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

The Most Overlooked Growth Opportunity in First Responder Credit Unions

Credit unions spend enormous amounts of time, energy, and marketing dollars trying to acquire new members. But many institutions — especially sponsor-based first responder credit unions — are sitting on one of the most valuable growth opportunities already inside their existing membership base. The joint owner population. Every day, firefighters, police officers, EMTs, dispatchers, and other first responders join credit unions through sponsor relationships. During account opening, spouses or partners are often added as joint owners for convenience. They help manage the household finances. They use the debit card. They log into online banking. They interact with the credit union regularly. Yet in many cases, they never actually become full member-owners of the cooperative. They are connected to the institution — but not fully part of it. And that creates a major strategic opportunity. Why Joint Owner Conversion Matters For sponsor-based credit unions, converting joint owners into full m...
Post a Comment
Read Complete Article HERE>»

ACU Calls For Full Political Engagement As Election Cycle Heats Up, Warns Of Well-Funded Opposition

  WASHINGTON--Credit unions need every advocacy resource at their disposal, and in an election year, that means supporting credit union champions, America’s Credit Unions emphasized. ACU President/CEO Scott Simpson and Head of Political Affairs Trey Hawkins outlined credit unions’ role in supporting those champions in the 120th Congress as the 2026 election cycle resumes with primaries next week. Scott Simpson “It’s important that we defend those who defend us, that we help those who help us,” Simpson said, referring to policymakers who have supported the credit union tax status and regulatory relief, while opposing new interchange mandates, to name a few issues. “This is an opportunity for us to lean in, to marshal all the available resources that we can. Our counterparts in the for-profit financial space, those who are devoted to harming us, can vastly out-resource us.” Hawkins shared potential outcomes for control of chambers of Congress, but noted credit unions have support reg...
Post a Comment
Read Complete Article HERE>»

Discussions Reportedly Underway Over Allowing Donations of Co. Stock to Trump Accounts for Kids

WASHINGTON — White House and Treasury Department officials are discussing whether to expand the Trump administration’s new investment accounts for American children to allow donations of individual company stock. The accounts, formally known as Section 530A accounts and referred to by supporters as “Trump accounts,” are scheduled to begin accepting contributions on July 4, The New York Times reported. The program has already received billions of dollars in philanthropic commitments. Under current rules, the accounts are limited to cash investments placed into diversified index funds. According to The New York Times, administration officials are now considering whether wealthy individuals could instead donate shares of their companies directly into the accounts. The proposal has reportedly been championed by venture capitalist Brad Gerstner, founder of Altimeter Capital, who helped develop the 530A account initiative. Gerstner has discussed the idea with administration officials, The Ne...
Post a Comment
Read Complete Article HERE>»

Senate Banking To Vote Thursday On Landmark Digital Assets Bill

“NCOFCU appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear and responsible regulatory framework for digital assets,” said the National Council of Fire Fighter Credit Unions (NCOFCU) leadership. “As lawmakers consider this legislation, it is essential that first responder credit unions are recognized as a vital part of the financial services ecosystem and are not overlooked in the evolving digital asset landscape. Credit unions serving police, fire, EMS, and other emergency personnel must have equitable access to innovation, regulatory clarity, and the tools necessary to continue supporting the financial readiness and resilience of America’s first responders.” Grant Sheehan CEO WASHINGTON—The Senate Banking Committee will vote on the long-awaited CLARITY Act this Thursday, Committee Chairman Tim Scott (R-SC) announced Friday. Tim Scott The announcement marks a potentially major step forward for legislation that would establis...
Post a Comment
Read Complete Article HERE>»

Cutting Through The Stablecoin Noise—What Credit Unions Actually Need To Know Now

By Ray Birch DOVER, Del.—By any measure, stablecoins have quickly become one of the most talked-about—and least understood—topics in credit union boardrooms. The pressure to “do something” is building, fueled by headlines, fintech momentum and a growing fear of being left behind. But according to InvestiFi CEO Kian Sarreshteh, that urgency may be misplaced. “There’s a lot of FOMO right now,” Sarreshteh said. “If I don’t adopt a stablecoin solution this year, I’m going to be left behind. I would argue pretty strongly that’s very far from the truth.” Instead of rushing to sign up for a Stablecoin pilot, Sarreshteh said credit unions should begin with a more fundamental question: what problem are you actually trying to solve? While stablecoins are often discussed as a potential challenger to traditional payment rails dominated by Visa and Mastercard, he believes that kind of mass-market disruption remains years away—especially in the U.S., where consumers already have fast, convenient opt...
Post a Comment
Read Complete Article HERE>»

Fire Family Foundation Establishes Erksine Fire: Rebuilding Lives and Community Fund

Fund Will Assist Fire Victims and Firefighters in Kern County July    8, Los Angeles, CA:   Responding to the emergency of deadly wildfires that are currently blazing through communities in Kern County, Fire Family Foundation, the charitable hand of Firefighters First Credit Union, has created the Erskine Fire: Rebuilding Lives and Community Fund. California’s largest wildfire so far this year, the Erskine fire erupted Thursday afternoon and continues to burn; two people have died, thousands have left their homes, 200 homes were destroyed with many others severely damaged. Four firefighters who were working on the blaze learned the sad news that their own homes were completely destroyed by the fire. The Erskine Fire Fund will dedicate 100% of the funds raised to be distributed to firefighters and fire victims; funds will be used for short-term assistance to pay expenses for essential and immediate needs from food to mortgages/rent "Our firefighters are battli...
Post a Comment
Read Complete Article HERE>»

NCUA Identifies Supervisory Priorities for 2024

ALEXANDRIA, Va.–In a new  Letter to Credit Unions , NCUA has outlined its supervisory priorities and other updates for its 2024 examination program. The agency said the areas identified are those with the highest risk to credit union members and the insurance fund. As CUToday.info has previously reported, growing financial strains and liquidity risks are cited by the agency, as well as the growth in the number of composite CAMELS code 3, 4, and 5 credit unions.  The agency further noted: Its exam flexibility initiative will continue in 2024, extending the exam cycle for certain credit unions. It will continue its Small Credit Union Exam Program in most federal credit unions with assets of $50 million or less. Supervisory Priorities f...
Post a Comment
Read Complete Article HERE>»

NAFCU - Vehicle Sales Decline During 2017

ARLINGTON, Va.—Vehicle sales in 2017 totaled 17.23 million units, non-seasonally adjusted, marking the first year-over-year sales decline since 2009. Total vehicle sales increased in December to 17.85 million seasonally adjusted, annualized units but were down 1.7% from a year ago. "Looking ahead, sales are expected to trend down further in 2018 as pent-up demand from earlier years diminishes," observed NAFCU Research Assistant Yun Cohen in a Macro Data Flash report. "In addition, banks are tightening standards on auto loans according to a recent survey by the Federal Reserve, which could lead to credit constraints. Despite the slowdown, vehicle sales are expected to remain strong in light of a strong labor market and growing economy." According to data by Autodata Corp., car sales decreased from 6.3 million to 6.1 million annualized units during the month. However, sales of light trucks increased from 11.2 million to 11.8 million annualized units, Cohen no...
Post a Comment
Read Complete Article HERE>»

'Victory is Elusive': CU Economist Agrees Fed Rate Cuts Questionable Following New CPI Report

04/10/2024 11:01 am WASHINGTON–A credit union economist has joined with other economists and analysts in forecasting a delay in any rate cuts by the Fed in 2024 following today’s inflation report. The newly released Consumer Price Index climbed 3.8% on an annual basis after stripping out food and fuel prices. That “core” index was stronger than the 3.7% increase economists expected, and unchanged from 3.8% in February.  Counting in food and fuel, the inflation measure climbed 3.5% in March from a year earlier, up from 3.2% in February and faster than what many had forecast.  "Victory in the Federal Reserve's inflation fight remains elusive with a stubbornly high headline consumer price index increase of 0.4% in March, matching February's disappointing result,” said America's Credit Unions VP-data and research, chief econom...
Post a Comment
Read Complete Article HERE>»

Ten-Year Treasury Hits a 15-Year High

WASHINGTON–The yield on the 10-year U.S. Treasury note has hit a 15-year high, which could lead to higher costs for many borrowers. The increase in yields is also “raising concern” on Wall Street about the potential fallout in the stock, bond and housing markets, the Wall Street Journal added. A key benchmark for interest rates across the economy, the 10-year yield settled at 4.258%, according to Tradeweb, up from 4.220% earlier this week, marking its highest close since June 2008, months before the collapse of Lehman Brothers and expansive Federal Reserve policy “ushered in more than a decade of historically low bond yields,” the Journal added. ‘Nervous’ Investors “The rise in yields is making investors nervous, because past surges have at...
Post a Comment
Read Complete Article HERE>»