Skip to main content

Firefighters First Credit Union Announces Conversion to Federal TIP Charter

Los Angeles, CA – April 25, 2017 –, Firefighters First Credit Union (Firefighters First) announced that it has received regulatory and member approvals to convert to a federal Trade, Industry and Professional (TIP) charter serving the fire community, effective April 18, 2017. This is the next step in its evolution to better serve its fire family members.

The move from a California state charter to a federal TIP charter enables Firefighters First to serve the financial needs of its 3,500 members who have moved outside the state, as well as members who decide to move, retire, start a business or buy a home anywhere in the country. This strategic decision also provides Firefighters First with the ability to offer products and services to new fire partners, focusing on areas that may not have a local fire credit union in their community.

“As part of our commitment to our members, we are continually looking for new and better ways to support our fire families. The Firefighters First Board and leadership spent many years developing a long-term strategic plan designed to bring our members more value from their credit union and ensure we continue to thrive as a strong, sustainable organization solely dedicated to serving our fire family for many future generations,” said Firefighters First Board Chair L. Scott Gribbons. “This charter change is an important milestone in allowing us to better serve our current members wherever they live and work today, while also maintaining a healthy organization that can actively support the mutual interests of our firefighter credit union community for many years to come.”

Firefighters First Credit Union President/CEO Dixie Abramian commented, “Our first priority in moving to this new charter is serving our existing members across the country with the personal service, technologies, and outstanding rates that our fire families expect from their credit union. Beyond current members, a federal charter provides the ability to look at where it makes the most sense to offer membership in new communities. We will carefully explore these opportunities in a very controlled, measured way to ensure we best serve our members, leverage economy of scale benefits, and consider where we can add value through new partnerships. While we are taking the first step in this process, we know that, as we look at new communities to serve, we will focus on areas that do not have a local firefighter credit union, such as Arizona.”

In conjunction with its conversion to a federal credit union charter, Firefighters First will now offer federal deposit insurance through the National Credit Union Share Insurance Fund to its members, ensuring their funds are protected by the full faith and credit of the U.S. Government. We approached then Chairman Rick Metsger a few months ago to finalize our charter application. We really appreciate his interest and for accepting our invitation to come and help us celebrate this new chapter for the credit union. Thanks to the coordinated effort from Tim Oppelt and the STYSKAL, WIESE & MELCHIONE, LLP team, Firefighters First received approval from the National Credit Union Administration to convert from a California state charter to a federal TIP charter serving the fire community and received approval to be chartered for the purpose of making business loans, followed by approval by a majority vote of its membership on March 31, 2017.

About Firefighters First Credit Union
Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and served firefighters throughout the state of California. In 2017 they received their federal charter and now serve the Fire Protection Industry and their families.  Firefighters First currently has assets of over $1.1 Billion and serves over 37,000 members in over 330 fire departments nationwide. Specific details on eligibility, and more information about the credit union, are available at firefightersfirstcu.org or by calling 800.231.1626.


PHOTO CAPTION:

Firefighters First CU CEO Dixie Abramian and Board Chair L. Scott Gribbons accept their new federal charter from NCUA Board Member Rick Metsger.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Bipartisan Bill Would Expand Federal Credit Union Investment Authority

WASHINGTON—Reps. Janelle Bynum (D-OR) and Young Kim (R-CA) introduced bipartisan legislation Thursday that would significantly broaden the investments available to federal credit unions, including giving them new authority to invest in corporate debt and asset-backed securities. Young Kim The Credit Union Investment Authority Act would amend the Federal Credit Union Act to expand federal credit unions’ investment authority. Under the bill, federal credit unions could invest in marketable debt obligations issued by companies and other organizations that are not limited to serving credit unions. The legislation would cap a credit union’s investment in the obligations of any single issuer at 10% of its paid-in unimpaired capital and surplus. The measure would also expressly authorize investments in asset-backed securities as defined under the Securities Exchange Act of 1934. Kathleen Coulombe The bill would require the NCUA board to issue implementing regulations within one year of enactm...
Post a Comment
Read Complete Article HERE>»

Liquidity Resources

Liquidity Resources Liquidity is a credit union’s capacity to meet its cash and collateral obligations at a reasonable cost. Adequate liquidity is necessary to efficiently meet both expected and unexpected cash flows and collateral needs without compromising the credit union’s daily operations or financial condition. Effective credit union management identifies, measures, monitors, and controls exposure to liquidity risk. Primary Risks In managing expected cash flows, a credit union may experience situations that increase its liquidity risk. These situations include mismatches between sources and uses of funds, market constraints on the ability to convert assets into cash or to access sources of funds (market liquidity), and contingent liquidity events. Changes in economic conditions or exposure to credit, market, operational, legal, and also can affect an institution’s liquidity risk profile. None of these risks are mutually exclusive, and interrelated risks may contribute to increase...
Post a Comment
Read Complete Article HERE>»

Just What Is Our Gross Domestic Product

    A core measure of a nation's total economic activity, gross domestic product represents the value of all final goods and services produced within a country's borders in a given year. Economists can calculate a country's aggregate economic activity by adding together its total consumer spending, business investment, government spending, and net exports. As of June 2026, the US' inflation-adjusted GDP was about $24.2T. > The three different ways to calculate GDP. ( More ) > How "nominal" GDP differs from "real" GDP. ( More ) Since the concept was popularized by Nobel laureate Simon Kuznets in the 1930s, GDP has become one of the most important economic indicators in both domest...
Post a Comment
Read Complete Article HERE>»

Senate, 51-47, has confirmed John Crews to the NCUA board

WASHINGTON—The U.S. Senate, 51-47, has confirmed John Crews to the NCUA board, clearing the way for him to succeed Kyle Hauptman and return the agency to a single-member board following the Trump Administration's removal of Democratic board members Todd Harper and Tanya Otsuka earlier this year. Maintaining the foundational stability of the credit union system Supporting efficient, risk-based regulation that accounts for institutional size and operational differences Preparing for technological advancement while safeguarding member assets Encouraging the growth of new credit unions to serve underbanked and military communities Preserving an open, accessible, and collaborative dialogue between the NCUA and the credit union movement Crews, who most recently served in the Treasury Department, has said his priorities include reducing regulatory burden for smaller credit unions, encouraging innovation and supporting the chartering of new credit unions, while maintaining the safety and s...
Post a Comment
Read Complete Article HERE>»

Dolphin Debit, Enters into Partnership With CUSI

 HOUSTON–  Dolphin Debit , a full-service ATM management company, said it has entered into a strategic partnership with Credit Union Services, Inc. (CUSI), the Service Corporation of the MD|DC Credit Union Association. “Through the strategic partnership, CUSI adds a budget-ready, industry-leading ATM management program to its portfolio of solutions for credit unions in the Maryland and D.C. region,” Dolphin Debit said. According to Dolphin Debit, its ATM outsourcing service includes purchase and deployment of new ATMs, purchase of the financial institution’s existing ATMs, terminal driving, transaction processing, ATM maintenance, armored car service, communications, monitoring and dispatch, and cash management. “We welcome this oppor...
Post a Comment
Read Complete Article HERE>»

Checking or "Digital Hub" Accounts Will Still be the Primary Account for Most

Whatever they may be called in the future, checking accounts remain a primary account for consumers across all demographics. Approximately 80% of adults say they have a checking account with a bank or credit union, according to a Bankrate survey. Despite the growth in new apps and platforms, checking accounts remain the primary repository for consumers across all generations, says Mark Hamrick. Even consumers that rely heavily on platforms like PayPal and Venmo often have it tied to a checking account or debit card . “We’ve seen a tremendous amount of innovation in recent years, but the fact that these accounts are still held among majorities of age groups is quite noteworthy,” says Hamrick. “It remains the primary account.” Another notable finding is that consumers said they have used the same checking account on average for 17 years. As to why, 17% said it was the “account I’ve always had,” and 10% said it was “too much hassle to switch.” Not exactly a ringing endorsem...
Post a Comment
Read Complete Article HERE>»

3 ways CUs can use texting to increase member loyalty

 Texting isn’t a new communication channel—it’s been around for several decades. Yet most businesses—including banks and credit unions—aren’t utilizing it to its full potential. Read on to learn three ways credit unions can use texting to improve the member experience (and use it to increase member loyalty). Get connected with members right from their Google search More than 70% of consumers who search for a local business are more likely to visit a business within 5 miles. And local credit unions are included! It’s critical that your credit union shows up in local search results to capture new members (and even keep current members coming back to your business over and over again). Of course, it’s well known that prioritizing reviews and keeping your Google Business Profile updated (including pictures, hours, and services) is important to showing up higher in search results, but what can you do about increasing the member experience if you manage to show up in ...
Post a Comment
Read Complete Article HERE>»

Become your kid's mortgage lender

Between slumping prices and low mortgage rates, it's a good time to look for real estate bargains. But thanks to tightened lending standards, legions of young would-be homebuyers aren't exactly in a position to take advantage of the opportunity. That's where their parents come in: One in three first-time buyers received either a gift or a loan from their families to help buy a home in 2011, according to the National Association of Realtors. **** More At; Become your kid's mortgage lender :
Post a Comment
Read Complete Article HERE>»

This will be a week that has the attention of many economists.

 WASHINGTON–With a new report on inflation released late last week, with the Fed meeting to talk rates at midweek and with a jobs report to be released on Friday, this will be a week that has the attention of many economists. Dawit Kebede And that includes CUNA’s Dawit Kebede, who said the trade group last week released its economic update with a special focus on how inflation is becoming a challenge to the economy. “The Fed is going to raise interest rates over the coming meetings, including this week, when we expect a 50 basis point increase. It is also going to reduce its balance sheet,” said Kebede. “This policy response may have an impact of slow...
Post a Comment
Read Complete Article HERE>»

Vehicle, Savings & Real Estate Trends Part 2

  Vehicle Lending Credit union new-auto loan balances rose 0.8% in February, stronger than the -0.1% decline set in February 2021, and rose 0.7% during the last 12 months, CUNA Mutual reported. On a seasonally-adjusted annualized basis, new-auto loan balances rose at a 5.9% pace in February, slightly above the 5% long-run average growth rate. “The first quarter is typically the weakest quarter for credit union new-auto loan growth due to various seasonal factors. February is historically the weakest new-auto loan growth month of the year, with seasonal factors typically adjusting -0.68 percentage points from the underlying trend growth rate,” CUNA Mutual reported. ...
Post a Comment
Read Complete Article HERE>»