First-responder Credit Union Newsroom

New name reflects nearly 80 years of service and a growing commitment to first responders across Massachusetts BOSTON, MA, June 15, 2026 — Boston Firefighters Credit Union today announced that it has officially changed its name to First Responders Credit Union , reflecting the broader first responder community the organization serves while honoring the firefighters who founded it nearly 80 years ago. Founded in 1947 by members of the Boston Fire Department, the credit union was established to serve the financial needs of firefighters and their families. Over the decades, it has grown into a trusted financial institution serving firefighters, law enforcement professionals, EMS personnel, civilian employees of first responder agencies, and their families throughout Massachusetts. Today, more than 12,000 members rely on the credit union for banking, lending, and financial guidance tailored to the unique demands of first responder life. While the name is new, the mission is not. ...

MADISON, Wis. — Credit unions are expected to post stronger loan, deposit , and asset growth in 2026 despite a slowing economy, persistent inflation, geopolitical uncertainty, and continued pressure on consumers, according to TruStage’s latest  Credit Union Trends Report . The report, prepared by TruStage Chief Economist Steve Rick and based on December 2025 data, forecasts credit union loan growth will accelerate to 5.5% in 2026 from 4.6% in 2025, while savings growth is projected to increase to 6.5% from 5.5%. Asset growth is expected to improve to 6.2% in 2026 from 5.4% in 2025. Credit union membership growth is forecast to reach 1.8% in 2026 and 2.0% in 2027. The CU Daily has separate reporting on credit union performance by category here .  According to TruStage, a changing global economic environment has altered its outlook for both the U.S. economy and the credit union system. The report noted disruptions stemming from the closing of the Strait of Hormuz have created su...

Alexandria, VA (June 8, 2026) ― The National Credit Union Administration today issued a final rule for Dependent Care and Board Member Reimbursement. The NCUA Board amended its regulations concerning the reimbursement of reasonable expenses for federal credit union officials to remove potential barriers to volunteer service. This final rule provides flexibility for a federal credit union’s board to adopt more family-friendly policies tailored to its size, region, and operations. Previously, dependent care costs had not been considered reasonable expenses under NCUA regulation 12 C.F.R. 701.33.  The final rule applies to all federal credit unions, including corporate federal credit unions. It will not apply to federally insured, state-chartered credit unions, which remain subject to state law. The final rule is effective 30 days from the date of publication in the Federal Register and takes into consideration public comments received from the proposed rule that was issued on Januar...

In an analysis of more than 30 million home-purchase mortgage applications filed between 2018 and 2024, researchers found that the long-discussed 43% debt-to-income ratio threshold has little apparent impact on mortgage approval decisions. Instead, denial rates begin to rise sharply once applicants exceed a debt-to-income ratio of 50%. The findings were published as part of a four-part series examining barriers facing prospective homebuyers. ‘Practical Lesson is Clear’ “For borrowers, the practical lesson is clear: A debt-to-income ratio of 45% is treated by lenders much like a ratio of 35%,” the researchers wrote. “But crossing 50% changes the game entirely.” The 43% debt-to-income ratio gained prominence under the 2010 Dodd-Frank Act, which established it as a key threshold for so-called qualified mortgages. Loans meeting that standard provided lenders with legal protections against ability-to-repay lawsuits. However, in 2021, the Consumer Financial Protection Bureau replaced the rat...

WASHINGTON — National Credit Union Administration Chairman Kyle Hauptman told members of the House Financial Services Committee on Thursday that the nation’s credit union system remains financially strong, while warning that rising delinquencies and consumer financial stress continue to warrant close monitoring. Hauptman also responded to a handful of questions from members of Congress, as well. Hauptman appeared as part of the regular hearings on Oversight of Prudential Regulators. Also appearing as witnesses were Michelle Bowman, vice chair for supervision with the Federal Reserve; Travis Hill, FDIC chairman, and Jonathan Gould, the acting Comptroller of the Currency. Kyle Hauptman In his prepared statement, Hauptman said federally insured credit unions remain well-capitalized and continue to meet members’ borrowing needs despite economic headwinds. He said the NCUA is focused on maintaining safety and soundness, protecting the National Credit Union Share Insurance Fund and creating...