January 2021— LOS ANGELES, CALIFORNIA – Firefighters First Credit Union distributed over $2.1 million in profit sharing proceeds to their membership. This year’s distribution brings total profits returned to members to over $50 million since 1981, honoring the legacy built upon “firefighters helping firefighters”. As a cooperative, members own the Credit Union. And the mission and vision of the organization is framed by the fifteen volunteer Board of Directors who are active and retired firefighters.
“Firefighters have been on the frontline of the COVID-19 response,” said Dixie Abramian, Firefighters First Credit Union’s President/CEO. “In 2020, they also contended with one of the worst wildfire seasons in recent history. We are heartened by how much firefighters give to their communities.”
Firefighters First was started in 1935 by firefighters for firefighters and celebrated its 85th anniversary in 2020. Today, it serves multi-generational career firefighters and their families in 741 fire departments nationwide. Firefighters exemplify trust, loyalty, and service and they want to reflect that in the way they take care of their member’s financial life.
The approach to profit sharing at Firefighters First Credit Union is simple. Payouts represent a refund on the interest members paid on loan accounts and a bonus on the dividends earned in savings accounts. Individual payouts varied based on the scope of the member’s financial relationship with the Credit Union. The more members banked with Firefighters First Credit Union and utilized their extended services—Business Services, Firefighter Insurance Services, Firehouse Financial and Firefighters First Trust Services—the more members received in their annual payout. Payouts were posted to member accounts on December 31, 2020.
For more information, please visit https://www.firefightersfirstcu.org/About/About-Us/Profit-Sharing.
WASHINGTON—Credit-unions face a potential regulatory vacuum as the Trump Administration formally has determined the CFPB’s current self-funding mechanism unlawful—a move that could put the agency on a path to closure in early 2026 unless Congress steps in. For credit-union leaders, who rely on the Bureau’s oversight of consumer-finance markets and enforcement of unfair practices, the decision signals a major disruption to the regulatory environment CUs navigate daily. In a court filing released late Monday, the Administration declared that the CFPB is now legally barred from seeking additional funds from the Federal Reserve System—the agency’s usual funding source under the Dodd‑Frank Wall Street Reform and Consumer Protection Act, POLITICO reported. That means the Bureau’s remaining resources will likely carry it only through the end of the year, after which it “anticipates exhausting its currently available funds in early 2026.” CUToday.info has tracked this story, noting in Oct...
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