Lafayette Federal Credit Union

History

On October 3, 1935, 1825 H Street Federal Credit Union was established and officially opened its doors in the heart of Washington, DC. The credit union was created to serve the employees of the Reconstruction Finance Corporation, the RFC Mortgage Company and the Commodity Credit Corporation. For the first few years, personal loans up to $50 (or $1,000 at today’s value) were the sole product offering. By 1939, the maximum limit on the loans was increased to $100 (or $2,000 at today’s value), and vehicle loans were also added as a second loan type.

In 1940, the credit union moved across town in Washington, DC, from its original H Street location to the Lafayette Building on Vermont Avenue in Northwest, and officially changed its name to Lafayette Federal Credit Union. During the 1940s, Lafayette Federal expanded its products and services to include share accounts and U.S. Savings Bonds. Staffing increased to six employees (five full-time and one part-time).

By the early 1950s, Lafayette Federal had reached 960 members, $129,000 in total loans outstanding, and assets of nearly $500,000. Additionally, the Small Business Administration was added to the field of membership.

Lafayette Federal experienced further growth during the 1960-70s time period. The credit union moved its headquarter location to the U.S. Department of State Building and added the U.S. Peace Corps as yet another organization within its field of membership. By 1970, the National Credit Union Administration was formed as the official entity to supervise and regulate credit unions. As a result of this, the “once a member, always a member” policy is adopted. By 1974, Lafayette Federal reached $10 million in assets and had 7,600 members.

The 1980s led to the launch of several new products and services to the credit union. Share draft, certificate, and IRA accounts, as well as first trust mortgage and home equity loans, were rolled out to the membership. Additionally, Lafayette Federal began offering ATM cards, paving the way for increased accessibility. In 1989, the credit union moved its headquarter location to a larger location in Kensington, Maryland.