First-responder Credit Union Newsroom

ALEXANDRIA, Va.–NCUA has sent a Letter to Federal Credit Unions (24-FCU-02) reminding them that the board voted in July to continue the temporary 18% interest rate ceiling for loans made by federal credit unions. The agency noted that the Federal Credit Union Act generally limits federal credit unions to a 15% interest rate ceiling on loans. “However, the NCUA board may establish a temporary, higher rate for up to 18 months after considering certain statutory criteria,” said the agency. The previously approved 18%  interest rate ceiling had been set to expire on Sept. 10, 2024. The July NCUA board action extends the temporary 18% interest rate ceiling through March 10, 2026. Read the Letter to Federal Credit Unions

Highlighting the personal and professional benefits of serving on your nonprofit’s board can help you make the role more appealing to younger candidates. Discover the strength of “the pleasure principle.” Let me share a story: When I was a senior in high school, the only other candidate for the presidency of our church group was someone who was…well…difficult. My friends convinced me to run; I agreed — and won. For the next year, I planned projects, met people, ran meetings, created events, and worked hard on teams. It was a whirlwind, and most of the time I was smiling. This profound experience revealed a fundamental truth about nonprofit service: It was fun . It lit a neuron in my brain that felt great and led to decades of service on several boards. I believe that this episode demonstrates the strength of the pleasure principle . Let’s talk about how you can use it to recruit board directors. But first — what is the pleasure principle? More than a century ago, Freud explic...

Announcing the National Council of Firefighter Credit Unions Inc (NCOFCU) First Responder Credit Union Academy (FRCUA): A New Benefit for Chairman Circle Members https://www.ncofcu.org/first-responder-credit-union-academy   We are thrilled to announce an exciting new benefit exclusively for our Chairman Circle members: the National Council of Firefighter Credit Unions Inc. (NCOFCU) First Responder Credit Union Academy! This innovative program is designed to empower board members of credit unions serving first responders by providing the knowledge, tools, and resources they need to excel in their roles and meet the Duties of Federal Credit Union Boards of Directors . What is the First Responder Credit Union Academy? The NCOFCU First Responder Credit Union Academy is a comprehensive training program tailored specifically for credit union leaders who serve our nation’s heroes—our first responders. This academy will offer a mix of online courses and conference hands-on learning e...

 ACKSON HOLE, Wyo.–The chairman of the Federal Reserve has all but officially announced a rate cut is coming in September. Speaking at the conclusion of the Kansas City Fed’s annual retreat here, Jay Powell made clear the Federal Reserve needs to make changes to its policy on rates—meaning lower them--in order to not weaken the job market further and to prepare the economy for a soft landing.  “The time has come for policy to adjust,” said in remarks at the conclusion of the week-long event. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.  “We will do everything we can to support a strong labor market as we make further progress toward price stability.” ...

WASHINGTON—Despite the recent pullback in mortgage rates, total home sales are expected to come in lower than previously forecast through the rest of 2024, and then not pick up meaningfully until further out in 2025, according to the August 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group. The ESR Group reported that purchase mortgage applications have “barely budged” in response to the more favorable rate environment, and high-frequency measures of home purchase demand, including mortgage applications, showing requests, and listings views, remain below year-ago levels. Additionally, Fannie Mae said its Home Purchase Sentiment Index continues to report a near-record low share of respondents indicating it’s a “good time to buy” a home. ...

WASHINGTON—Credit union loans outstanding increased 0.5% in June, similar to the 0.5% increase in May of 2024 and a 0.7% increase in June 2023, according to America’s Credit Unions’ latest Monthly Credit Union Estimates . Estimates are based on information from a monthly sample of credit unions and are revised whenever more complete data is available, ACU said.  Other mortgage loans led loan growth during the month rising 3.7%, followed by adjustable-rate mortgages (3.0%), home equity loans (1.3%), unsecured personal loans (1.3%), and credit card loans (0.8%).   On the decline were new auto loans (-0.2%), used auto loans (-0.2%), and fixed rate mortgages (-0.3%), ACU said.   Credit union savings balances declined -0.03% in...

08/21/2024 07:30 pm NEW YORK–The fees for using out-of-network ATMs continue to rise, with an average fee of $4.77 this year, according to Bankrate’s 2024 Checking Account and ATM Fee Study . “This reflects an increase from $4.73 last year and the highest annual amount since Bankrate began tracking ATM fees in 1998,” the company said in releasing the analysis. Other fees on the rise include overdraft fees, Bankrate reported, with the average having climbed this year to $27.08, up from $26.61 in 2023. “This increase comes after two straight years of declines, after the average overdraft fee had peaked at $33.58 in 2021,” Bankrate said. “Overdraft fees are still charged by 94% of accounts Bankrate surveyed, and they can run as high as $38.” ...

 ST. PETERSBURG, Fla.–Speaking on the third anniversary of the “chaotic” final day of the U.S. pullout from Afghanistan, the man who oversaw the jam-packed flights out of the Kabul airport is sharing what he learned that day when it comes to leadership, how to view “rules,” and more. Alex Pelbath, a former Air Force officer who was the air mission commander during the evacuation from Kabul, shared with attendees at the Defense CU Council’s annual meeting his experiences on a day that was widely documented in worldwide media coverage as desperate Afghans stormed the airfield and attempted to crowd onto planes to flee the country. The situation reminded him, he said, of the Mike Tyson observation that “everyone has a plan until they get punched in the mouth.”  And during the 16 days the U.S. pulled out of the country, there were a lot of punches to the mouth, as Pelbath made clear. But as he also emphasized, It was a great example of a saying in the Air Force that “fl...

 But the Mortgage Bankers Association has this year coming up rosier thanks to a big downward revision for 2023. By Jim DuPlessis | August 19, 2024 at 05:01 PM Credit/Adobe Stock The Mortgage Bankers Association has lowered its forecasts for existing home sales and purchase mortgage originations through the end of 2025 despite interest rates falling and the economy dodging a recession. But despite steady downward revisions for 2024, this year will look much, much better than last year because of a heavy downward revision for 2023. Last year was seen as the pit of mortgage originations with total originations as reported in July at about the level of 2018. With the revision, the pit got deeper with the total now well below 2018 levels. The MBA's July 19 forecast said the total originations were $1.64 trillion in 2023; its Aug. 15 forecast lowers it by 11% to $1.46 trillion. Purchase originations for 2023 were l...

Cooperatives across the country are taking a fresh look at employee motivation, with some moving toward a more holistic approach to compensation. Marc Rapport Point/Counterpoint: This story is part of Callahan’s new “Point/Counterpoint” series, examining credit union issues from multiple perspectives. Want a different take on incentives? Learn how two credit unions align staff efforts with organizational goals to boost the bottom line and enhance member value in “Incentives That Power Performance And Improve Outcomes.” Top-Level Takeaways Capital Credit Union’s transition away from individual performance-based incentives has resulted in improved employee engagement, lower turnover, and better member service. Seattle Credit Union is still evaluating the effectiveness of incentive programs, balancing ...

  In today’s marketplace, attention has become the ultimate commodity. Gone are the days of traditional media when newspapers, magazines, radio, and even television were at the forefront of gaining customer attention. At little to no cost, social media platforms are the conduit by which products and services are offered and sold to the masses. In order for credit unions to remain relevant and competitive, they must leverage social media to convey the people helping people, member-focused, fintech message that distinguishes them from other financial institutions. Facebook, Instagram, Twitter, and LinkedIn have revolutionized the way businesses connect with consumers. With billions of users worldwide, these networks offer a vast audience for credit unions to tap into. By utilizing social media effectively, credit unions can gain the attention of potential members who may not be aware of the financial and technological benefits they offer. Curre...

What’s In A Charter Type? Whether a credit union selects a federal or state charter depends heavily on that institution's regulatory needs and expansion goals. Andrew Lepczyk CHARTER CHANGES SINCE 2019 FOR U.S. CREDIT UNIONS | DATA AS OF PUBLICATION SOURCE: CALLAHAN & ASSOCIATES © Callahan & Associates | CreditUnions.com Credit union charter changes by year. Any mathematical discrepancies reflect   instances of state charters converting from private deposit insurance to being federally insured. Selecting a federal or state charter doesn’t just impact how a credit union is regulated – it plays a major role in that institution’s expansion options. Sixty-eight credit unions have converted their charter since 2019, a nearly even split between moving from federal to ...

Consistency is the key to success for credit union growth when it's applied to five specific areas. By Mark Arnold | August 12, 2024 at 09:00 AM Credit/AdobeStock Any exercise trainer will tell you if you workout one day for 12 hours, you're going to be really sore. But if you work out 30 minutes a day for 30 days, you're going to be really fit. Why? Because consistency trumps intensity. In a recent LinkedIn post , I noted that I'm often asked, what is the key to success for credit union growth? The one-word answer: Consistency. But not just random consistency. For credit unions it's consistency in five critical areas: Messaging, marketing, staff, sales and training. Below is a breakdown of each of those areas along with a quick hack to ensure your credit union is bringing more consistency to them. Messaging Change is good. But not when it comes to your core messaging. You want items like you...

WASHINGTON–Mortgage rates last week hit their lowest mark since May of 2023. With economic data perhaps indicating a slowdown and with new predictions the Federal Reserve could cut rates by as much as 50 basis points when it next meets, the 30-year fixed-rate mortgage averaged 6.47% last week, according to Freddie Mac. That’s down substantially from one week earlier when the average was 6.73%. The one-week drop was the biggest since late December. The 30-year mortgage rate average peaked (so far) earlier this year at 7.22%. Growing Purchasing Power “The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move,” Sam Khater, Freddie Mac’s chief economist, said in a ...

LAWRENCEVILLE, Ga.—Used vehicle values continued to decline in July, reported Black Book. Last month the company’s Used Vehicle Retention Index decreased 1.1% (1.6 points) to 145.0 from June 2024 (146.6), which is 15.2% below where it was at the same time in 2023. The Index sits 26.5% above the March 2020 reading – the last pre-pandemic month. “In July, the Black Book Retention Index continued its decline that began in April, driven by greater-than-expected depreciation in wholesale values,” Laura Wehunt, vice president of analytics at Black Book, said in a statement. “Although auction conversion rates were strong, staying in the high-50% range, the retail market saw an increase in days to turn, starting at 45 days at the beginning of the month...

WASHINGTON–The National Federation of Independent Business is reporting its July jobs report  has found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from June and the lowest reading since April 2021. It further found a net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June.  “Fewer small business owners are planning to raise compensation in the coming months, and plans to hire remain stable,” NFIB Chief Economist Bill Dunkelberg said in a statement. “July marks the second month of net gains in employment on Main Street, and the number of firms with open positions remains exceptionally high.” The Findings According to...

       Why the stock market is freaking out again Analysis by David Goldman , CNN 5 minute read Updated 4:01 PM EDT, Mon August 5, 2024      The Dow tumbled more than 1,000 points, and the broader market plunged 3% Monday. The Nasdaq, full of risky tech stocks, dropped 3.5%. All of that comes amid a global market selloff. Japan’s Nikkei 225 index nosedived 12% — its worst rout in history . All major Asian and European markets fell substantially Monday. Three fears are emerging all at the same time to send markets into a tailspin Monday: Growing worries about a recession, concern that the Federal Reserve has failed to act promptly enough and a bel...