Mobile Banking Usage Continues To Skyrocket

 WASHINGTON — More than half of U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association.

The national survey found that consumers continue to embrace digital banking channels, with 55% of bank customers using apps on phones or other mobile devices as their top option for managing their bank account and 22% using online banking via laptop or PC the most in the past 12 months.

The next most popular banking methods include visiting a branch (8%), ATMs (5%) and telephone calls (4%). The percentage of mobile app users is the highest since ABA and Morning Consult first started conducting this survey in 2017. 

Age Breakdown

A breakdown of age demographics shows preferences vary among different generations. About two-thirds of Generation Z (64%) and Millennials (68%) use mobile banking apps most often, while more than half of Generation X (55%) do so.  Nearly half of Baby Boomers (41%) most often utilize online banking via laptop or PC to manage their accounts. When it comes to branches, nearly one in seven Baby Boomers (13%) visit bank branches the most often, while only 4% of Gen Z and Millennials prefer to visit a branch.

“While the pandemic greatly accelerated mobile banking adoption, America’s banks have sustained – and even increased – this growth by investing in innovative technologies that make banking on-the-go as seamless and secure as ever before,” said Brooke Ybarra, ABA’s senior vice president of innovation strategy. “Customers can deposit a check remotely, split a dinner bill with a friend instantaneously, and track their spending and saving patterns with ease on their mobile device. With most Americans using a mobile device every day, digital banking options have helped bring unbanked households into the banking system, connecting them with all of the benefits that come with a bank account.” 

Consumers Highly Satisfied With Digital Banking Channels

The survey also found that consumers are highly satisfied with their bank’s digital banking channels – 96% of consumers rate their bank’s online and mobile app experience as “excellent,” “very good,” or “good.” When considering the growth of digital and online tools as well as traditional branches and ATMs, 94% of respondents also characterized their overall access to banking services today as “excellent,” “very good” or “good.” In addition, 83% of respondents said innovation and technological improvements by banks are making it easier for all Americans to access financial services, an acknowledgment of the role technology is playing in promoting financial inclusion. 

Recent Rate Run-Up Expected To Keep Existing Home Sales Near Historic Lows Through 2025

WASHINGTON—Existing home sales are now expected to rise only 4% next year from a 2024 pace that is on track for a nearly 30-year low, according to the November 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.

The downward revision to the existing home sales outlook, which was previously forecast to rise 11% in 2025, is the result of significant upward movement in mortgage rates and other long-duration bonds in recent weeks, Fannie Mae said. ‘

“Whereas previously the ESR Group had expected mortgage rates to dip below 6% in early 2025, the revised forecast now shows mortgage rates ending 2025 at 6.3% and remaining above 6% through 2026. The ESR Group does expect a significant improvement in existing home sales of around 17% in its inaugural 2026 forecast, as affordability conditions improve, the lock-in effect weakens, and pent-up demand to move materializes. Furthermore, the ESR Group continues to expect new home sales to improve on already-robust levels in both 2025 and 2026, as homebuilders continue to offer buyers incentives to move existing inventories,” Fannie Mae said.

The ESR Group’s economic growth outlook is little changed this month, with minor upward revisions to near-term growth in personal consumption. Its 2026 GDP forecast sees the economy continuing to grow near its long-run trend rate of about 2.2%. Of note, the ESR Group now expects core inflation, for which further progress has largely stalled in recent months, to remain elevated in the near term. This is offset somewhat by the expectation for lower oil prices due to recent movements in oil markets and a softer global demand outlook, which will likely work to keep topline inflation measures below core inflation through 2025. The ESR Group expects core inflation to return to the Fed’s 2% target by the second quarter of 2026, but it now expects somewhat less monetary policy easing in 2025 than previously forecasted.

“Long-run interest rates have moved upward over the past couple months following a string of continued strong economic data and disappointing inflation readings,” said Mark Palim, Fannie Mae senior vice president and chief economist. “To the extent that the recent run-up in rates has been driven by market expectations of stronger economic growth, we think this bodes well for the labor market outlook and home purchase demand. However, we expect inventories of homes added to the market, and therefore sales of existing homes, to remain subdued through next year, as the higher mortgage rate environment is likely to strengthen the ongoing lock-in effect. How these competing forces balance out is currently an open question, but for now we continue to expect affordability to remain the primary constraint on housing activity through our forecast horizon.”

Credit Tightening, Especially For Auto And Mortgage Loans

NEW YORK—Consumers are finding it is more difficult today to get a loan—especially auto and mortgage—as lenders tighten their standards, new data show.

The Federal Reserve Bank of New York’s Center for Microeconomic Data has released results from its latest Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access. The survey is fielded every four months, most recently in October 2024.

The latest SCE Credit Access Survey reveals largely stable credit demand but increased rejection rates on credit applications in 2024. Reported rejection rates for credit cards, mortgages, auto loans, credit card limit extension applications, and mortgage loan refinance applications all rose in 2024, with those for auto loans and mortgage refinances reaching new series highs since the module was first fielded in 2013. The proportion of respondents reporting voluntary credit account closures dropped to a new series low, while the share experiencing lender-initiated account closures rose to a new series high, the New York Fed stated.

Looking ahead, households anticipate that they will be less likely to apply for at least one type of credit over the next 12 months. They report lower average likelihoods of applying for a new credit card or a mortgage, but higher likelihoods of applying for a mortgage refinance loan. Consumers also report higher average perceived likelihoods of a future credit application being rejected, conditional on applying over the next 12 months, for credit card, auto loan, and mortgage refinance applications, but lower expected rejection rates for mortgage applications and credit limit increase request, the New York Fed stated.

Finally, there was a slight decrease in 2024 in the subjective financial fragility of U.S. households. The average reported probability of being able to come up with $2,000 if an unexpected need arose within the next month increased slightly, the data show.

Earn your 1st, "First Responders Credit Union Academy" Certificate On Us!

 

www.NCOFCU.org National Council of First-Responder Credit Unions "By firefighters for all first responders."

 

Get your 1st "Certificate of Completion" on us! "Ongoing Board Development" Read the Manual and take the test.

 

We are excited to announce a unique opportunity for both our members and non-members to experience the “First Responder Credit Union Academy”! This initiative is designed to provide valuable resources and educational tools tailored specifically to the needs of first responders and staff of member credit unions serving first responders. Whether you're a seasoned professional or new to the field, our academy offers a wealth of knowledge that can enhance your financial literacy and empower you to make informed decisions. Participants in the academy will have access to a variety of training modules, informative workshops, and expert-led sessions that cover a wide range of topics, including:

 

Understanding ALM  BSA 24 CEO Succession Planning Sample Policies & Procedures Credit Union Governance Understanding Financial Statements CU Robberies NCOFCU YouTube Understanding Profit & Loss Statement Developing Leadership Skills Volunteer Succession Planning,  Establishing a Strategic Plan Key Financial Ratios Ongoing Board Development Forums (Online Round Tables)

 

Helps directors meet NCUA's Requirements

 

Our goal is to equip you with the skills and information necessary to navigate your credit unions with confidence.

 

This promotional offer allows you to explore all the benefits the First Responder Credit Union Academy has to offer, and we encourage you to take full advantage of this opportunity.

 

By participating, you'll not only strengthen your financial knowledge but also connect with a community of fellow first responders who share similar experiences and challenges. We are committed to supporting you every step of the way, and we can’t wait for you to join us on this journey toward greater financial empowerment!

 

All of the volunteers and staff of the "Chairman's Circle" member credit unions can participate in the First Responder Credit Union Academy. Not a member Join Here

We are happy to announce we have partnered with Allstate Health Solutions to provide you and your members with individual health insurance options!

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Contact Murray Halperin for more information (561) 393-3770 murrayh@financeresponders.com

Congratulations on Your Election as President

Dear President-Elect Trump,

On behalf of the National Council of Firefighter Credit Unions Inc.(NCOFCU), we would like to extend our heartfelt congratulations on your election as the 47th President of the United States. This monumental achievement reflects the confidence the American people have in your leadership and vision for our nation.

At NCOFCU, we represent a dedicated community of credit unions committed to serving the needs of first responders and their families nationwide. Our mission is to promote financial education for their directors and staff and security for their members and advocate for the interests of credit unions serving first responders nationally.

As you prepare to take on this critical role, please know that we stand ready to assist you in any initiatives that will benefit first responders and their communities. Should you require support or collaboration in areas related to the first responder credit union community, we are here to help.

We wish you success in your presidency and look forward to the positive changes your leadership will bring to America.

Sincerely, 

NCOFCU’s National Board of Directors

Chairman:  David Lantrip Director Houston Firefighters FCU
1st V. Chairman:  Brian Kurzel Chairman Charlotte Fire Dept. CU
2nd V. Chairman: Bonnie Sensing Exec. Admin. Nashville Firefighters CU
Treasurer: Gene Benick NCOFCU
Secretary: Andy Doyle Director F&A CU
Directors: Michael Tobler, Chairman of NY Firefighters Bravest FCU;, John Cowin, Director of Syracuse Firefighters CU; Al Comeaux, Chairman of Baton Rouge CU; Michael McCormick, Chair. San Diego Firefighters FCU
Associate Directors: Johnny Player, Treasurer Akron Fire Police CU; Judy DeLucca, CEO of New Orleans Firefighter FCU; Bob Whitaker, Director of Baton Rouge Firemens CU.

Staff:

Grant Sheehan CEO
   305-951-3306

Used Vehicle Values Increased in October

LAWRENCEVILLE, Ga.—Used vehicle values increased in October, according to Black Book.

The company’s Used Vehicle Retention Index increased 0.5% (0.8 points) in October to 147.1, up from September 2024 (146.3). The Index is 8.7% below where it was at the same time in 2023.

“Activity in the auction lanes in October was strong, with conversion rates consistently in the high 50% range with the larger independent buyers actively engaging in the bidding and securing a fair amount of inventory,” said Laura Wehunt, vice president, data and analytics for Black Book. “As for valuation trends, the overall market reported consistent declines throughout the month that were on par with traditional October depreciation rates.”

Wehunt added that moving into November, the industry is closely monitoring how the presidential election outcome may impact demand for new and used vehicles.

The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition.

To obtain a copy of the latest Black Book Wholesale Value Index, please click here.  

Armand Parvazi MBA CUDE - Last Friday marked his last day with New Orleans Firemen’s Federal Credit Union.

It’s been an incredible journey, but it’s bittersweet to announce that Friday marked my last day with New Orleans Firemen’s Federal Credit Union.

We've accomplished so much together in my six years as Chief Administrative and Development Officer. Some of the highlights:

• Implemented a data-driven marketing strategy that delivers over 1,800% annual ROI.
  
• Developed automated triggers to ensure members receive the right offers at the right time.
  
• Grew assets by 61% and increased products per new member from 1.88 to 2.62.
  
• Converted online banking to enhance the member experience.
  
• Introduced a loan origination system for faster and more efficient loan processing.
  
• Transitioned to a mobile-first financial institution to meet members where they are.
  
• Pioneered the first Cancer Care loan pause program in the nation (in collaboration with Andy Janning)
  
• Secured nearly $17 million in grants for our impactful work.
  
• Expanded our field of membership to 35 parishes and counties and added numerous fire departments across the state.
  
• Launched a financial education platform to complement our financial coaches.
  
• Introduced a mobile branch (our Financial Empowerment Center) for disaster recovery and business development.

All this was achieved while overcoming numerous challenges, including a pandemic, two tornadoes, and countless hurricanes.

As they say, time flies when you’re having fun. The journey has been incredible, and I’m so grateful to have shared this time with such an amazing team. We’ve accomplished so much, and we built a strong foundation for the future. The credit union will thrive and continue to fulfill its mission.

Thank you to my colleagues, teammates, board, and everyone else for being a part of this journey. I look forward to the next phase of this cooperative adventure. The future is bright!

Armand Parvazi MBA CUDE

Email and Text Message Etiquette

As we navigate our everyday communications, I want to emphasize the importance of practicing good email and text message etiquette. This enhances clarity and ensures that everyone feels respected and valued in our interactions.

Email Etiquette:

1. Use a Clear Subject Line: A subject line that accurately reflects the content of your email will help recipients know what to expect.

2. Greet Appropriately: Start with an appropriate greeting, such as "Dear [Name]", "Hello [Name]," or "Hi [Name], which sets a positive tone.

3. Acknowledge Receipt: If you receive an email that requires a response, action, or information, please acknowledge its receipt. A simple reply confirming that you have received the email helps the sender know their message was received and provides an opportunity to clarify expectations.

4. Be Concise: Keep your emails clear and to the point. Avoid excessive details unless necessary.

5. Professional Language: Use respectful and professional language. Avoid casual terms and slang, especially in formal communications.

6. Proofread: Take a moment to check for any spelling or grammatical errors before sending your email.

7. Respect Privacy: Be careful when forwarding emails. Ensure that the content is appropriate for the new recipients .

Text Message Etiquette:

1. Use Proper Language: Communicate respectfully and clearly. Minimize the use of slang and
emojis, especially in professional contexts.

2. Messages: Just like emails, it's important to acknowledge receipt of important text messages. A quick response confirming you received the message can go a long way.

3. Timing Matters: Be mindful when you send text messages. Avoid texting late at night or early in the morning unless necessary.

4. Keep It Short: Text messages should be brief. Consider switching to a call or email if the discussion becomes detailed.

5. Be Mindful of Group Chats: Make sure your messages are relevant to all participants in group conversations.

6. Respond Promptly: Try to reply in a timely manner. A quick acknowledgment can help maintain effective communication.

Practicing these etiquettes enables us to foster respectful and effective communication within our community. Thank you for your attention to these important practices.

Warning: Hackers could take over your email account by stealing cookies, even if you have multi-factor authentication (MFA)

 

Posted: November 5, 2024 by Pieter Arntz

The Federal Bureau of Investigation (FBI) has issued a warning that cybercriminals are taking over email accounts via stolen session cookies, allowing them to bypass the multi-factor authentication (MFA) a user has set up.

Here’s how it works.

Most of us don’t think twice about checking the “Remember me” box when we log in. When you log in and the server has verified your authentication—straight away or after using MFA–the server creates a session and generates a unique session ID. This session ID is stored in a session cookie (or a “Remember-Me cookie” as the FBI calls it) on your browser, which is typically valid for 30 days.

Every time you return to that website within the time frame, you don’t need to log in. That’s really convenient… unless someone manages to steal that cookie from your system.

If someone steals the session cookie, they can log in as you—even if you have MFA enabled.

This is particularly relevant for email handlers that have an online—webmail—component. This includes major players like Gmail, Outlook, Yahoo, and AOL.

With access to your email account, a cybercriminal can find a lot of useful information about you, such as where you bank, your account numbers, your favorite shops, and more. This information could then be used for targeted cyberattacks that only mention information relevant to you, leaving you more likely to fall for them.

Cybercriminals could use your account to spread spam and phishing emails to your contacts. And perhaps most worrying of all, once an attacker is in your email account they can reset your passwords to your other accounts and login as you there too.

How do these criminals get their hands on your session cookies? There are several ways.

On very rare occasions, session cookies can be stolen by you visiting a malicious website, or via a Machine-in-the-Middle (MitM) attack where a cybercriminal can intercept traffic and steal cookies if they’re not protected by HTTPS on an unsecured network.

However, session cookies are usually stolen by malware on the your device. Modern information-stealing malware is capable of, and even focuses on, stealing session cookies as part of its activity.  

How to keep your email account safe

There are a few things you can do to stay safe from the cookie thieves:

• Use security software on every device you use.
• Keep your devices and the software on them up to date, so there aren’t any known vulnerabilities on them.
• Decide whether you think it’s worth using the Remember me option. Is convenience worth the risk in this situation?
• Delete cookies, or—even better—log out when you are done. That should also remove or invalidate the session ID from the server, so nobody can use it to log in, even if they have the session cookie.
• Only visit sites with a secure connection (HTTPS) to protect your data from being intercepted during transmission.
• For important accounts regularly check the log in history where you can see which devices logged in when and from where. You should be able to find this option in your account settings.

Honoring Our Veterans: Veterans Day Reminder

  

First Responder Credit Union Academy www.NCOFCU.org   As we approach Veterans Day on November 11th, we would like to take a moment to reflect on the significance of this important day. Veterans Day is a time to honor and celebrate the brave men and women who have served in the armed forces, dedicating their lives to protect our freedoms and uphold our values. Originally known as Armistice Day, this day marks the end of World War I and has since evolved into a broader recognition of all veterans who have served our country. It is a day for us to express our gratitude for their sacrifices and to acknowledge the contributions they have made and continue to make in our society. We encourage all members to take part in local observances, such as parades or memorial services, and to find ways to show appreciation for veterans in our community. Whether it’s reaching out to a veteran you know, volunteering with veteran organizations, or simply reflecting on their service, every act of kindness matters. Let us come together as a community to honor not only the veterans who are with us but also the memories of those who have made the ultimate sacrifice. Their courage and dedication embody the spirit of our nation, and it is our responsibility to ensure their contributions are never forgotten. Thank you for taking the time to remember and honor our veterans this Veterans Day.   NCOFCU’s National Board of Directors Chairman:  David Lantrip Director Houston Firefighters FCU 1st V. Chairman:  Brian Kurzel Chairman Charlotte Fire Dept. CU 2nd V. Chairman: Bonnie Sensing Exec. Admin. Nashville Firefighters CU Treasurer: Gene Benick NCOFCU Secretary: Andy Doyle Director F&A CU Directors: , Michael Tobler Chairman NY Firefighters Bravest FCU, , John Cowin Director Syracuse Firefighters CU, Al Comeaux Chairman Baton Rouge CU,  Michael McCormick Chair. San Diego Firefighters FCU Associate Directors: Johnny Player Treasurer Akron Fire Police CU, Judy DeLucca CEO New Orleans Firefighter FCU, Bob  Whitaker Director Baton Rouge Firemens CU. Staff: Grant Sheehan CEO    305-951-3306     Remember, "You're Not Alone With NCOFCU" Not a member Join Here Copyright © 2020 National Council of Firefighter Credit Unions Inc, All rights reserved. Our mailing address is: National Council of Firefighter Credit Unions Inc 3741 De Garmo Ln - Miami, FL 33133-6448 info@ncofcu.org - 305-755-3302 www.NCOFCU.org