The NCUA said Tuesday it granted a federal charter and share insurance fund coverage to the $1.1 billion Firefighters First Federal Credit Union in Los Angeles.
The new charter, which became effective April 18, will enable Firefighters First FCU to offer consumer loans and share services to a broader membership base.
Firefighters First plans to serve 510,000 employees and independent contractors who work in the fire protection industry across the U.S. Currently, the credit union serves 37,000 members who are primarily firefighters and their families.
The NCUA also said it approved the credit union’s request to provide member business loans.
Firefighters First was originally chartered in 1935 by California as the Los Angeles Firemen’s Credit Union.
The credit union obtained federal insurance in 1975 and converted to private insurance in 1984 when it changed its name to Firefighters First Credit Union in 2014.
The cooperative operates seven offices throughout California and a call center.
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