Skip to main content

Plans are underway to charter a new credit union that will serve the New York Fire Department


NEW YORK — Move over The Finest, here comes The Bravest.

 Plans are underway to charter a new credit union that will serve the New York Fire Department — one year after the formation of The Finest Federal Credit Union, which was designed for New York City police and correction officers. (The Finest is now a $4.6-million institution with almost 1,900 members)

The prospective credit union will be called The Bravest Federal Credit Union,
However, Bruce O. Jolly, Jr., a Virginia-based attorney who is consulting on the proposed firefighter credit union and was also involved with the creation of The Finest FCU, cautioned that chartering a new credit union “is a long, drawn-out process and we are at the first stage. The train can derail at any time.”

Jolly told Credit Union Journal that on Feb. 3, seven firefighters met in mid-town Manhattan to sign forms from NCUA necessary to start the organization of a new credit union serving firefighters and emergency medical services (EMS) throughout the state of New York.

“Recognizing it is a long process from application to opening the doors, they were heartened by the experiences of The Finest Federal Credit Union, which formally opened in May of 2015,” Jolly noted. “The organization meeting followed receipt of a letter from NCUA approving the new TIP [charter] for firefighters and EMS workers.”

As is the case with NYPD, FDNY employees do already have at least one credit union they are eligible to join, and it’s even the same one: Municipal CU. The $2 billion credit union was chartered in 1917 to serve employees of the city of New York, including both police officers and firefighters, among others.

Introduced in 2003, TIP charters allow single-sponsor credit unions to serve all employees in a specific trade, industry, or profession within a defined geographic area, according to Dollar Associates, a credit union consulting firm based in Alabama.

Jolly further said that in the coming weeks the subscribers — assisted by his legal firm Reed & Jolly PLLC and others — will complete the package for submission to NCUA, then begin looking for management and securing capital and deposits from other credit unions.

“New York City has the largest fire department in the United States and it will form the core for the new credit union’s Field of Membership,” Jolly added. “The subscribers are excited about being able to bring a whole host of financial products designed specifically for firefighters and EMS professionals.”

The FDNY employs about 10,200 uniformed firefighters and more than 3,600 uniformed EMTs and paramedics.

CU Journal
By Palash Ghosh
February 8, 2016

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

New Podcast Series -3 Succession Planning Podcasts

https://www.ncofcu.org/podcast Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

Federal Reserve Board announces pricing, effective January 1, 2026

  December 04, 2025 Federal Reserve Board announces pricing, effective January 1, 2026, for payment services the Federal Reserve Banks provide to banks and credit unions For release at 5:00 p.m. EST Share The Federal Reserve Board on Thursday announced pricing, effective January 1, 2026, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the costs, including imputed costs, of providing payment services over the long run. The Federal Reserve expects to recover 108 percent of actual and imputed expenses in 2026, including the return on equity that would have been earned if a private-sector firm provided the services. Overall, price changes for 2026 will result in an estimated 0.9 percent average price increase for established, mature services. The entire ...
Post a Comment
Read Complete Article HERE>»

Loan Growth Part 3

MADISON, Wis.–Credit union loan balances rose 1.1% in February, faster than the 0.2% reported in February 2021, even as membership growth slowed significantly during the first two months of 2022, according to data released as part of CUNA Mutual’s April Trends Report. The Report, which is based on data through February, showed overall loan growth was 9.6% during the last 12 months. What is actually happening below the surface? According to the Trends Report, consistent with the trend line the analysis shows large credit unions reported significantly faster loan growth in 2021 as compared to smaller credit unions. Credit unions with assets greater than $1 billion reported loan growth of 8.4% compared to credit unions with assets less than $20 million, reporting loan growth of 0.9%. Here's a look at how credit unions performed by category, according to the newest Trends Report” ...
Post a Comment
Read Complete Article HERE>»

Not Your Mother’s Credit Union

“Stablecoins aren’t a speculative play. They’re the next evolution of payments — and a chance for credit unions to lead, not lag. It starts with connecting members to DLT rails - the digital wallet. Without that, nothing else can happen. It’s just a new payment rail - embrace it or lose the relationship. It’s that simple.” While ‘ stablecoins ’ were the prevailing buzzword across Money20/20 this year, the credit union industry had a significant presence. Small financial institutions have staked a place in the future of payments. Credit unions  received a significant boost this summer with the enactment of the stablecoin bill into law. The Guiding and Establishing National Innovation for U.S. Stablecoins Act authorizes subsidiaries of federally insured credit unions, such as credit union service organizations, to become issuers. Not Your Mother’s Credit Union A Money20/20  fireside chat  with the regulator for credit unions that I moderated focused on the rulemaking task a...
Post a Comment
Read Complete Article HERE>»

Banking During and After COVID-19

Before COVID-19, the banking industry was experiencing an unprecedented period of growth and prosperity. Despite increasing consumer expectations and increased competition from non-traditional financial institutions, most banks and credit unions were stronger than at any period since the financial crisis of 2008. In a matter of only a few weeks, the world of banking has experienced a level of disruption that will change everything that had been the norm in financial services. There has not only been a major change in the way financial institutions conduct business but in the way, employees do their work and the way consumers manage their finances. Banks and credit unions must use this time of disruption to consider reinventing themselves from the inside out. It is a time when we need to better understand the way consumers expect their financial institution to support their financial needs. This includes the way banks and credit unions use data, AI, technology and human resources t...
Post a Comment
Read Complete Article HERE>»

Housing Forecast 2026: Mortgage Rates Remain Above 6%, but Affordability Improves Modestly

  Mortgage rates will continue to average above 6% next year, but affordability will improve modestly as the typical monthly payment falls below 30% of a household's income for the first time since 2022, the  Realtor.com®  economic research team predicts in its  2026 housing forecast . The forecast predicts  mortgage rates  will average 6.3% across 2026, a slight improvement from the 6.6% full-year average expected for 2025, but still well above the 4% historic average recorded from 2013 to 2019. Nationally, home prices will continue to grow 2.2% through the end of next year, after rising by 2% in 2025, the forecast indicates. However,  incomes  and overall inflation are expected to continue rising faster than growth in home prices, delivering a slight boost to affordability. Read the complete story and review graphs;  HERE    _______________________________________ Join/Upgrade Check out some of NCOFCU's additional features: First ...
Post a Comment
Read Complete Article HERE>»

Two Members of FOMC Indicate December Rate Cut Not a Sure Thing

  WASHINGTON–Two members of the Fed’s Open Market Committee have indicated they are in no hurry to further cut rates, despite market expectations. “I’m not decided going into the December meeting” and “my threshold for cutting is a little bit higher than it was at the last two meetings,” Federal Reserve Bank of Chicago President Austan Goolsbee said in a Yahoo Finance interview. “I am nervous about the inflation side of the ledger, where you’ve seen inflation above the target for four and a half years, and it’s trending the wrong way.” Goolsbee was interviewed after last week’s Federal Open Market Committee meeting that saw policymakers cut their interest rate target by a quarter percentage point, to between 3.75% and 4%, as officials sought to offset rising risks to the job market while still keeping interest rates in a position where they’ll help lower inflation pressures, noted Yahoo Finance. As the report also noted, Fed Chair Jerome Powell cautioned last week that “a further r...
Post a Comment
Read Complete Article HERE>»

CUs Encouraged to Promote Automatic Savings Plans

America Saves Week and Military Saves Week kick off this weekend. The week-long, national campaigns will begin Feb. 19 with events that aim to unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. This year’s campaign theme – “Set Goals, Make a Plan, Save Automatically” – promotes the need for families to get aggressive with automatic savings.****READ MORE: CUs Encouraged to Promote Automatic Savings Plans :
Post a Comment
Read Complete Article HERE>»

Fed cuts interest rates for the second time this year

The Federal Reserve on Wednesday lowered interest rates for the second time this year in a continued bid to prevent unemployment from surging. Fed officials voted for another quarter-point rate cut, lowering their benchmark lending rate to a range between 3.75% and 4%, the lowest in three years. It is the first time since the Fed’s rate-setting committee was established in the 1930s that officials have set monetary policy while lacking an entire month of crucial government employment data due to a government shutdown. ____________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»