New Extended Hours & Days
All Branches, Except LA Mall:
9 am to 5 pm Monday to Thursday
9 am to 6 pm Friday
9 am to 1 pm Saturday
LA Mall Branch:
9 am to 5 pm Monday to Friday
The Credit Union Difference of LAFCU
What makes Los Angeles Federal Credit Union (LAFCU) different from other financial institutions? LAFCU is a nonprofit financial cooperative owned and controlled by its members. It is governed by a volunteer board of directors elected by and for the members. Regardless of how much money a member has on deposit, each member has equal ownership and one vote. In contrast, banks are owned by stockholders and controlled by a paid board of directors.
Since banks prioritize the needs of their stockholders, they charge as much as the market will allow for services, in order to maximize returns to the stockholders. LAFCU does not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to LAFCU members in the form of lower loan rates, competitive savings rates, and lower fees or in some cases, no fees for many products and services.
LAFCU´s goal is to provide comprehensive financial products and services to a range of members, from established individuals to those who are just starting out in life. They also educate their members on financial literacy so members can make good financial decisions. LAFCU offers estate planning, retirement accounts and FREE monthly financial seminars to members on the verge of retirement. Members age 13 to 17 can take advantage of LAFCU’s "Teen Scene Services," which provides loans, savings and checking accounts, and helpful tips on how to balance a checkbook and save money for college. LAFCU follows the global credit union motto of "People Helping People," by offering services that are in the best interest of the member. In contrast, banks are legally bound to make decisions in the best interest of their investors, not their customers.
LAFCU donates time, money and resources to local charities and community events. Each year, it raise funds for the March of Dimes´ March for Babies Charity Walk; donates toys to the U.S. Marine Corps Reserve "Toys for Tots" Toy Drive; and provides volunteers to help build homes with Habitat for Humanity.
To recap, key differences between LAFCU and banks include:
- LAFCU
- Not for profit
- Low Loan Rates
- Owned by members
- Operated by mostly volunteer boards
- Prioritizes members
- Socially responsible
- Banks
- For profit
- High Loan Rates
- Owned by outside stockholders
- Controlled by paid boards
- Prioritizes stockholders
- Corporately responsible
LAFCU was founded in 1936, and now has 47,000 members and more than $650 million in assets. For details about membership and LAFCU´s range of financial products and services, call (877) MY LAFCU (695-2328), visit a local branch, or download an application from www.lafcu.org.
2008 LAFCU Board of Directors & Officers Announced
The results of the Los Angeles Federal Credit Union (LAFCU) Board of Directors were announced at the LAFCU Annual Meeting on Tuesday, February 26. Pictured in the photo are (front row, l-r): Chuck Rubin, Vice Chairperson; Denise McGee, Chairperson; Cliff Cannon, Treasurer; and Stan Horwitz, Secretary. In the back row (l-r) are: Jack Matthews, Gary Mattingly, Roslyn-Carter-Phillips, Neil Ricci and Jerry Waggoner.
The following Board members were re-elected by the membership to serve as directors on the LAFCU Board for three-year terms:
- Office #4: Cliff Cannon
- Office #5: Stan Horwitz
- Office #6: Neil Ricci
Chairperson: Denise McGee: Retired since 2000 as the Accounting Records Supervisor II of LA City Department of Parks and Recreation. Denise worked for the City of LA for 30 years. She has held the Board positions of Vice Chairperson, Treasurer and Secretary.
Vice Chairperson: Chuck Rubin.
He works as a Senior Management Analyst II in the LA City General Services Department. Chuck has held the positions of Chairperson, Vice Chairperson and member of the Credit Committee, and has been a credit union official since 2000.
Treasurer: Cliff Cannon.
Retired since 1999 as the Manager of the LA City Fiscal Systems Division, Controller's Office, he has been a credit union official since 1987. Cliff has held the Board positions of Chairperson, Treasurer and Secretary, and also served as Chairperson of the Supervisory Committee, and was a Credit Committee Member.
Secretary: Stan Horwitz.
He works as a Senior Engineering Manager in the LA City Bureau of Street Lighting, Department of Public Works. A credit union official since 1985, Stan has held the Board positions of Chairperson, Vice Chairperson, Treasurer, and Secretary, and has also served on the Credit Committee.
The Board of Directors is responsible for determining LAFCU's strategic direction and overall policies. Board officials and the officials who serve on the Credit and Supervisory Committees volunteer their time to serve Los Angeles City employees through their participation at LAFCU.