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

Rate Cut Will Save Consumers $1.87 Billion

 MIAMI—Credit card users will save roughly $1.87 billion in interest over the next 12 months if the Fed cuts its target rate by 25 basis points today, according to analysis from WalletHub.

With the Federal Reserve expected to cut rates again today--many expecting 25 BPs--WalletHub projected how much credit cards, mortgages auto loans and other financial products will be affected.

Credit Cards

“The vast majority of credit card rates are variable, tied to the Prime Rate. As a result, we expect to see credit card rates decrease the same amount as the Fed’s target, which is exactly what we observed with the September rate cut,” WalletHub said.

Due to the 525 basis points in Federal Reserve rate hikes from March 2022 to July 2023, credit card users were set to pay roughly $40 billion more in interest during 2024 than they would have otherwise, WalletHub noted.

Mortgages

“We don’t expect much of a change in mortgage rates following a November rate cut, as the mortgage markets have already accounted for the move,” WalletHub said.

WalletHub’s analysts estimate that the expected November rate cut has already decreased the cost of new mortgages by around 11 basis points, which translates to roughly $10,440 over the life of a 30-year loan, assuming the average home loan of $402,658.

Auto Loans

WalletHub said it expects the average APR on a 48-month new car loan to drop by around 12 basis points in the months following the Fed’s 25 basis point rate cut.

“For historical context, the average APR on a 48-month new car loan rose from 4.87% in February 2022 to 8.65% in May 2024 (the most recent data available). That’s a 378-basis-point increase in a period characterized by 525 basis points in Fed rate hikes,” WalletHub said.

Deposit Accounts

WalletHub said it expects little, if any, change in the APYs available from most deposit accounts following the Fed’s expected November rate cut.

“Yields did not rise much following rate hikes, and they’re already at quite low levels historically,” WalletHub said.

Online savings accounts did react to previous Fed rate hikes, with yields increasing by an average of 329 basis points from January 2022 to August 2024 (525 basis points in Fed hikes during that period), the company noted.

“Following the 50-basis-point rate cut in September, yields remain mostly unchanged. This is due to the expectation that these cuts may not last and banks finding themselves in a more competitive deposit environment,” WalletHub said.

Federal Reserve lowered the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent.

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 4-1/2 to 4-3/4 percent. In considering 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 and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller.

For media inquiries, please email media@frb.gov or call 202-452-2955.

Implementation Note issued November 7, 2024

Trump's victory puts Fed on path for fewer rate cuts!

Nov 6 (Reuters) - U.S. President-elect Donald Trump's impending return to the White House appears to put the Federal Reserve on a slower and shallower path for interest rate cuts, with a slew of new policies embraced by the Republican leader poised to juice the economy and stall, or reverse, the slowdown in inflation.

U.S. central bankers are still widely expected to cut the Fed's benchmark interest rate by a quarter of a percentage point to the 4.50%-4.75% range when they wrap up their two-day policy meeting on Thursday.

Futures contracts tied to the Fed's policy rate are also pricing in a December rate cut, though with slightly less confidence than previously, as the central bank recalibrates borrowing costs to inflation that's now much closer to its 2% target, and to a cooling labor market.

But in a shift that could be consequential for businesses and households looking to refinance debt or borrow anew, traders are now betting the Fed will cut its policy rate only twice in 2025, lowering it to the 3.75%-4% range and likely taking until July to do so.

If those bets bear out, the end of the Fed's current rate-cutting campaign would come more than a year sooner and its policy rate would be a full percentage point higher than most Fed policymakers had projected after their initial rate cut in September.

Stronger-than-expected economic data since the September meeting had been progressively resetting market rate expectations for a shallower rate-cut path. That change in view gained steam as Trump clinched his victory over Democratic Vice President Kamala Harris just hours after the last polls closed early on Wednesday.

Trump campaigned on promises to fix what he sees as an ailing economy, and plans to impose higher tariffs, reduce taxes, and launch an immigration crackdown to do that.

Economists say those policies are likely to lead to faster economic growth and a tighter labor market that, along with the higher import costs, would put upward pressure on prices. Several Wall Street economists on Wednesday cited those risks as they penciled in fewer Fed rate cuts next year.

The impact of Trump's policies could play out over years, some analysts cautioned, and it is unclear how fully he will follow through with his pledges.

"The delay in the inflationary implications from tariffs and expansionary fiscal policy allows the Fed to continue to cut interest rates into 2026, as the central bank still needs to recalibrate monetary policy to be less restrictive," Oxford Economics' analysts wrote, sticking to their view that the Fed will bring its policy rate down close to 3% by mid-2026.

That view could change, they said, as Trump's intentions become clearer over the next few months.

Reporting by Ann Saphir; Editing by Andrea Ricci and Paul Simao

Dennis Dollar: Trump Victory And GOP Senate Majority To Bring Regulatory ‘Sea Change’

 

WASHINGTON—Expect changes in leadership among regulatory agencies to come swiftly once the Trump Administration is in charge, says Dennis Dollar.

The former NCUA chairman detailed how Donald Trump’s victory over Kamala Harris will impact financial institutions.

Dennis Dollar

“The impact on financial industry regulation is going to be absolutely dramatic,” said the Dollar Associates principal. “There will be a change at the head of every federal regulatory agency—including the CFPB, NCUA, the FTC and at the Justice Department. The individuals put in charge at Justice will be in charge of defending those agencies and accepting or rejecting their enforcement actions.”  

Dollar asserted that President Trump didn’t fully understand the regulatory process in Washington until a couple years into his first term.

“And he left a lot of agencies with holdover heads or longtime career officials in charge,” he said. “That won’t happen this time, as he knows how the system works and when it doesn’t. The changes in the regulatory agencies will come much more quickly in his second term.”

Polar Opposite

Dollar termed the regulatory philosophy of Trump appointees “almost a polar opposite” of the appointees from the Biden Administration.  

“Even on those boards, like NCUA, where Democrats still hold the majority, the Trump-designated chairman will control the agenda and manage the staff,” Dollar said. “The change in direction will be noticeable from the first days.”

Dollar said he believes Trump already has his transition team in place and they’ve been working—for a couple months—in case he won.

“The talk is that they will move fast on the regulatory agencies—and I will be surprised if they do not take action in most cases to change who is at the helm before the end of January 2025,” Dollar said.

With Republican control of the Senate, Trump nominees will get swift confirmation and be on the job within weeks of his inauguration, Dollar added.

“Some changes, like the chairman of NCUA, can be made with the stroke of a pen and not require Senate confirmation,” Dollar noted.

CFPB In Trump’s Crosshairs?

Trump can dismiss some department heads, like the CFPB director, immediately upon inauguration even if it takes a few weeks to get a replacement nominated and confirmed, reminded Dollar.

“Regulatory proposals that are pending may be pushed through before January at some agencies, but that will not be received well by the Trump Administration when they take over,” Dollar explained. “The new department heads may either move to repeal those lame duck rules, delay their implementation or go to Congress to get them overturned under the Congressional Review Act.”

The ultimate control over the enforcement staff at the agencies resides with the chairman or director, Dollar said.  

“That change, within itself, will impact the direction of the agencies and their approach,” Dollar said. “The staffs will seek to follow the philosophy of their new Trump-appointed agency head who will control their evaluations, assignments, promotions, etc…Trump’s election with a GOP Senate majority is definitely going to be a sea change on the regulatory front.”

Tell us what you want in 2025

 

Tell us what you want in 2025 First Responder Credit Union Academy www.NCOFCU.org

2025 Survey Hi, We are excited to announce the planning phase for our upcoming 2025 conference in Key West, Florida, 9/22-25/25, and we want your input to ensure it meets the needs and expectations of our first responder credit union community. As we work to curate a compelling agenda, your insights are invaluable in determining the most relevant and impactful topics. This survey seeks your opinions on the key issues facing the credit union industry. By prioritizing these topics, we aim to design presentations and workshops that educate and inspire collaboration and innovation among our members. Your feedback will help us identify the themes and subjects that resonate most with our audience, guiding us in selecting speakers and sessions that will add the most incredible value to our conference experience. The survey will cover various industry challenges and should only take you a few minutes to complete, including regulatory compliance, cybersecurity, technology advancements, member engagement, and more. Your responses will be confidential and used solely to enhance our conference programming. Thank you for your time and insights. Together, we can create a conference that empowers our first responder credit union community and addresses the critical issues that lie ahead. Best regards,

2025 Survey