First-responder Credit Union Newsroom

By Dennis Dollar The question is often asked if field of membership still matters to credit unions today. After all, some say, credit unions have already pushed FOM to the limits.  Between community charters, associational SEGs and underserved areas, those same folks say that every credit union already has all the FOM potential they will ever need. In reality, the need for FOM growth will cease when the need for credit union capital, earnings and financial stability ends. You cannot separate a viable FOM from safety and soundness.  If a credit union cannot grow through its FOM to achieve the diversification of business and the economy of scale necessary to be competitive in an incredibly challenging marketplace, it cannot maintain its long-term safety and soundness. Capital comes from earnings.  Earnings come from the spread on products and services offered by a credit union to its members.  The members come from ...

WASHINGTON—Most U.S. homes no longer have a landline phone service and instead rely on cell phones. Which number do you have in your member database? When was the last time you updated your membership contact information? According to a new report from the US Health Department, 50.8% of American households are now wireless only when it comes to phone service, The Verge reported. Among those remaining households, 39.4% had both a wireless phone and a landline. Only 6.5% of homes are landline only, while 3.2% remain phone-free. The figures, based on a telephone poll of nearly 20,000 households, show just how quickly Americans have abandoned landlines, The Verge noted. Just 10 years ago, only about 15% of households were wireless only, with the rapid rise of smartphone use leading to the shift.

Congratulations to Michael R. Tobler on his retirement, 46 years of hard work and dedication with Albany Firemen's Federal Credit Union.  Michael, a retired Battalion Chief of Albany Fire Dept., assumed the position of CEO of the credit union after his father retired in 1987. He had been a loan officer and assistant manager since 1976. Michael also serves as an elected director of the New York State Credit Union Association (NYCUA) where he has been serving since 2007 and has been a member of the NYCUA Capital District Chapter since 1990 where he serves as President. Michael is also a founding board member of the National Council of Firefighters Credit Unions where he has served as Chairman since 2010, he is also the founding Chairman of the Albany Firefighters Museum which was organized in 2014. He will continue to serve as Treasure of AFFCU through the CEO transition.   He and his wife Dale hope to now be spending more time at their Florida home away from ...

Passwords. The bane of modern existence. To celebrate this nuisance, the holiday gods have given us World Password Day, where thousands of people come together online and pledge to improve their password habits. How many of those pledges do you think stick? According to the 2017 Verizon Data Breach Investigation Report, not many. A little over 50 percent of all breaches in the last year leveraged either stolen or weak passwords. Coincidentally, today is also Star Wars Day (May the 4 th Be with You). And while we all wouldn’t mind having a lovable droid guard our passwords as loyally as R2D2 guarded the blueprints for the Death Star, the reality is we’ve got to do the guarding ourselves. And that has become burdensome enough to send Yoda himself over to the Dark Side. Current state of affairs According to a poll by Intel Security, the average person has 27 discrete online logins. From social media accounts to banking to online shopping to utilities, credentials—which usually in...

WASHINGTON–As expected, the Federal Open Market Committee concluded its March meeting here yesterday by leaving the target range for the federal funds rate unchanged at .75% to 1%. In its official statement, the FOMC said data indicate that the labor market has continued to strengthen even as growth in economic activity slowed. “Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid,” the Fed said. “Business fixed investment firmed. Inflation measured on a 12-month basis recently has been running close to the Committee's 2% longer-run objective. Excluding energy and food, consumer prices declined in March and inflation continued to run somewhat below 2%. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.” The Committee said ...

WASHINGTON, DC The 30-year fixed-rate mortgage (FRM) averaged 4.03% with an average 0.5 point for the week ending April 27, 2017, which was up from the previous week when it averaged 3.97%. One year earlier the 30-year FRM averaged 3.66%. The 15-year FRM averaged 3.27% with an average 0.4 point, up from one week earlier when it averaged 3.23%. A year ago at this time the 15-year FRM averaged 2.89%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12% with an average 0.4 point, up from one week earlier when it averaged 3.10%. A year ago at this time the 5-year ARM averaged 2.86%. "The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, chief economist, Freddie Mac, in a statement. “The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03%. Despite recent swings in mortgage rates, the housing market continues to show signs of strength -- both existing and new home sales in March exceeded expectati...

Los Angeles, CA – April 25, 2017 –, Firefighters First Credit Union (Firefighters First) announced that it has received regulatory and member approvals to convert to a federal Trade, Industry and Professional (TIP) charter serving the fire community, effective April 18, 2017. This is the next step in its evolution to better serve its fire family members. The move from a California state charter to a federal TIP charter enables Firefighters First to serve the financial needs of its 3,500 members who have moved outside the state, as well as members who decide to move, retire, start a business or buy a home anywhere in the country. This strategic decision also provides Firefighters First with the ability to offer products and services to new fire partners, focusing on areas that may not have a local fire credit union in their community. “As part of our commitment to our members, we are continually looking for new and better ways to support our fire families. The Firefighters F...

Retiring CEO, Mike Mastro of Firefighters First Credit Union was awarded NCOFCU's  Lifetime Achievement Award, by 1st Vice President Jerry Horwedel, at his retirement dinner.. Mike was acknowledge for his outstanding service to firefighter credit unions as well as his overwhelming support as a founding member of the National Council of Firefighter Credit Unions. (NCOFCU)

WASHINGTON—It’s National Volunteer Week, and NAFCU President and CEO Dan Berger, who is speaking at our Charlotte conference, is reaching out to credit unions and their volunteers in recognition of the event, which began Sunday and runs through Saturday. This year is the 43rd anniversary of National Volunteer Week, established to celebrate volunteerism and recognize its contributions to communities and economic growth. “In celebration of National Volunteer Week, I want to recognize the volunteers who are committed to the success of your credit union and your members,” Berger said in his message to credit union leaders. “They inspire by example so that others are motivated to serve and are the foundation of the credit union cooperative spirit.” To those who volunteer within the credit union industry, Berger said, “I wish to personally thank you for your invaluable service to your community as a volunteer at your credit union. Your contributions are essential to credit unions'...

Since we are always looking for that next great leader, or you would like to improve yourself, I thought I would share this Blog with you. by Nick Davis , Davis Associates Promoting from within is a great move for any business. On top of the fact that it is normally the most cost-effective option, it also results in motivated employees. When people know they can realistically advance within a company, they are more inclined to work harder and remain with the organization longer. Employees who know they have no scope for advancement are likely to look elsewhere for opportunities that will allow them to test their limits. With this in mind, leadership development should be a serious consideration for any modern business. Your company needs to be providing training and executive coaching for those individuals who will one day be leading your business. It all starts with identification, which can be difficult in and of itself. Great leaders are not always immediately identi...