Firefighter Credit Union Newsroom

WASHINGTON–Economic activity in the U.S. continued to expand from early April to mid-May, but conditions varied across industries and Federal Reserve districts, according to the newest Beige Book report from the Fed. The Findings According to the Beige Book: “Most Districts reported slight or modest growth, while two noted no change in activity. Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers. Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales. Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in the...

N, Wis. – America’s Credit Unions, the trade group formerly known as CUNA prior to its merger with NAFCU, plans to lay off up to 30% of its workforce in Madison, Wis., according to the Office and Professional Employees International Union (OPEIU) Local 39. As CUToday.info reported earlier, the trade group filed a notice with Wisconsin’s Department of Workforce Development on January 12 of this year. OPEIU noted America’s Credit Union’s had cc’d Madison Mayor Satya Rhodes-Conway on the notice, adding, “This is a difficult decision, and we appreciate any assistance you may provide to our employees in this difficult period with their job search and transition.” According to OPEIU 39, America’s Credit Unions has refused to meet or provide any detai...

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  https://youtu.be/zgpAsRFYZjQ?si=Sc-moa7ttekRHfaz Zelle is a convenient way to send money right from your mobile banking app or online banking account. Whether it’s saving you a trip to the ATM or taking out the guesswork of divvying up the cost of the lunch tab, Zelle is a fast, safe and easy way to send and request money with friends, family and others you trust2. Money is sent directly to the recipient’s account and is typically available in minutes1, and all you need to send money is the recipient’s email address or U.S. mobile phone number.     https://twitter.com/i/status/1793643191482155288     

NEW YORK— For a second straight year, the biggest theme in credit cards is debt, according to a new analysis from Bankrate. “Specifically, more people are carrying more of it for longer periods of time — and at record-high interest rates,” Bankrate said. As was the case in 2023, paying down debt is Americans’ top financial resolution for 2024,  a recent Bankrate survey found. “Our most recent credit card debt survey conducted over the summer revealed that 47% of credit cardholders carry balances from month to month, up from 39% in 2021,” Bankrate said. “And 60% of these individuals with credit card debt have been in debt for at least a year, up from 50% in 2021. “Americans’ total credit card balances add up to a record $1.08 trilli...

In a recent webinar, Payments in 2024 : What You Need to Know , featuring insights from Erika Baumann, Director of Commercial Banking & Payments Practice at Datos Insights, and Mark Majeske, Senior Vice President of Faster Payments at Alacriti. The discussion provided a comprehensive overview of the anticipated trends and innovations set to shape the payments sector in 2024. Read on to discover the answers to financial institution decision-makers’ questions during the webinar. Impact of the RTP ® network and the FedNow ® service on card fees What impact do we see on card fees, given the adoption of RTP and FedNow? Baumann noted, “It’s too soon to see a significant impact on card fees due to RTP and FedNow. Financial institutions are concerned about the potential cannibalization of card, ACH, and wire volumes. However, the current volumes haven’t significantly affected these fees.” She emphasized the importance of viewing the total relationship value with busines...

By Ray Birch LAKE FOREST, Ill.—With new data showing credit unions have lost the white hat on overdraft pricing to fintechs, what can CUs do to put it back on their heads? One economist says the answer lies in overdraft limits. “Credit unions have the best limits. Fintechs’ limits are tiny. Thrift’s kill their limits with the highest OD price. And credit unions tower (28%) over bank limits. It’s time credit unions begin promoting their overdraft limits,” advised Michael Moebs, economist and chair at Moebs $ervices. “This is a big benefit to consumers that allows them to use the service more for everyday needs. CUs must tell the United States this.” The recommendation comes at the same time credit unions are under increasing scrutiny on overdra...

05/15/2024 07:24 pm NEW YORK—A new term has been coined for buy now, pay later financing, and it’s an issue that concerns many in credit unions: “phantom debt.” According to Fortune, a Wells Fargo senior economist, Fortune dubbed BNPL debt, “phantom debt,” and further said it has now become a $700 billion “black hole” that economists aren’t accounting for. “The problem with this, for economists at least, is that the larger BNPL platforms often decline to share their customers' purchasing patterns with some or all credit bureaus, concerned that their customers' activity may ultimately bring down their credit score,” Fortune reminded. As CUToday.info has reported, both credit unions and the CFPB is concerned about the lack o...

  Living In An On-Demand World 05/15/2024 07:16 pm Tweet By Ray Birch ST.  PETERSBURG, Fla.—Credit unions are being advised to pay closer attention to a number of digital innovation trends this year. Velera, formerly PSCU/Co-op Solutions, has outlined several such trends the company is paying close attention to—including open banking, digital instant lending and AI. It also has some advice for credit unions that want to keep pace. Trend One: Fast Digital Credentials The first trend of importance and one CU leaders need to be keenly aware of, according to Scott Young, SVP-emerging services with Velera, is consumers are now demanding their digital credentials or approvals in minutes. ...

WASHINGTON–Inflation eased just a bit in April with the  Consumer Price Index  slowing to its lowest level since early 2021.  Dawit Kebede According to the new data from the Labor Department, in April the CPI, which excludes food and energy items, was up 3.6% annually. That would seem to indicate the Federal Reserve’s decision to raise rates quickly and then hold them there is having its effect, albeit inflation is being tamed at a slower pace than may had expected. “Headline and core inflation slowed down a bit in April after hot readings during the first quarter,” said America's Credit Unions Senior Economist Dawit Kebede. “Volatile energy a...

  5 Takeaways From Trendwatch 1Q 2024 Asset quality, liquidity, and revenue are all on the minds of credit union leaders. Here's what the data has to say about that and more. Andrew Lepczyk Credit unions reported record revenue in the first quarter, but delinquency is still up and loan originations are down. Is the industry ready for the year ahead? First quarter data offers a window into what might happen in the year to come. Takeaway 1: Delinquency Ticked Down DELINQUENCY BY PRODUCT FOR U.S. CREDIT UNIONS | DATA AS OF 03.31.24 © CALLAHAN & ASSOCIATES | CREDITUNIONS.COM Delinquency remained elevated in the first quarter, although it fell slightly from its peak in the fourth quarter. Higher interest rates have made it more difficult for Americ...

Credit unions are experiencing an unprecedented battle on non-interest income, America’s Credit Unions Chief Advocacy Officer Carrie Hunt wrote to NCUA Chairman Todd Harper and CFPB Director Rohit Chopra Thursday, stressing these challenges stem from the actions of both agencies. “These challenges will result in a change to the credit union business model, making it more difficult and costly for these smaller, community-based institutions to continue serving their consumer-members across the country,” Hunt wrote. “If unnecessary regulation continues to make it more difficult for smaller financial institutions to operate, we will continue to see an increasing rate of consolidation, resulting in fewer banking options, less competition, and higher prices.” Hunt noted the CFPB’s recent actions to simultaneously reduce credit union income while simultaneously increasing regulatory burdens and compliance costs act “as a one-two punch to the operational realities of credi...

  By KEN SWEET Associated Press May 10, 2024 7:51 PM PT A federal judge in Texas temporarily halted a plan by the Biden administration to lower late fees on credit cards to $8 that was slated to go into effect next week. The temporary nationwide injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect. It is also a win for the U.S. Chamber of Commerce, which led the lawsuit on behalf of the banks. The new regulations that were proposed by Consumer Financial Protection Bureau would have set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee. The rule would bring the average credit card late fee down from $32. The bureau estimates banks bring in roughly $14 billion in credit card late fees a year. White House spokesper...