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