30 THE NAFCU JOURNAL SEPTEMBER–OCTOBER 2022 Credit Union of the Year $250M or Less Labor Credit Union Washington, D.C. Since 1935, Labor Credit Union has worked toward its mission to be the foundation of financial success for its members, including low- to moderate-income individuals, by helping them reach financial goals. The credit union, formerly known as Department of Labor Federal Credit Union, has developed programs aimed at contributing to brighter financial futures that are proving to be life changing for members. For example, Labor Credit Union’s “Make First Time Home Buying a Reality” grant program has had an immediate impact, doing exactly what its name sets forth: The credit union has turned members’ dreams of homeownership into reality. In addition, free financial coaching through a partnership with BALANCE, a financial counseling and education services provider, has served 1,532 Labor Credit Union members. Nineteen members who utilized the free financial counseling improved their credit scores by 100 points and were rewarded with $100 from Labor Credit Union for achieving this important personal finance goal. For 87 years, Labor Credit Union has always adhered to principles of sound financial judgement in order to continue to serve important financial needs for those in the labor movement. Labor Credit Union’s tradition and mission of service remains today, and the credit union has aggressively expanded offerings to benefit members. Not only do members benefit from competitive interest rates and reasonable loan terms, but they also benefit from new conveniences such as the recent expansion of mobile and online banking platforms. Over the last two years, Labor Credit Union has provided its members with over $600,000 in dividends and returned nearly $160,000 in fees. With the addition of $50,000 in grant awards, Labor Credit Union continuously strives to establish opportunities for members’ financial development and achieve the credit union’s goal of empowering members both personally and financially. In July of 2022, the credit union announced its new name. Although the U.S. Department of Labor (USDOL) is the credit union’s primary sponsor, the change reflects the credit union’s overarching goal of being inclusive of everyone who serves and supports the labor movement—including many groups, associations, and partnerships beyond the USDOL with mission statements that align closely with that of the USDOL. Looking forward, Labor Credit Union is poised for continued success. In addition to its new name, which is geared toward bringing additional members to the credit union, Labor Credit Union is in the planning stages of expanding and opening additional locations to continue to meet the banking needs of members and better serve the labor movement.
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