Department of Labor Federal Credit Union

What Department of Labor Federal Credit Union does

Department of Labor Federal Credit Union, operating as Labor Credit Union since a 2023 rebrand, is a federally chartered credit union founded in 1935 to serve the employees, contractors, retirees, and family members of the U.S. Department of Labor. It operates as a not-for-profit, member-owned cooperative within the Washington, D.C., Maryland, and Virginia region, with a defined field of membership tied to the federal agency. Core offerings span deposit accounts (checking, savings, money market, certificates), consumer and mortgage lending, credit cards, and wealth management services delivered through partner relationships.

The technology stack combines a digital and mobile banking platform with third-party integrations covering payments, authentication, and financial wellness. Members access peer-to-peer payments via Zelle, biometric and multi-factor authentication through MemberPass, and AI-assisted financial coaching via a partnership with Pocketnest. Back-office and operational support is sourced through CUMA and CO-OP shared-service networks, while Newtek One extends business-banking product capabilities. The credit union also layers in insurance and wealth advisory offerings via The Family Security Plan and Credit Union Wealth Group.

The business model is a standard cooperative net-interest-margin franchise: revenue is generated from the spread between interest earned on the loan portfolio and interest paid on member deposits, supplemented by fee income on deposit accounts, interchange on debit/credit card transactions, mortgage origination fees, and commissions on partner-distributed insurance and wealth products. The institution has roughly 30–40 employees, supports multiple physical branches including the upcoming St. Barnabas location scheduled to open in August 2026, and distributes through digital channels as well. Membership growth is constrained by the federal agency's headcount and contractor base.

Name

Department of Labor Federal Credit Union

Legal name

Department of Labor Federal Credit Union

Website

https://dolfcu.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

11–50 employees

Short description

Department of Labor Federal Credit Union (Labor Credit Union) is a federally chartered, member-owned cooperative founded in 1935, serving Department of Labor employees, contractors, retirees, and their families across the DC, Maryland, and Virginia region with retail banking, lending, and digital financial services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Federal credit union banking
• Consumer lending services
• Retail banking accounts
• Vehicle and mortgage loans
• Financial wellness services

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on various loan products including vehicle loans, personal loans, mortgages, HELOCs, and credit cards. Rates vary by product and creditworthiness, with APRs ranging from approximately 4.87% (auto loans) to 17.99% (credit cards).
2. Fee-Based Services: Revenue from various banking fees including overdraft fees ($22), wire transfer fees ($25 domestic, $45 international), ATM fees ($4.50 non-proprietary), money orders ($5), notary services ($5 for non-members), and other service charges. Also includes fee income from gift cards ($4.95 per card) and credit card late payment fees.
3. Share Certificate and Savings Interest: Members deposit savings in exchange for dividend interest (APY ranging from 0.03% regular savings to 4.37% promotional certificates), with the credit union lending these funds at higher rates to generate spread income.
4. Credit Card Interchange: Revenue from credit card transaction interchange fees when members use their Labor CU Mastercard for purchases. Members earn reward points (1 point per $1 spent) that can be redeemed for merchandise, travel, gift cards, or cash back.
5. Youth Account Services: Services for youth members including Journey Savings (ages 0-18) earning 3.00% APY on first $1,000 and Journey Checking (ages 12-21) with 1% cash back debit card rewards, building long-term customer relationships.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

Department of Labor Federal Credit Union (Labor CU) is a federally chartered, member-owned not-for-profit credit union established in 1935 that delivers full-service retail banking and lending to Department of Labor employees, contractors, retirees, and their families. Core offerings include checking and savings accounts, share certificates, money market, IRAs, vehicle and personal loans, first mortgages and HELOCs, credit cards, business checking, insurance, and wealth management, supported by physical branches, online/mobile banking, and a video-based Virtual Branch.

Product overview

Department of Labor Federal Credit Union (Labor CU) operates as a full-service financial cooperative offering a comprehensive suite of banking products. The core offering centers on checking accounts (Basic, Reward, and Cash-Back variants), savings accounts (Basic Share, Holiday Savings Club), and youth accounts (Journey Savings and Journey Checking for ages birth to 21). The certificate and IRA portfolio includes Share Certificates with promotional 12-month Paycheck Certificate at 4.37% APY, Traditional IRA, Roth IRA, and Coverdell Education IRA. Lending products span vehicle loans (auto, RV, boat) with GAP, Depreciation Protection, Route 66 Extended Warranty, and Auto Essentials VPP add-ons; first mortgages and HELOCs through Credit Union Mortgage Association with HomeAdvantage agent referral; personal loans including Credit Builder and StretchPay short-term alternatives to payday lenders; and Labor CU Mastercard with balance transfer promotions and MyLaborCU Rewards. Insurance products through The Family Security Plan include whole life, term life, disability income, critical illness, accident, and hospital sickness coverage. Business banking features Freedom Business Checking with Newtek One merchant processing and payroll/benefits services. Digital banking infrastructure includes Virtual Branch (video banking via Microsoft Outlook), Mobile Banking App with Mobile Check Deposit, Mobile Wallet (Apple Pay/Google Pay/Samsung Pay), Pay Anyone P2P, and Card Control. Investment and wealth management services are delivered through Credit Union Wealth Group with 24/7 online financial dashboard. AI-powered financial wellness coaching is available via Pocketnest app integration. Additional services include Zelle P2P payments, A2A external transfers, IDSAFECHOICE identity theft protection, and Digital Defense cybersecurity training. ATM access is provided through CO-OP, CULIANCE (CUHere/MoneyPass), and Alliance One networks.

Differentiator

Problem solved

Functional benefit

Brands

• Credit Union Wealth Group: A registered investment advisor partnership offering financial planning, investment management, and wealth management services including managed portfolios, mutual funds, ETFs, and retirement accounts.
• The Family Security Plan

Products and services

• Basic Checking Hassle-free personal checking account with no minimum deposit, free debit card, free electronic bill pay, online banking access, and overdraft protection available to Labor CU members.
• Reward Checking High-dividend personal checking account earning up to 2.90% APY on balances up to $20,000 with no minimum balance and no monthly service fee, contingent on qualifying debit card, eStatement, and online/mobile banking activity.
• Cash-Back Checking Personal debit-card checking account that returns 1% cash back on all debit card transactions up to $50 per month and reimburses foreign ATM fees.
• Journey Savings Youth savings account for members ages 0-18 paying 3.00% APY on the first $1,000 and 0.05% APY above that, with report card achievement bonuses and financial education tools.
• Journey Checking Youth checking account for ages 12-21 with a 1% cash-back debit card, credit-building features, college scholarships, and first-time auto loan eligibility.
• Basic Share Savings Primary share savings account with a $5 minimum balance that can be used as overdraft protection or loan collateral, with a free ATM card included.
• Holiday Savings Club Savings club account for holiday or vacation savings funded by direct deposit or payroll deduction, with no in-year withdrawals and automatic transfer to regular savings in early November.
• Money Market Account Tiered interest-bearing money market account requiring a $500 minimum balance, with rates that scale from $500 up to $100,000+, up to three $250 minimum withdrawals per month, and free checks.
• Share Certificates Fixed-rate term deposit products with a $500 minimum and 6-month to 5-year terms, including a 10-day grace period after renewal for changes or withdrawals without penalty.
• 12-Month Paycheck Certificate Promo Special promotional 12-month share certificate paying 4.37% APY (4.30% dividend rate) on balances from $500 to $100,000, requiring a Labor CU checking account and minimum $1,000 in monthly qualifying direct deposits.
• Traditional IRA Tax-deferred individual retirement account with no minimum balance and terms up to 5 years, insured up to $250,000 per member by NCUA.
• Roth IRA Tax-free individual retirement account on accumulated interest income, with no minimum balance and terms up to 5 years.
• Coverdell Education IRA Tax-advantaged education savings account for qualified K-12 and higher education expenses.
• First Mortgage Loans Home purchase and refinance loans delivered through Credit Union Mortgage Association, including conventional, FHA, and VA programs with fixed and adjustable rate options and online pre-approval.
• Interest Only HELOC Home equity line of credit with a 10-year draw period and 15-year payback, allowing borrowing up to 95% of home value with a 3.00% floor and 18.00% ceiling rate.
• 5-Year Adjustable HELOC Adjustable-rate home equity line of credit with a 5-year draw period, 10-year payback, and a 1% payment feature based on the outstanding balance at the time of last draw.
• Auto Loans Vehicle financing for cars, trucks, motorcycles, RVs, ATVs, boats, and watercraft, with rates starting at 4.87% APR, terms up to 96 months, fast pre-approval, and electronic signing.
• First-Time Auto Buyer Program Vehicle financing program for members aged 18+ with one year of employment, offering loan amounts up to $20,000, terms up to 72 months, and skip-a-pay options available twice yearly.
• Personal Loans Unsecured general-purpose personal loans from $1,000 to $25,000 with terms up to 72 months and competitive fixed rates, used for debt consolidation, vacations, home improvements, tuition, and medical expenses.
• StretchPay Short-Term Loans Credit-building alternative to payday loans with a low 18% APR and annual enrollment fees of $35, $70, or $120 for $350, $500, or $750 limits, available to members with 120+ days of membership and direct deposit.
• Credit Builder Loan Program Credit-building loan program combining a $1,000 personal loan reported to the credit bureaus with deposit into savings and a Share Secure Credit Card with a $500-$800 limit to establish or improve credit.
• Labor CU Mastercard Credit Card Reward credit card with no annual fee, balance transfer fee, or cash advance fee, featuring a 5.99% promotional APR on balance transfers for 6 months and earning 1 MyLaborCU Rewards point per $1 spent.
• Freedom Business Checking Business checking account with no minimum deposit, no monthly maintenance fee, no processing fees on non-electronic items, unlimited signers, a Labor CU Business Debit Card, online banking with BillPay, and free night drop services.
• Virtual Branch Free video banking service allowing members to interact face-to-face with Financial Wellness Advisors from any device for new account opening, transactions, wire transfers, loan applications, and loan servicing.
• Online Banking Full-service internet banking platform (itsme247) for account management, electronic bill pay, fund transfers, check ordering, eStatements, A2A transfers, and account-to-account transfers via web.
• Mobile Banking App iOS/Android mobile app providing account access, transfers, mobile check deposit, card controls, bill pay, Zelle P2P, and Apple Pay/Google Pay/Samsung Pay mobile wallet support for Labor CU cards.
• Whole Life Insurance Permanent life insurance offered through The Family Security Plan with cash value that members can borrow against for any purpose.
• Term Life Insurance Affordable level-term life insurance distributed through The Family Security Plan to ease the financial burden on families.
• Disability Income Insurance Income protection coverage distributed through The Family Security Plan for members who cannot work due to disabling injury or illness.
• Critical Illness Insurance Lump-sum benefit insurance distributed through The Family Security Plan, paid upon first diagnosis of a covered critical illness.
• Accident Insurance Insurance distributed through The Family Security Plan that covers medical and out-of-pocket costs following covered accidental injuries.
• Hospital Sickness Insurance Insurance distributed through The Family Security Plan that pays benefits directly to the policyholder for hospitalization due to illness, regardless of other coverage.
• Financial Planning and Investments Wealth advisory services delivered in partnership with Credit Union Wealth Group (SEC-registered investment advisor) including financial planning, retirement planning, managed portfolios, mutual funds, ETFs, stocks and bonds, and access to a 24/7 online financial dashboard with no commissions or hidden fees.
• Zelle Person-to-person payment service integrated into Labor CU Mobile App and Online Banking that allows members to send and receive money directly from checking accounts within minutes.
• Merchant Processing Business payment acceptance services delivered through the Newtek One partnership, allowing Labor CU business members to process card payments, manage transactions, and accept customer payments.
• Payroll and Benefits Administration Business payroll and human capital management services for Labor CU business members delivered through the Newtek One platform.

Quantifiable outcome

• Members can earn up to 2.90% APY on Reward Checking balances up to $20,000 with qualifying activities
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration20 records

AI capability2 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• The Family Security PlanminorGTM or Marketing PartnerInsurance partnership providing members access to Whole Life, Term Life, Disability Income, Critical Illness, Accident, and Hospital Sickness insurance products through The Family Security Plan Benefits Division. A Relationship Development Specialist may contact members at (202) 791-9341 for educational, no-pressure consultations. Members can take a complimentary Insurance Coverage Quiz or schedule calls with licensed agents.
• Credit Union Wealth GroupcoreStrategic or Co-development PartnerSEC-registered investment advisor providing financial planning and investment management services to Labor CU members. Services include managed portfolios, mutual funds, ETFs, stocks, bonds, retirement planning (IRAs, 401k, 403b), and online financial dashboard. All members receive dedicated advisory team, financial planning services, and professional investment management with no commissions or hidden fees.
• Credit Union Mortgage Association, Inc. (CUMA)coreStrategic or Co-development PartnerMortgage lending partnership providing first mortgage loans through conventional, FHA, and VA programs with fixed and adjustable rate options. Offers HomeAdvantage program with up to 100% financing for first-time buyers and average cash rewards of $1,545 at closing when using network agents. Online application with minutes-to-decision and pre-approval available.
• Newtek OneminorGTM or Marketing PartnerBusiness services partnership offering FREEDOM Business Checking members access to commercial loans, merchant processing, payroll & benefits, insurance, and e-commerce solutions through Newtek One all-in-one platform.
• CO-OP Financial ServicescoreChannel Partner/ Reseller/ DistributorATM and shared branch network partnership providing Labor CU members surcharge-free access to nearly 30,000 ATMs and 5,000+ shared branches nationwide at credit unions, 7-Eleven, Walgreens, and Costco locations.
• CULIANCEminorChannel Partner/ Reseller/ DistributorATM network partnership providing access to surcharge-free CUHere and MoneyPass ATMs nationwide through CULIANCE locator service.
• Alliance OneminorChannel Partner/ Reseller/ DistributorSelect-surcharge-free ATM network partnership providing surcharge-free cash access across the U.S. and Puerto Rico through Alliance One ATM locator.
• Zelle (Early Warning Services)coreTechnology or IntegrationP2P payment integration allowing members to send and receive money with friends and family. Available free through Labor CU Mobile App. Over 100 million people enrolled with Zelle. Transactions occur within minutes between enrolled users.
• BALANCEminorStrategic or Co-development PartnerFinancial fitness program partnership providing free and confidential financial counseling services including credit report review, debt and budget counseling, homeownership education, identity theft solutions, debt management plans, and foreclosure prevention counseling through certified financial coaches.
• Rekindle, LLCminorOthersAffiliate company related by common ownership or control as disclosed in Privacy Policy.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pentagon Federal Credit Union (PenFed): A large, federally-chartered credit union serving military, DoD civilian employees, and broader federal workforce. PenFed competes head-to-head for the federal employee segment with similar deposit products, mortgage, auto, and credit card offerings.
• NASA Federal Credit Union: Occupational credit union serving NASA civil servants, contractors, and surrounding community. Comparable in occupational-charter structure, small-to-mid scale, and federal-employee product positioning.
• Navy Federal Credit Union: The largest federal-employee-focused credit union in the U.S., serving Navy, Marine Corps, Army, Air Force, and many civilian federal employees. Directly comparable to Labor CU in target demographic (federal workforce), product breadth, and NCUA-regulated structure, though at vastly greater scale and geographic reach.
• Justice Federal Credit Union: A federally chartered credit union serving Department of Justice employees and affiliated organizations. Mirrors Labor CU's occupational model for federal agencies, with comparable branch-light, digital-forward DC-area operating profile.
• USDA Federal Credit Union: Federal credit union serving USDA employees and select affiliates. Similar occupational charter, small institutional scale, and Washington-area presence to Labor CU.
• State Department Federal Credit Union (SDFCU): Occupational credit union serving State Department and certain affiliated federal employees. Directly comparable occupational model, federal charter, and DC-metro concentration to Labor CU.
• Congressional Federal Credit Union: A small, occupational credit union serving employees and affiliates of the legislative branch, similarly headquartered in the DC metro. Closely comparable to Labor CU in size, occupational charter, and DC-area focus.

Others

• Newtek One: Business services partner of Labor CU, providing merchant processing, payroll, and commercial lending infrastructure. Relevant as the channel partner through which Labor CU extends business banking without building capabilities in-house.

Emerging players

• Digital Federal Credit Union (DCU): A large digital-first credit union that competes for federal employee members nationally with strong mobile and online capabilities. Relevant comparable for the digital-banking experience Labor CU is investing in (Virtual Branch, mobile app, AI coaching).

Broad incumbents

• Government Employees Credit Union (GECU): A broader-based credit union serving government employees across multiple agencies, providing a useful comparison for cross-federal employee acquisition strategies that Labor CU could potentially pursue via charter amendment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@laborcreditunion
• Facebookfacebook.com/LaborCreditU
• LinkedInlinkedin.com/company/labor-credit-union
• Instagraminstagram.com/laborcreditunion
• Xx.com/DOLFCU

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Department of Labor Federal Credit Union