Tuesday, November 25, 2014

Overlooked Colorado law opened door to pot credit union charter - The Denver Post


If not for a quirky bit of law passed by Colorado legislators 33 years ago, during the dawn of the savings and loan crisis, the world's first credit union for the marijuana industry would not have been a possibility so soon.

Overlooked Colorado law opened door to pot credit union charter - The Denver Post

Monday, November 24, 2014

Firefighters Community Credit Union banking on Lorain County with latest addition - Cleveland Business News - Northeast Ohio and Cleveland - Crain's Cleveland Business

Mergers of credit unions have become increasingly common since the end of the Great Recession, Laurendeau said, especially for Firefighters, which is completing its fourth acquisition in about as many years in the transaction with Sun.

“It's just very difficult for a small credit union to survive with additional regulatory burdens (and) aging memberships. ... There are a lot of forces that make it hard to survive,” he said. “We want to be an active player, and so this is part of our growth and expansion strategy.”

Firefighters Community Credit Union banking on Lorain County with latest addition - Cleveland Business News - Northeast Ohio and Cleveland - Crain's Cleveland Business

Wednesday, November 19, 2014

NCOFCU - We are now a 501(c)(3) Non-Profit!

It’s Official!  NCOFCU is a Non-Profit Charitable Organization!
Our work thus far without this designation was only possible through the tremendous support from our firefighter credit union community. Now, as an official 501(c)(3) non-profit organization, we can do So. Much. More. !!
You may be asking: “Like what?” Well, allow us to share with you:

  • Apply for grants – before we were severely limited as most funders want you to be a non-profit organization in the eyes of the IRS
  • Accept Interns – College students can receive credit to intern with us at our conferences
  • Accept Donations -- both monetary and personal property – Thank you to those who personally donated without the tax exemption, but now you can not only claim some of your previous donations, but all of the ones you will make in the future
  • Solicit Donations – Most large businesses and small businesses love the opportunity to give back, you just gotta ask! …. And provide your non-profit status. Done!
  • Establish Endowment Funds -- for operational and scholarship programs
  • Give firefighter credit unions the ability to invest in a Charitable Donation Account (CDA) Investment which funds charitable contributions, like us!
  • Provide, through the above abilities, more conference/educational scholarships to credit union volunteers and staff members as well as assisting in the cost of the educational conference
But most of all, this solidifies our commitment to our membership and empowers our sustainability to continue to be a positive force in the credit union community.
So, where do you or a friends donate? Right here! :)
Grant J Sheehan
Executive Director
*The National Coalition of Firefighters Credit Unions, Inc. (NCOFCU) is a non-profit, 501(c) (3) charitable organization. Donors may deduct contributions as provided in IRC 170(c) (3) of the U.S. Tax Code.

Tuesday, November 11, 2014

“Happy Veterans Day”

Flag“Thanksgiving” is a day when we pause to give thanks for what we have.

“Veterans Day” is a day when we pause to give thanks to the people who fought for the things we have!

Monday, November 10, 2014

Richmond Fire & Police Credit Unions Join Forces

Michael Schwartz BizSense

The latest in a string of local credit union mergers is looking to bring city police and firefighters under one roof.

A deal is in the works to merge The Richmond Fire Department Credit Union and Richmond Police Department Credit Union.

The resulting institution will have 2,500 members and $21 million in assets. It will be renamed Richmond Virginia Fire Police Credit Union.

The two sides filed for state approval for the deal on Oct. 31, according to State Corporation Commission records.

Richmond Police Department Credit Union chief executive Alice Pope said she was not prepared to comment on the deal.

Wallace Garland, CEO of the Fire Department Credit Union said he could not comment at this time.

Letters to members state the credit unions hope to have the merger closed by around the first of the new year. Members of both credit unions have already approved the merger.


The Richmond Police Department Credit Union is housed in the police headquarters downtown on Grace Street. Photo by Michael Schwartz.

The Fire Department Credit Union is headquartered temporarily out of a small office at 1634 Ownby Lane, just around the corner from Richmond Fire Station #10.

It was founded in the 1920s by a handful of Richmond firefighters and currently has 1,500 members and $15.1 million in assets. It produced a profit of $82,000 through the first three quarters of the year, according to its financials filed with the National Credit Union Administration. That followed a profit of $119,000 for the full year 2013.

Richmond Police Department Credit Union has 1,000 members and $6.18 million in assets. It was founded in 1934. It operates out of the Richmond Police headquarters building at 200 W. Grace St.

It’s operating at a loss of $92,000 through the first nine months of 2014 and was in the red by $19,000 for all of last year, according to its NCUA filings.

The police and fire department deal is one of several mergers involving local credit unions in the last few years.

Many have involved larger credit unions absorbing smaller peers that were struggling to stay afloat. Others were a combination of similarly sized institutions looking to mergers as a way to expand their reach.

Friday, November 7, 2014

“Biz Lending” for Firefighter Credit Unions

As a follow up to our very successful business lending breakout session, I am posting what or sponsor Biz Lending's can do for you.

Please contact Murray Halperin 561-393-3770 or email at

Down load Program at;  https://ncofcu.memberclicks.net/assets/Presentations/2014/biz-lending/blc%20presentation.pdf

Cover Photo