Firefighter Credit Union Newsroom

As the most important act a board of directors will take, give CEO selection the time and process your members deserve. By Deedee Myers | September 13, 2024 at 09:00 AM Credit/Adobe Stock With a continued wave of industry leaders retiring, now is the time to ensure your credit union takes a strategic approach to succession planning. There is a wide range of approaches to this critically important process. Some institutions simply point to a box on the organization chart to identify who is next in line or has been there the longest. Others are moving beyond one-time or occasional conversations toward a more strategic, relevant and effective succession planning process, which is a critical and valued factor supporting organizational health and sustainability. The size and complexity of the organization impact the availability of succession planning resources. Larger and complex organizations have more executives at the sen

Inflation is killing family budgets. Groceries, utilities, insurance, gas, rent are all increasing. High car prices and interest rates are making it difficult to afford a newer vehicle for growing families. Credit unions represent the bedrock of financial security for their community and members. So, with that People Helping People mission in mind, what can credit unions do to make vehicle loans more affordable for members? Interest rates and loan terms are the primary tools credit unions and banks have at their disposal to help consumers get into a vehicle and loan payment they can afford. However, there is minimal control over interest rates as rates are driven by national and global economics. So, the primary option to achieve lower payments is to increase loan terms from 72 to 84, 96 or more months. But does that approach of extending loan terms to effect lower payments address the needs of all your members or does it just set them up for a

WASHINGTON–In August the  consumer-price index climbed  2.5% from a year earlier, according to new data released by the Labor Department. That’s a decrease from 2.9% in July and marks the fifth consecutive month that inflation has cooled. Core inflation, a measure that excludes volatile food and energy costs, held roughly steady at 3.2%. Dawit Kebede "August's Consumer Price Index (CPI) report offers further evidence that inflation is moving toward FOMC’s target,” America's Credit Unions Senior Economist Dawit Kebede said in a statement. “The annualized three-month average for core CPI stands at 2.1%, despite the disproportionately high contr

MIAMI–After 11 interest rate increases since early 2022, the Federal Reserve is widely expected to announce a rate cut when it meets next week—but not all Americans agree that’s a good thing. According to a new  Fed Rate Survey conducted by WalletHub, a 25-basis point rate reduction would save consumers roughly $1.87 billion in interest over the next 12 months. Some economists, including in credit unions, say a 50-basis point cut could be on the table. To gauge public sentiment about Federal Reserve rate cuts, WalletHub said it conducted a  nationally representative survey . Here’s what it said it found: Key Findings Rate-Cut Concerns:  63% of Americans are concerned that cutting interest rates will make inflation worse.   Lingering In

  Leadership Why CEOs Need to Plan Their Exits Even the best execs can wear out their welcome. Smart CEOs create pipelines that build future leaders and successors. By Mark Athitakis May 17, 2024 Share Share Share Don’t you think it’s time you quit? For many CEOs reading this, the answer is probably “not yet.” Though the average CEO tenure in the corporate world has stayed relatively steady in recent years , there is also a growing phenomenon of “forever CEOs,” those who’ve stayed in the job for a decade, or decades. There are upsides to a long-tenured exec—stability, institutional knowledge, experience wit

By Frank J. Diekmann For a while now I have had a pretty good idea what someone is about to say when they begin by saying, “Off the record, Frank, but… And then they say out loud what had previously been whispered. That is, the motto may be “people helping people,” but there is an increasing belief that credit unions aren’t helping themselves--at all—with these professional sports franchise tie-ups and with their purchases of banks that in some cases are located numerous states away and are nowhere near the home office. And all of this it taking place with the Senate Committee on Finance this week set to hold a hearing titled “2025 Tax Policy Debate and Tax Avoidance Strategies.” While it’s not formally part of the agenda, the hearing will inc

Affinity FCU shares the details of its strategies, including a comprehensive benefits program. By Pam Cohen | September 09, 2024 at 09:00 AM Credit/AdobeStock Attracting and retaining top talent is an ongoing challenge for many organizations, but credit unions face a unique set of obstacles. Unlike larger financial institutions, credit unions often operate with resource constraints and have less brand recognition, which can make it difficult to compete for top-tier talent. Despite these challenges, credit unions have unique strengths that can be leveraged to attract individuals who value a strong sense of community and a supportive work environment. Being Innovative When Growing Talent At Affinity Federal Credit Union, we have implemented several innovative strategies to attract and retain top talent. One key approach is our comprehensive benefits program, which emphasize

The Federal Credit Union System is turning 90, and NCUA's Todd Harper shares four keys to CU success for the next 90 years. By Todd Harper | September 09, 2024 at 10:00 AM Pres. Roosevelt signed the Federal Credit Union Act into law on June 26, 1934. Credit/National Archives Ninety years ago, President Franklin Delano Roosevelt signed the Federal Credit Union Act, establishing the federal system of credit unions and increasing access to affordable financial products and services for more Americans. Since then, the system has evolved considerably from one in which credit unions offered basic savings accounts, appliance loans, and short-term credit to one that provides long-term share certificates, money market accounts, auto loans, mortgages, credit cards, commercial lending, and private student loans. So, as we look ahead to the next 90 years and what the credit union sy

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 Credit Unions Income Down ALEXANDRIA, Va.— Even with assets growing, net income ($15.7 billion) at federally insured credit unions was down $1.8 billion, or 10.1%, in the first half of 2024, compared with the first half of 2023, NCUA’s Quarterly Credit Union Data Summary shows. During a call with the press, NCUA Chairman Todd Harper attributed some of the decline to CUs increasing loan loss reserves. Todd Harper NCUA’s data also show the delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, up 21 basis points from one year earlier. The net charge-off ratio was 79 basis points, up 26 basis points compared with

FOR IMMEDIATE RELEASE For more information, please visit www.PARCcompensation.com or contact: Bruce D. Smith Partner, PARC Street Group (516) 639-0556 bsmith@parcstreetpartners.com PARC Compensation Consulting Launched to Deliver World-Class Service to Credit Unions and Other Non-Profits   Syosset, NY – September 4, 2024 – PARC Street Group is thrilled to announce the launch of its latest strategic venture, PARC Compensation Consulting. The launch signals a significant expansion that will elevate and expand PARC Street Group’s capabilities. PARC Compensation Consulting will deliver world-class compensation consulting services to credit union industry clients and other non-profits.   This natural extension of services is an answer to the requests of many current clients of PARC Street Partners , a leader in the Supplemental Executive Retirement Plan (SERP) space.    As part of this exciting development, PARC Compensation Consulting has acquired the intellectual capital of

WASHINGTON–The U.S. economy grew more than previously thought in the second quarter, data released Thursday shows, “bolstering the case that the country may be experiencing a so-called soft landing,” according to one new analysis. Gross domestic product grew at a 3% seasonally and inflation-adjusted annual rate, the Commerce Department said in its revised estimate. That is up from the 2.8% rate reported last month, and it is far above the first quarter’s weak 1.4% expansion. Initial jobless claims for the week ended Aug. 24 also fell slightly, according to the Labor Department, another positive sign for the health of the U.S. economy, noted the Wall Street Journal in its analysis of the newest data. ‘All But Certain’ “Despite the economy's