Firefighter Credit Union Newsroom

   National Council of Firefighter Credit Unions Inc (NCOFCU) "By Firefighters for all First Responders" As we stand on the brink of a new year, we at the National Council of Firefighter Credit Unions Inc (NCOFCU), serving all credit unions serving first responders, want to express our heartfelt gratitude to each of you. Your continued support and engagement have made 2024 a remarkable year for NCOFCU, and we couldn’t have done it without you. This past year has been filled with achievements. We had a great 2024 conference in San Antonio, TX. We’ve expanded our services by introducing the First Responder Credit Union Academy (FRCUA) and strengthened our commitment to serving you better. A highlight of 2024 was undoubtedly the San Antonio Conference and the incredible sense of community and support we have received. Seeing so many of you unite to share knowledge, experiences, and challenges has been inspiring. As we reflect on the past year, we are also excited about what l...

A look back at how credit unions championed member financial wellbeing in 2024 with innovative products and services that meet members where they are and help them thrive. Aaron Passman Junk fees, rising living costs, and inflation rates that still lean hot make it difficult to save some scratch for a rainy day, much less afford a home to keep your head dry. Luckily for those living on Main Street,  Supporting Member Financial Wellbeing  is a core tenet to a credit union’s work. Of course, “financial wellbeing” can include loan or deposit products, financial education, or something else entirely depending on the life status and financial position of any individual member. Despite that challenge, success stories abound of credit unions serving members where they are and how they need. The economy is improving! At least, that’s what the data says. Unfortunately, many consumers — and Gen Z in particular — simply aren’t feeling it. To  combat the “vibecession” funk  cred...

  Trust Remains High, But Expectations Are Evolving The Q2 research found that consumers across generations have a high level of trust in their primary financial institution. If banks and credit unions can meet evolving customer expectations, this creates an opportunity to deepen relationships. According to Dominguez, “Almost everyone believes in their financial institution. But I don’t think we’re taking that trust to the next level. What we need to do is to get to know the customer on a personal level.” He argues that financial institutions need to leverage data and technology to create more personalized, meaningful engagements with customers, especially in digital channels where most interactions now occur. “We’ve got to take trust and begin to deliver on a much tighter engagement and a much more personalized engagement with the account holders that I have,” says Dominguez. The research shows that consumers are open to their banks using data and AI to improve their experiences. ...

While much attention has been paid to the unique preferences of younger consumers like Gen Z,   Q2’s research,   conducted in partnership with Harris Poll, found more similarities than differences across age groups regarding banking. A few key findings: 74% of consumers across all generations want more personalized experiences from their financial institutions. 66% are comfortable with their bank or credit union using their data to provide personalized experiences. 70% are okay with using AI for fraud detection. 48% log into their mobile banking app or website daily. As  Jaime Dominguez , Principal Product Manager at Q2, noted in an interview for the  Banking Transformed podcast , “One of the things that this report highlighted is the fact that everybody – not just Gen Zs, but every generation is looking for personalized experiences.” This desire for personalization spans both digital and in-person channels. While digital banking adoption has accelerated, the report ...

  Looking Ahead: Keys to Success in 2025 From this to this As banking continues to evolve, financial institutions that can deliver highly personalized experiences across channels will be best positioned for success. Based on Q2’s research and Dominguez’s insights, here are a few key focus areas: Leverage data to truly understand customers and anticipate their needs. Simplify complex processes and terminology, especially for younger consumers. Find the right balance of digital convenience and human touch. Use AI to enhance rather than replace human interactions. Offer small business capabilities to serve entrepreneurial younger generations. Create seamless omnichannel experiences that allow customers to bank how and when they want. By focusing on these areas, banks and credit unions can build deeper, more valuable relationships with customers of all ages. Dominguez concludes: “The key is for a financial institution to create primacy. I must take the trust already in place and delive...

  WASHINGTON—The Office of the Comptroller of the Currency has taken action against BofA, issuing a cease-and-desist order due to significant shortcomings in the bank’s compliance with the Bank Secrecy Act (BSA) and its sanctions programs, the Wall Street Pit reported. Among the critical issues highlighted are the bank’s failure to file suspicious activity reports in a timely manner, alongside a notable lapse in addressing a previously flagged deficiency in its Customer Due Diligence processes. The OCC’s order further criticizes the bank’s internal control mechanisms, governance structures, independent testing procedures, and the training regimen for its BSA compliance personnel, Wall Street Pit said. In response to these findings, the OCC has mandated that Bank of America undertake comprehensive corrective measures. This includes a thorough enhancement of its BSA and AML compliance frameworks, Wall Street Pit said. “A key part of the remedial action involves hiring an independent ...

  By Ray Birch LAKE FOREST, Ill.—Three out of five American households overdraw at least once per year. About seven out of eight households go to McDonald’s each year. Why are those statistics important? They share a unique perspective on a problem facing credit unions and banks, and share insights into the value consumers place on overdrafts, according to Moebs $ervices, which adds financial institutions could learn a great deal about effective OD pricing from how McDonald’s prices its burgers. Moebs data show overdraft prices fell 28.9% from 2018 to 2024. As of October 2024, the mean OD list price was $21.85, according to Moebs national market share surveys of 74.8% of retail checking accounts at banks, credit unions, thrifts and fintechs. “So, during COVID, McDonald’s price and revenue rose slowly. Yet the OD price fell and OD revenue fell 50%,” said Michael Moebs, chair of private financial service research firm Moebs $ervices. “While it seems odd to compare a burger to an over...

  The Mortgage Bankers Association concentrates most pessimistically on refinance originations in next year’s first quarter. The Mortgage Bankers Association signaled more pessimism by forecasting slower growth in mortgage originations in next year’s first half as it expects higher inflation. The MBA’s Dec. 20 forecast made no change in its forecast for mortgage interest rates, but it again sharply lowered estimates for refinances – with the changes this time confined to the first half of 2025. The MBA lowered its refinance forecast by 13% to $300 billion for the first half of 2025. That level of originations would be 63% higher than a year earlier, down from the 93% gain in its Nov. 21 forecast. The changes for purchases were milder. The MBA said it expects $642 billion in purchase originations in the first half, which reflects a downward revision of 4.3%. The new forecast means purchases would be 2% higher than a year earlier, down from the 7% gain in its Nov. 21 f...

  Happy holidays from everyone at the, National Council of Firefighter Credit Unions Inc. (NCOFCU) We truly value your relationship. Thank you for being an essential part of our association. We wish you a wonderful holiday season and a prosperous new year in 2025 Sincerely, NCOFCU Directors and Staff See you in Key West, FL, 9/22-25/2025 https://www.ncofcu.org/key-west-2025

    Government Shutdown Averted   A stopgap funding bill cleared Congress this morning shortly after a midnight deadline, averting a federal government shutdown. The measure from House Speaker Mike Johnson (R, LA-4) was approved by the Republican-led House by a vote of 366-34 Friday, while the Democratic-led Senate followed suit early Saturday morning by a vote of 85-11. President Joe Biden is expected to sign the bill today.    The short-term extension, known as a continuing resolution, funds the government at current levels through March 14 while adding $100B for disaster ...

  December 18, 2024 Federal Reserve issues FOMC statement For release at 2:00 p.m. EST Share Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made 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 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 support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal ...

https://www.ncofcu.org/first-responder-credit-union-academy Succession Planning Final Rule Will Reduce Unplanned Mergers NCUA Board Approves 2025–2026 Budget; Succession Planning Final Rule ALEXANDRIA, Va. (Dec. 17, 2024) – The National Credit Union Administration Board held its ninth and final open meeting of 2024 and approved the agency’s 2025‒2026 operating budgets and a final rule on succession planning. 2025 and 2026 Budgets Approved The Board unanimously approved the NCUA’s Operating, Capital, and National Credit Union Share Insurance Fund administrative budgets for 2025 and 2026. “Give-and-take is an essential part of any organization’s policymaking and budgeting processes, and the budget before us reflects that principle in action,” NCUA Chairman Todd M. Harper said. “This funding plan demonstrates the NCUA’s strong financial stewardship, and it will allow ...