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

Where are your children banking?

  Grant Sheehan CCUE | CCUP | CEO, NCOFCU The B reach  Between Purpose and Experience Just recently, I came across a story that has stayed with me. It wasn’t dramatic in the traditional sense. There was no scandal, no crisis, no headline-grabbing failure. In fact, it was something much quieter than that. It was simply the story of an eighteen-year-old leaving his credit union. On the surface, that might not sound remarkable. Young people move their money frequently. They open new accounts, experiment with apps, follow trends, and often make financial decisions influenced by the digital tools at their disposal. But this story was different. This young man had been a credit union member since he was a few weeks old, as many credit unions do. His mother has spent her career working inside the credit union movement as an executive. For eighteen years, his financial life was connected to a credit union. If anyone might be expected to remain a lifelong member, it wou...
Post a Comment
Read Complete Article HERE>»

World's Happiest Country

  World's Happiest Country   Finland was named the world’s happiest country for the ninth consecutive year, the latest World Happiness Report revealed. Nordic countries—including Denmark, Iceland, Norway, and Sweden—also ranked in the top 10.  Analysts attribute Finland’s joy factor to its wealth, social safety network, and high life expectancy, among factors. Afghanistan maintained its place as the world’s unhappiest country. The results were based on answers from roughly 100,000 people in 140 countries and territories. Respondents were asked to rank their life satisfaction on a scale of 0 to 10. Finnish respondents gave an average life satisfaction score of 7.7; Afghans answered 1.4. The US, in 23rd place, reported an average score of 6.8. Explore rankings here . The report's authors cautioned this year that social media use is driving population-level drops in reported well-being among adolescents. Young English...
Post a Comment
Read Complete Article HERE>»

Regulators Launch Broad Rewrite Of Bank Capital Rules, Eye Lower Requirements

WASHINGTON— Federal banking regulators on Thursday formally launched what could become the biggest rewrite of U.S. bank capital rules in years, unveiling a package of proposals aimed at easing and recalibrating capital requirements across the industry—moves officials say should reduce aggregate required capital for banks of all sizes and free up more capacity for lending. The Federal Reserve and FDIC both advanced the proposals at board meetings Thursday, while the OCC joined the interagency package, Law360 reported. At the center of the package is a long-awaited rewrite of the U.S. “Basel III endgame” proposal for the largest banks, along with a broader companion proposal to make risk-based capital rules more risk-sensitive for smaller and midsize banks as well. Bloomberg reported the changes are designed to relax capital treatment for large lenders, while Law360 said regulators described the package as a comprehensive overhaul intended to finish the delayed Basel implementation and r...
Post a Comment
Read Complete Article HERE>»

Average 30-Year Fixed-Rate Mortgage At 6.22%

MCLEAN, Va.--The 30-year fixed-rate mortgage inched up this past week, averaging 6.22%, Freddie Mac reported. "The 30-year fixed-rate mortgage edged up this week to 6.22% but remains nearly half a percentage point lower than the same time last year," said Sam Khater, Freddie Mac's chief economist. "Potential homebuyers are poised for a more affordable spring homebuying season than last with the market experiencing improvements in purchase applications and pending home sales.” The 30-year FRM averaged 6.22% as of March 19, up from last week when it averaged 6.11%. A year ago at this time, the 30-year FRM averaged 6.67%. The 15-year FRM averaged 5.54%, up from last week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 5.83%. ================================================= Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Annual Conference First Responder Credit Union Academy Finan...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - March Madness, explained

  The Big Dance   March Madness, explained "March Madness" is the well-known name for the NCAA's annual Division I men's and women's basketball tournaments, which determine national champions through a 68-team , single-elimination format. Automatic bids go to 31 conference winners, while 37 at-large selections fill the field. The high-stakes structure—where smaller "Cinderella" schools can upset powerhouses—drives huge viewership and revenue; TV and marketing rights account for roughly two-thirds of the NCAA's $1.4B income in fiscal 2024. The National Inv...
Post a Comment
Read Complete Article HERE>»

FRB decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent

  Federal Reserve issues FOMC statement For release at 2:00 p.m. EDT Share Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly com...
Post a Comment
Read Complete Article HERE>»

Economic and Industry Issues

Weekly News Summary -  July 30, 2020 Press Release For Immediate Release Weekly News Summary Hello NCOFCU Members, Here are some things that were in the news last week. Please share these articles with your Supervisory Committee and Board of Directors. If you missed previous editions of the weekly news, summaries of those can be viewed at our  archive .  Have a great week! Mike Richards, CPA         The Callahan Credit Union A...
Post a Comment
Read Complete Article HERE>»

Three Tips for Better Google Searching - NYTimes.com

Here are the three tips — basic, intermediate and advanced — from Dan Russell at Google. He studies how people use the search engine and teaches classes on how to do it better , including a free online course this month, for which registration started Tuesday. He promises these tips will make you happy, and he cares a lot about that — his official title at Google is über tech lead for search quality and user happiness.----- Three Tips for Better Google Searching - NYTimes.com
Post a Comment
Read Complete Article HERE>»

Firefighters Community CU Casual for a Cause

The $185 million Firefighters Community Credit Union in Cleveland is one of many across the country participating in Miracle Jeans Day on Wednesday. More than 40 of the 50 or so employees at the 25,000-member credit union have paid $5 for the right to go casual that day at work, and the staff so far as raised $310 for the effort to help local Children’s Miracle Network Hospitals-------- Casual for a Cause
Post a Comment
Read Complete Article HERE>»

5 Red Flags: When Boards Lean Too Heavily on Management

  The Quiet Governance Risk Credit Unions Should Talk About By Grant Sheehan, CCUE | CCUP | CEO, NCOFCU Having spent many years both serving on a credit union board and leading as a CEO , I’ve had the opportunity to see governance from both sides of the table. That perspective has given me a deep appreciation for the delicate balance that must exist between management, leadership, and board oversight. When that balance works well, credit unions thrive. But when it slowly shifts — often unintentionally — it can create governance weaknesses that regulators and examiners increasingly watch for. In conversations with governance professionals and through years of industry experience, one theme keeps emerging: most governance problems don’t begin with bad intentions or misconduct. They begin with boards that gradually become too dependent on management. This is rarely obvious at first, but in fact, it often occurs within high-performing organizations. But slight patterns ca...
Post a Comment
Read Complete Article HERE>»