The National Credit Union Administration has granted a federal charter and share insurance fund coverage to Firefighters First Federal Credit Union of Los Angeles.
The charter became effective April 18.
The new charter will enable the $1.18 billion Firefighters First FCU to offer a “full complement” of consumer loan and share services to a “broader” membership base. NCUA also approved a request by the credit union for the designation of being chartered for the purpose of granting member business loans.
According to its call reports, Firefighters First posted net income of about $6.8 million in 2016, after generating $6 million in the prior year.
Firefighters First, now with 37,000 members, was originally chartered in 1935 by the state of California as the Los Angeles Firemen’s Credit Union. The credit union obtained federal insurance in 1975, but converted to private insurance in 1984 and changed its name to Firefighters First Credit Union in 2014.
