Firefighter Credit Union Newsroom

Starting May 11, 2018, credit unions and other financial institutions are required to have new procedures in place when it comes to customer/member due-diligence, primarily involving “beneficial owners” and “legal entity” members, reminded CUNA. But the trade association reported that the new requirements do not mean credit unions have to update member information on a continuous or periodic basis. “The rule does not require credit unions to update member information on a continuous or periodic basis. The updating requirement is event-driven and only occurs as a result of detecting unusual activity through normal monitoring,” CUNA stated. The new procedures required by May 11, 2018, are: Procedures to identify and verify beneficial owners of legal entity members.  Procedures for making and maintaining a record of all the identification and verification information collected for beneficial owners of legal entity members.  Appropriate risk-based procedures for...

WASHINGTON–Mortgage rates have risen for the first time in 2017. According to Freddie Mac: The 30-year fixed-rate mortgage (FRM) averaged 4.19% with an average 0.4 point for the week ending Jan. 26, 2017, up from one week earlier when it averaged 4.09%. A year ago at the same time, the 30-year FRM averaged 3.79%. The 15-year FRM averaged 3.40% with an average 0.4 point, up from one week earlier when it averaged 3.34%. A year ago at the same time, the 15-year FRM averaged 3.07%. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20% with an average 0.4 point, which was down from one week earlier when it averaged 3.21%. A year ago, the five-year ARM averaged 2.90% "The 10-year Treasury yield increased more than 10 basis points this week,” said Sean Becketti, chief economist, Freddie Mac, in a released statement. “The 30-year mortgage rate moved up as well to 4.19%, a 10-basis-point jump. This week marks the first increase in the mortgage rate si...

President Donald Trump has appointed J. Mark McWatters as acting chairman of the NCUA, industry sources said Thursday. NCUA had not confirmed the selection by the time this story was posted. McWatters, a Republican, replaces Rick Metsger, a Democrat who remains on the board. The president has the power to select a chairman and it had been widely speculated that Trump would select McWatters, since currently there are only two members on the three-member NCUA board. The chairman designation does not require Senate confirmation Trump will be able to nominate another Republican for the vacancy on the board. However, the president’s party may only have two seats on the board. McWatters became a member of the board in August 2014, when he was confirmed by the Senate. At the time, he was new to the credit union industry. Last year, President Obama nominated McWatters for a vacancy on the Export-Import Bank, but the nomination died when the-Senate Banking Chairman Richard S...

      PRESS RELEASE CONTACT: Robin McCarthy 626-497-9395 Fire Family Foundation Provides Over $350,000 in Aid in 2016 Assisting Firefighters, Fire Families LOS ANGELES, CA -- As the charitable hand of the Los Angeles-based Firefighters First Credit Union, Fire Family Foundation dispersed more than $350,000 in assistance to firefighters and fire families in need in 2016. That amount more than doubles the previous year.   Serving firefighters, their families and fire victims, the Foundation ensures donations directly support those in need, covering medical expenses, mortgage payments and daily living costs; assistance was distributed to numerous individuals, families and communities impacted by fire.  “Be it fire, devastation, illness or death, the support provided by the Foundation helps families, fire victims, and fire families begin the long process of recovery.  We continue to be humbled by the support we received in 2016 from t...

After a lengthy and successful career in credit unions, topped by being President and CEO of Firefighters First Credit Union for the last 24 years, Mike Mastro is preparing for retirement. In his 36-year tenure, the credit union has grown to over $1.1B in assets with over 37,000 members.  The credit union has launched many financial service innovations that compete head to head with larger banks – such as business lending, investment services, and insurance services.  As part of their growth strategy, the credit union executed on a successful field of membership expansion and in 2014 changed its name from Los Angeles Firemen’s Credit Union to Firefighters First.  Mike also had the vision to create the Fire Family Foundation after 9/11 to ensure that the firefighter community was not only supported through traditional financial service offerings, but also during tragedies and difficulties in life.  “My first job at this credit union was as Financial Controller – ...