Firefighter Credit Union Newsroom

Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation 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 maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt ...

  By Ray Birch ALEXANDRIA, Va.—New NCUA data show a dependence among some credit unions on overdraft fees, and NCUA Board Member Todd Harper is advising that if a credit union needs to change its OD course, it should begin its planning now. In an exclusive interview with CUToday.info, Harper delved more deeply into the data from NCUA’s recent  Research Note  that provides an analysis of statistics for overdraft and non-sufficient funds fees. The analysis of 444 credit unions that supplied OD and NSF fee data to NCUA in Q3 2024 reveals overdraft and NSF fees make up about 2% to 5% of total revenues, and that CUs are not using those funds to offer members better deals on other products and services. As CUToday.info  reported , Harper stated it’s time for credit unions to “rethink” their overdraft and non-sufficient funds programs. “I want to make it really clear, because some people get confused on this point, I'm not saying get rid of overdraft programs,” Harper told ...

  New NCUA Chairman Outlines Priorities For The Agency 01/22/2025 03:49 pm Share         ALEXANDRIA, Va.--Soon after President Trump  designated  Kyle Hauptman chairman of the NCUA board, the former vice-chair of the agency outlined his priorities--which include examining the NCUA budgeting process. Kyle Hauptman “I am deeply honored that President Trump has asked me to serve as chairman of NCUA,” Hauptman stated. “I look forward to leading the agency’s dedicated professionals and working with my board colleagues to create a regulatory structure that promotes growth, opportunity and innovation within the credit union system. Hauptman's priorities:  "Re-examining the current NCUA budgeting process."  "Convening groups of NCUA employees to identify achievable internal efficiencies to reduce unnecessary frictions in the agency’s operations."  "Promoting the appropriate use of artificial intelligence as a tool for NCUA employees. "One goal i...

  America's credit cardholders increasingly favor mobile interactions. Issuers, taking note, are increasingly designing for the mobile-only user base. The resulting apps are handheld financial command centers that enhance retention and accelerate spending. By Steve Cocheo , Senior Executive Editor at The Financial Brand Published on January 9th, 2025 in Payments Major credit card issuers are increasingly turning their card mobile apps into handheld command centers that can do everything from providing instant virtual replacement of a lost physical card or secure mobile checkout to offering a ready source of answers to transaction queries — in some cases, including detailed receipts of transactions with cooperating retailers. Digital promotion is an additional focus: A growing number of issuers are allowing non-customers to use the issuers’ card apps to shop for new cards and to compare offerings. In-app applications for new cards are becoming more common, with 70% of issuers provid...

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  Fed may cut rates sooner and faster than expected if disinflation holds up, Waller says By  Howard Schneider  and  Ann Saphir January 16, 2025 11:47 AM EST Updated 7 days ago , opens new tab Summary Waller's inflation outlook sees a faster return to 2% target He says a rate cut at Fed's March meeting cannot be ruled out Investors see two cuts as more likely in 2025 after his remarks WASHINGTON, Jan 16 (Reuters) - Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday in comments that pushed against recent market moves that anticipate a shallower Fed rate path. Inflation "is getting close to what our 2% inflation target would be," Waller said on CNBC, citing estimates indicating that one key measure of underlying inflation, the Personal Consumption Expenditures Price Index excluding food and energy costs, has been close to the...

  For many consumers, credit cards (not checking or savings accounts) are now the core of their relationship with their bank or credit union. In fact, almost two-thirds of consumers do no other business with their credit card issuers. In 2025, banks and credit unions need to work harder to make the credit card the beginning of the customers’ journey, not the end. By Corey Wrinn, Rivel Banking Research Published on January 14th, 2025 in Credit & Debit Cards 2025 is shaping up to be a landmark year for credit cards, driven by shifting consumer preferences and evolving business needs. Recent Federal Reserve data shows credit card applications hitting their highest levels since pre-pandemic times, with approval rates climbing steadily. Major issuers like Chase and American Express reported record-high application volumes in Q4 2024, indicating sustained momentum into 2025. Rivel’s new research digs deeper into the reasons why credit cards are in demand right now and how financial i...

www.NCOFCU.org NCOFCU - CHAMPION FOR THE FIRST RESPONDER CREDIT UNION MOVEMENT Support Our Advocacy Efforts to Protect the Credit Union Tax Exemption NCOFCU Letter to the "Ways and Means Committee" Dear NCOFCU Members, As we continue our mission to support credit unions serving first responders, I want to reach out to you regarding an important issue that affects our entire movement: the preservation of the credit union tax exemption. The credit union tax exemption is crucial for ensuring that we can provide affordable services to our members and maintain our unique cooperative structure. This exemption allows us to operate in a manner that prioritizes service over...

    NCUA Releases Research Note on Overdraft, NSF Fees at Credit Unions ALEXANDRIA, Va. (Jan. 16, 2025) – The National Credit Union Administration today released a Research Note that provides an analysis of statistics for overdraft and non-sufficient funds fees, and observations on the relationship between overdraft and non-sufficient funds fees and other revenues. “This Research Note provides important information for consumers, researchers, credit unions, and regulators about the use of overdraft and NSF fees at credit unions,” NCUA Chairman Todd M. Harper said. “The findings suggest that credit unions are not offsetting this inc...

I Inheritance transfers have existed for as long as people have stored money in banks. But this time, they’re different. According to Knight Frank, the Great Wealth Transfer will see $90 trillion in assets passed down to the younger generations over the next decade in the U.S. alone. These are unprecedented numbers. Are credit unions ready? The truth is, whether they think they are, the current inheritance transfer process isn’t as effective as it could be. It’s plagued with long waiting times, stacks of paperwork, inefficient communication channels, numerous visits to branches, and lots of frustration from inheritors. This dynamic might’ve worked decades ago when people only kept their assets in one place. But this isn’t the case today, meaning inheritors will have to repeat the same time-consuming process at several financial institutions. Credit unions are well known for their human touch, making members feel cared for with exceptional customer service and special deals. However, th...