First-responder Credit Union Newsroom

  By Ray Birch LAKE FOREST, Ill.—The nation is experiencing an economic period that’s testing the deposit pricing skills of even the most accomplished CFOs, one economic research firm is saying. And the reason: erratic movements in deposit pricing since COVID, and a presidential election whose outcome could swing rates two ways. “The pending election is confusing deposit pricing for both user and FI,” said Elizabeth Hamlin, financial analyst at Moebs $ervices. “The two candidates for the White House, plus House and Senate races, tell the story. The average American is confused about who is saying what and who will win. And, this confusion lies with even those who run depositories and determine deposit pricing.” Hamlin pointed out that 12-month CD rates have dropped 80 basis points in the past year, while three-month CD rates have increased 64 BPs. “The depository saver is confused,” Hamlin said. “For some savers this money is going short with the hope rates will rise after the...

    Letter to Credit Unions (24-CU-02) Board of Director Engagement in Cybersecurity Oversight Dear Boards of Directors and Chief Executive Officers: The frequency, speed, and sophistication of cyberattacks have increased at an exponential rate. Foreign adversaries and cyber-fraudsters continue to target all sectors of our nation’s critical infrastructure — including credit unions and other financial institutions. From September 1, 2023, the effective date of the NCUA’s cyber incident notification rule , through August 31, 2024, federally insured credit unions reported 1,072 cyber incidents. Seven out of ten of these cyber incident r...

  10/16/2024 06:37 pm MADISON, Wis.—Credit union loan balances rose 3.8% in the year ending in July 2024, slower than the 11.4% pace reported in the year ending in July 2023, due to higher interest rates, tight credit union liquidity and strong competition from finance companies, according to TruStage’s newest Trends Report. The data also show the CU annual membership growth rate has slowed to a point not seen since the tail end of the Great Recession in November 2011. Highlights from the September Trends Report, which is based on CU performance through July: The U.S. money supply increased $620 billion during the last year, boosting credit union deposit growth rates Credit union new-auto loan balances fell 3.6% year to date, significantly below the 8% expected during a healthy labor market Credit union first mortgage loan originations dropped 8.9% in the first half of 2024 compared to the first half of 2023 Here’s a look at how credit unions performed by category, with analysis by...

San Antonio, TX – October 4, 2024 - The National Council of Firefighters Credit Unions (NCOFCU) is proud to announce the awarding of the prestigious Lifetime Achievement Award and Volunteer of the Year Award.  Lifetime Achievement Award  Mr. Summey, the recipient of the Lifetime Achievement Award, has been a cornerstone of the Charlotte Fire Dept CU since 1969. His 55 years of service, marked by exceptional leadership, vision, and unwavering dedication, have been instrumental in the significant growth and success of the credit union. His tenure as the Chairman of the Board from 1973 to 2021 has been a period of transformative leadership, guiding CFDCU to its current position of strength and prosperity. Volunteer of the Year Award John Hoolahan has been an integral part of the New Orleans Firemen’s Federal Credit Union for over 30 years, serving on the Board of Directors with unwavering dedication and commitment. His leadership, currently as the Vice Chairperson, plays a...

A new YouGov study indicates only one-third of consumers expect to have enough money saved for retirement by age 65, and virtually no one is confident about their plans once they stop working. Aaron Passman PERCENTAGE OF AMERICANS’ ANNUAL INCOME SAVED FOR RETIREMENT FOR U.S. CONSUMERS © Callahan & Associates | CreditUnions.com With retirement preparation so varied across different age groups, credit unions have plenty of opportunity to assist members of all ages with retirement-planning services. SOURCE: YouGov’s 2024 retirement report. Americans want to retire by age 65 — if not sooner. Unfortunately, a majority lack the savings to do so, and a substantial percentage aren’t confident about their financial security once they stop working, according to a 2024 report from YouGov. The average cred...

  Research by MX reports that consumer expectations for your banking app just keep getting higher. And dissatisfied users will likely jump to another app (and another bank) that ticks more boxes. How can you stay ahead in the app game? Mobile banking apps have become table stakes for banks and credit unions, especially among Millennials and Generation Z. Research from MX earlier this year indicated that a decent mobile banking app is a must-have for nearly one in four consumers starting a relationship with a financial institution. MX research also shows that 80% of consumers have a payment app, such as Venmo, PayPal or Cash App on their phone. In addition, 77% have a bank or credit union mobile banking app, 48% have a credit card app, 25% an investment or retirement savings app, and 17% an independent app to help manage their finances. Nearly half maintain three or more financial apps on their devices. Now a new round of MX research indicates that the quality of the ...

As we enter the fourth quarter, many credit union leaders are starting to turn their attention toward planning for 2025. With a myriad of options and new technology, it’s crucial to prioritize services that set credit unions apart while encouraging growth. In this article, we explore several key areas credit unions should consider when preparing their budgets for the coming year. Expanding membership One significant trend shaping the financial landscape is the exodus of big banks from rural communities . This presents a golden opportunity to expand membership to new communities. However, this expansion doesn’t necessarily require traditional brick-and-mortar branches. Credit unions can leverage technology to provide services efficiently and cost-effectively. Some alternative service delivery methods include: Interactive Teller Machines (ITMs) : These advanced ATMs allow members to interact with a live teller via video, providing a personal touc...

ARLINGTON, Va.— A new report suggests more consumers are turning to fintech apps rather than financial advisors to manage their money, and that the trend will only increase as artificial intelligence becomes more mainstream. “Fintech apps have simplified financial management and their capabilities are expected to be amplified with AI,” Capterra stated in releasing its analysis. According to  Capterra’s 2023 Fintech Survey  of more than 870 consumer fintech users, 60% of respondents now seek advice from personal finance tools before reaching out to financial professionals. Furthermore, 64% of fintech users feel that these tools have significantly reduced their reliance on financial advisors, Capterra said. Rapid Advance “Fintech has rapidly advanced within the last few years, changing how traditional financial services are offered and how consumers manage their finances,” Max Lillard, senior finance analyst at Capterra, said in a statement. “While fintech won’t ma...

September 23, 2024 by Crystina Duran , Envisant Share Share Share Experts are predicting the prepaid card market will be valued at more than $10.5 trillion globally by 2027 as usage continues to increase ( World Metrics ). This data reveals the ongoing relevance of prepaid cards and points to their increasing value as part of a credit union’s portfolio. Prepaid cards hold a strong position in financial wellness and inclusion that makes them ideal for building trust, growing a credit union’s market, and strengthening member relationships while diversifying revenue streams. Grow member trust while supporting financial wellness Prepaid cards are well-known as valuable tools that su...