had forecast.  "Victory in the Federal Reserve's inflation fight remains elusive with a stubbornly high headline consumer price index increase of 0.4% in March, matching February's disappointing result,” said America's Credit Unions VP-data and research, chief econom...

Credit unions in New York State could be on the hook for billions of dollars in additional unauthorized transfer costs. By Henry Meier, Esq. | April 08, 2024 at 12:43 PM Credit/Shutterstock There's been a lot of national news lately about pending court cases in New York City, but you may not have heard about the one that is important for credit unions on a national level. In January, New York Attorney General Letitia James filed a lawsuit generally alleging that CitiBank was engaging in illegal and deceptive practices by refusing to extend protections of the Electronic Funds Transfer Act (EFTA) to consumers victimized by unauthorized wire transfers. See People of the State of New York v. CitiBank, S.D.N.Y., Case No. 24 Civ. 0659) . Late last week, CitiBank filed a motion to dismiss the lawsuit. It makes a compelling argument that the AG's argument amounts to a radical reinterpretation of existing law that would ex...

Remember you are not alone with NCOFCU!  If you are consedering a merger reach out to us to see if we can't keep you within the first responder credit union network. ceo@ncofcu.org - 305.951.3306 ALM First shares key lessons and advice from credit unions with merger and community bank acquisition experience. By David Ritter & By Brandon Pelletier | April 10, 2024 at 09:00 AM Credit/Shutterstock With the pace of industry mergers already ramping up in 2024 and projected to increase, it's more important than ever for credit unions to have a predefined M&A strategy and be ready for the inevitable calls from prospective partner organizations. Here, we'll share key lessons and advice from cooperatives that have merger experience with other credit unions and acquisition experience with community banks to help your team prepare. Define Your Vision and Evaluation Criteria ...

04/09/2024 07:28 pm MADISON, Wis.–While some on Wall Street are backing off forecasts that the Fed will cut rates three times this year—with some even predicting it may not cut rates at all—TruStage Chief Economist Steve Rick said he still expects the Federal Reserve will lower the Fed Funds rate this summer as inflation approaches its 2% inflation target. “So, what impact did this higher Fed Funds interest rate have on credit union lending over the last two years?” asked Rick in his analysis released as part of the company’s newest Trends Report. “Historically, a rising Fed Funds interest rate slows credit union loan growth, holding all other factors constant. There have been three other Fed hiking cycles since 1999. Every time, credit union lending fell from around an 11% seasonally-adjusted annualized growth rate at the start of the hi...

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...