Federal charter, insurance granted
to former privately insured CU

April 25, 2017 -- A federal credit union charter has been granted to a Los Angeles-based institution– which will serve more than a half million fire protection industry workers around the country from offices and a call center in California – which was formerly a privately insured credit union.

Firefighters First FCU, which since 1984 was privately insured, and most recently known as Firefighters First Credit Union chartered by the California Department of Business Oversight, was also designated by NCUA as chartered for the purpose of granting member business loans, NCUA stated in a press release. The new charter became effective April 18, the agency stated.

According to the agency, prior to its conversion to a federal charter the credit union served 37,000 members and held $1.18 billion in assets, “making it one of the largest single-common-bond federal credit unions in the United States,” NCUA’s release stated.