First-responder Credit Union Newsroom

FORT WAYNE, Ind. (WANE) – A federal credit union with a long history in the Fort Wayne area is changing its name to something that the company said Tuesday reflects its ability to serve a larger sector. Fire Police City County Federal Credit Union, founded in 1933, will go by Summit Choice Credit Union starting in April. Members and locals will start to notice new signage and aesthetic changes at each branch throughout the month. The rebranding does not affect the credit union’s structure, ownership, or member accounts, according to the news release. Summit Choice Credit Union remains a member-owned financial cooperative, governed by the same principles and operated by the same team.  Its website  reminds members that new cards are being issued due to the rebranding. The credit union was originally formed for the families of local firefighters. Today, it serves employees of more than 350 local businesses around greater Fort Wayne. “Adopting the name Summit Choice Credi...

  Dear NCOFCU Community, In Washington, influence is rarely granted to those who speak alone. It is earned by coalitions that are coordinated, credible, and impossible to ignore. For the credit union movement—founded on cooperation—this principle is especially important. That is why we want to share our perspective on the growing importance of collaboration between the National Council of Firefighter Credit Unions (NCOFCU), the Defense Credit Union Council (DCUC), and America’s Credit Unions (ACU). NCOFCU represents a unique and deeply meaningful segment of our industry: credit unions serving first responders. These institutions support individuals who face extraordinary risks in their daily lives, and their financial needs reflect that reality. Ensuring their voice is heard in policy discussions is central to our mission. At the same time, DCUC represents credit unions serving military members, veterans, and defense communities—another mission-driven segment...

NEW YORK — The growing use of stablecoins tied to the U.S. dollar could reshape how banks manage liquidity and allocate assets, potentially leading institutions that support the digital tokens to hold more reserves and make fewer loans, according to a new study from the  Federal Reserve Bank of New York . The paper, titled “ Stablecoin Disintermediation ,” was authored by economists Michael Junho Lee and Donny Tou and examines how stablecoin activity affects the balance sheets and liquidity management of banks that partner with stablecoin issuers. The researchers found that while stablecoins rely on traditional banks to function, the relationships can alter the liquidity demands placed on those institutions. Banks serving stablecoin issuers tend to hold larger reserve balances and reduce the share of assets devoted to lending, shifting toward a more reserve-heavy banking model. Focus of Study The study focused on developments following the March 2023 collapse of...

  By Grant Sheehan Let’s be clear— representation  for small credit unions is not something new that suddenly needs to be invented. For more than 150 years in Europe and 115 years in the U.S., many of us—along with numerous trade groups representing postal workers, schools, hospitals, the military, first responders, electricians, welders, auto workers, and many other sponsor employee groups—have been actively representing and supporting small credit unions. The mission has always been the same: protect these institutions and ensure they have a voice. The real challenge facing small credit unions has never been a lack of organizations claiming to represent them. The challenge has been engagement and education. Many small credit unions operate with extremely limited resources. Their boards are made up of volunteers who already have full-time careers. Even when scholarships, training opportunities, and conferences are offered, the realities of travel costs, staffing shortages, op...

  By Grant Sheehan For decades, firefighter credit unions have stood as a model of what cooperative finance is meant to be—institutions built not to compete ruthlessly, but to serve a shared mission: supporting the financial well-being of those who risk their lives in service to others. That’s what makes the recent actions of Firefighter First Credit Union so concerning. Firefighter First FCU was not just another participant; it was a founding member of the National Council of Firefighter Credit Unions (NCOFCU). It helped shape the very principles of collaboration, mutual respect, and non-encroachment that have long defined our community. Those principles weren’t accidental; they were intentional safeguards to ensure that firefighter-focused credit unions could grow together, not at each other’s expense. But something has changed. Firefighter First FCU’s decision to pursue a nationwide charter marks a clear shift in direction—from cooperation to direct competition. This isn’t simpl...