Firefighter Credit Union Newsroom

Protecting the tax-exempt status of credit unions is crucial to maintaining their benefits for members and communities. It's not merely about the institution but about the financial well-being of everyday Americans. Take Action Now

WASHINGTON—A bill has passed in Washington that will have a dampening effect on credit union purchases of banks in this state. Jason Stverak The legislation just passed in the Washington House (HB 1506) and then the Senate (SB5794) would repeal the business and occupation (B&O) tax exemption for state-chartered credit unions that merge with or acquire a bank regulated by the Department of Financial Institutions in Washington. Effective Oct. 1, 2025, such CUs would be subject to a 1.2% B&O tax on their gross income. “Unfortunately, this is yet another clear sign that the credit union tax status is under coordinated attack at both the state and federal levels. The banking lobby has made it their mission to undermine credit unions by any means necessary,” said the Defense Credit Union Council’s Jason Stverak. “That’s why the Defense Credit Union Council has remained steadfast and vocal in our commitment to defend the tax-exempt status that enables credit unions to serve their memb...

ALEXANDRIA, Va.–NCUA may have already reached its target of reducing staff by 20% as the Trump administration pressures regulatory agencies to reduce headcount, although the agency has not confirmed what several people said they are hearing. Thos same individuals have also expressed their concerns that a lot of “institutional memory” may be headed out the door. During a podcast hosted by Mark Treichel, who during his 33-year career worked his way up from examiner to executive director, John McKechnie, an advocate for credit unions on Capitol Hill who spent five years at NCUA as director of public and congressional affairs, and Geoff Bacino, who now leads an association management firm and who served on the NCUA board, shared what they have heard from inside NCUA regarding the staff reductions. Mark Treichel Updates & Board Meetings The NCUA board was to hear an update on that issue during its April board meeting, but after board members Todd Harper and Tanya Otsuka were fired by Pr...

  Link to campaign: Take Action Now https://www.donttaxmycreditunion.org It just takes a few minutes to let your Representative know how you feel! Please forward this Link to your volunteers, staff & members .  We need all the help we can get. Grant Sheehan - CCUE, CEO NCOFCU We’ve made it easy to reach out to your local lawmakers and keep them aware of legislation affecting credit unions. With pre-composed emails that highlight our stance on a variety of issues, we ask for their support or opposition. It’s an easy way to make their voices heard. Tell Congress: Don't tax my credit union - it's a tax on me.  Credit unions show their value every day as not-for-profit financial cooperatives to their members and the communities they serve. Tell your lawmakers, don't tax my credit union.

By Ray Birch WASHINGTON—More credit unions are considering converting to a mutual bank as the result of the increased threat to the movement’s tax status, according to Luse Gorman. “Several credit unions are now contemplating a mutual bank conversion in order to prepare for the potential loss of their tax-exempt status,” said Luse Gorman Partner Jeff Cardone, citing factors such as the budget reconciliation process and potential efforts to consolidate NCUA into other federal regulators that are adding to the angst. “Credit unions are thinking that if they are taxed, what does that mean for the credit union business model.” As CUToday.info reported, President Donald Trump has removed the two Democratic NCUA board members, Todd Harper and Tanya Otsuka, with some analysts stating the move could be a preliminary step in a move to consolidate NCUA under another federal regulator. iStock-Philip Hoeppli Washington analysts have stated that this year’s tax fight is the toughest credit unions h...

By Mark Arnold Marketing is the engine that drives credit union growth. And like your car or truck, if your engine is not performing at optimal levels, a tune-up is often needed.  A recent  Harvard Business Review  article noted, “companies that make the decision to put marketing at the core of their growth strategy outperform the competition, according to McKinsey research. Specifically, companies who view branding and advertising as a top growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t.” So how do you know if it’s time for a credit union marketing tune-up? Here are five signs your credit union marketing needs a tune-up along with a solution for addressing those challenges. Your Growth Numbers Are Slow Member growth flat or declining? You may not have a member growth problem—you may have a marketing problem. Loan growth volume not where you want it? You may not have a loan problem—you may have a marketing problem. Need more c...

The National Council of Firefighter Credit Unions (NCOFCU ) participated in the DCUC advocacy meeting. It was decided that we would assist in the advocacy efforts to maintain the credit union tax exemption and ensure the future of NCUA.  WASHINGTON—America’s Credit Unions and the Defense Credit Union Council each held meetings Monday to discuss the state of the credit union system following the shake-up at NCUA. The two meetings, both held at 1 p.m. ET, approached the topic in very different ways. As CUToday.info reported, President Trump removed NCUA Democratic Board Members Todd Harper and Tanya Otsuka last week, which sparked a great deal of concern among credit unions about the future of NCUA and the movement. The Defense Credit Union Council outlined action steps that need to be taken to make sure credit unions prosper in this period of uncertainty, with much of that centering on preserving credit unions’ tax-exempt status. America’s Credit Unions, during its Industry Update...

The Pale Blue Dot   Background The 4.5 billion-year-old Earth is the only known astronomical object to harbor life, giving rise to  billions of species  of stunning diversity, including ours, Homo sapiens. It has formed the backdrop of an estimated 110 billion human lives. At  13.1 septillion pounds  and 25,000 miles in circumference, the third planet from the sun long formed the horizon of all human experience and knowledge ( watch overview ). Recent discoveries have revealed our home planet’s relative size and location in the universe: a pale blue dot within  the Orion Spur ,  located 26,000 light-years from the center of the Milky Way Galaxy, one of 100,000 galaxies within the Laniakea Supercluster. Formation Early Earth is theorized to have formed alongsi...

    Press Release | April 18, 2025 NCUA Releases Staff Message on the Current NCUA Board ALEXANDRIA, Va. (April 18, 2025) – The National Credit Union Administration released today the following message to all employees on the current state of the NCUA Board: “On April 17, the NCUA received confirmation that President Donald J. Trump terminated the positions of Todd Harper and Tanya Otsuka. Please be aware that Todd, Tanya, and their staff are no longer employed with the agency. We thank them for their service. “The departure of two of our three NCUA Board Members has led to speculation within the credit unio...