Firefighter Credit Union Newsroom

  Research by MX reports that consumer expectations for your banking app just keep getting higher. And dissatisfied users will likely jump to another app (and another bank) that ticks more boxes. How can you stay ahead in the app game? Mobile banking apps have become table stakes for banks and credit unions, especially among Millennials and Generation Z. Research from MX earlier this year indicated that a decent mobile banking app is a must-have for nearly one in four consumers starting a relationship with a financial institution. MX research also shows that 80% of consumers have a payment app, such as Venmo, PayPal or Cash App on their phone. In addition, 77% have a bank or credit union mobile banking app, 48% have a credit card app, 25% an investment or retirement savings app, and 17% an independent app to help manage their finances. Nearly half maintain three or more financial apps on their devices. Now a new round of MX research indicates that the quality of the ...

As we enter the fourth quarter, many credit union leaders are starting to turn their attention toward planning for 2025. With a myriad of options and new technology, it’s crucial to prioritize services that set credit unions apart while encouraging growth. In this article, we explore several key areas credit unions should consider when preparing their budgets for the coming year. Expanding membership One significant trend shaping the financial landscape is the exodus of big banks from rural communities . This presents a golden opportunity to expand membership to new communities. However, this expansion doesn’t necessarily require traditional brick-and-mortar branches. Credit unions can leverage technology to provide services efficiently and cost-effectively. Some alternative service delivery methods include: Interactive Teller Machines (ITMs) : These advanced ATMs allow members to interact with a live teller via video, providing a personal touc...

ARLINGTON, Va.— A new report suggests more consumers are turning to fintech apps rather than financial advisors to manage their money, and that the trend will only increase as artificial intelligence becomes more mainstream. “Fintech apps have simplified financial management and their capabilities are expected to be amplified with AI,” Capterra stated in releasing its analysis. According to  Capterra’s 2023 Fintech Survey  of more than 870 consumer fintech users, 60% of respondents now seek advice from personal finance tools before reaching out to financial professionals. Furthermore, 64% of fintech users feel that these tools have significantly reduced their reliance on financial advisors, Capterra said. Rapid Advance “Fintech has rapidly advanced within the last few years, changing how traditional financial services are offered and how consumers manage their finances,” Max Lillard, senior finance analyst at Capterra, said in a statement. “While fintech won’t ma...

September 23, 2024 by Crystina Duran , Envisant Share Share Share Experts are predicting the prepaid card market will be valued at more than $10.5 trillion globally by 2027 as usage continues to increase ( World Metrics ). This data reveals the ongoing relevance of prepaid cards and points to their increasing value as part of a credit union’s portfolio. Prepaid cards hold a strong position in financial wellness and inclusion that makes them ideal for building trust, growing a credit union’s market, and strengthening member relationships while diversifying revenue streams. Grow member trust while supporting financial wellness Prepaid cards are well-known as valuable tools that su...

  Save the Dates: NCOFCU's Key West Conference 2025 As the new year begins, it’s the perfect time to start planning for one of the most anticipated events of the credit union industry: the National Council of Firefighter Credit Unions Inc (NCOFCU) Key West Conference 2025! Mark your calendars and book your travel, as this fantastic opportunity for networking, learning, and relaxation is just around the corner. Event Details Dates:  September 22-25, 2025 SCHEDULE Location:   Casa Marina Oceanfront Resort, Key West, Florida 2025's conference promises to be bigger and better than ever! Set against the picturesque backdrop of Key West, participants will enjoy a perfect blend of professional development and island charm. From interactive workshops to engaging keynote speakers, there is something for everyone in the credit union community. Why Attend? Networking Opportunities The NCOFCU Key West Conference is a prime opportunity to expand your professional network and...

Overdrafts Are A 'Complex Jigsaw Puzzle' By Ray Birch LAKE FOREST, IIl.—Financial Institutions must pay attention to 10 overdraft “components” to offer a successful OD program, says Moebs Services, which believes overdrafts are the most complex financial service to offer. Moebs Services’ latest overdraft study identified those 10 components, and the company is offering advice on how each can help or hinder the OD offering. “Overdrafts are a complex jigsaw puzzle. Forming one picture is difficult to be profitable for all. Think of how long it takes to do a jigsaw puzzle,” said Michael Moebs, economist and chair of Mobes $ervices. “ODs are fees and balances put together in one price. Think of h...

By Ray Birch ST. PETERSBURG, Fla.—That Uber Eats food delivery that arrived quickly after being ordered on a convenient and simple app has changed what members expect from their credit unions, even if those same members don’t realize it. “With competitors introducing digital-first solutions, consumers today demand prompt, seamless service, especially for high-frequency, less complex processes like obtaining a new credit card,” said Scott P. Young, SVP of emerging services at Velera. “While many credit unions have streamlined in-branch and contact center operations to meet this demand for speed, other services, such as digital account opening and credit card loan origination, still lag behind—all of which can cause member dissatisfaction and frustration.” ...

The need for responsible higher education financing continues to grow, and your credit union has an opportunity to provide affordable, flexible funding for college and technical careers. Sponsored Content By CU Student Choice Jim Holt, Chief Development Officer, CU Student Choice Loan growth slowed to 3.7% as of June 30, 2024, according to the latest Callahan data. Although the potential for lower rates in the not-so-distant future might help drive volume, now is the time to ensure your credit union’s lending solutions meet consumers’ most pressing needs. As the need for responsible higher education financing continues to grow, your credit union has an opportunity to provide affordable and flexible funding for college and te...

Fed Chair Jerome Powell speaks to reporters in Washington, D.C., Wednesday after announcing a 50-basis-point rate cut. Credit/Federal Reserve After staying at 5.3% for more than a year, the Fed cut interest rates by 50 basis points Wednesday and signaled more cuts to come. The Federal Open Market Committee's projections showed at least half of members expect to cut rates to 4.4% by year's end, down from their 5.1% median expectation at their June meeting. By the end of 2025, the median expectation is that rates will fall to 3.4%, down from an expectation of 4.1% in June. "The FOMC cut rates more aggressively than it had previously forecast, an acknowledgment that inflation is subsiding and risks to the labor market are rising," Curt Long, deputy chief economist for America's Credit Unions, said. Fed Chair Jerome Powell said the cuts are the result of inflation moving close to its 2% goal, and a job market that is strong, but cooling. ...

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point ...

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 experiences to enhance board governance, operational efficiency, and community engagement. Key Benefits for Chairman Circle Members   No...

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. ...

  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...

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...