A Financial Source for Life
LAFCU is a safe, secure full-service financial institution, that offers comprehensive products and services. Crowned 2017 Training Manager of the Year- USA, as part of the 2017 HR & Training Awards, we interviewed Michelle Spence to find out more about the firm she works for.
Los Angeles Federal Credit Union (LAFCU) is a safe, secure full-service financial institution that offers comprehensive products and services, convenient account access and professional, friendly, knowledgeable staff. They are ready to form a strong partnership with you and be your financial source for life.
The firm’s Michelle Spence, SHRM-CP is an experienced training manager, with a demonstrated history of working in the financial services industry. She is a strong human resources professional, skilled in banking, coaching, employee benefits, training, needs analysis and strategic planning.
Michelle begins by explaining the difference between credit unions and banks and how LAFCU is run by volunteer officials.
“A credit union is a not-for-profit financial cooperative owned and controlled by you, the member. When you deposit money into a credit union, you become a ‘part-owner’ with the power to vote on credit union choices and elect individuals to govern the cooperative. In contrast, a bank is a for-profit business governed by a controlled board that answers to stockholders who serve as owners.
“Banks charge the highest fees possible for services so they can maximise returns to their stockholders. Credit unions do not pay stock dividends, but instead return earnings to consumers in the form of lower loan rates, competitive savings rates, and lower fees on financial products and services.
“Los Angeles Federal Credit Union is led by a voluntary board of directors as opposed to a paid board of directors at a bank. Our volunteer officials are nominated and elected by and from the credit union membership. The board establishes the strategic plan of the credit union and oversees general operations on behalf of the members.
“These responsibilities include: Approving policies and programs that guide the credit union; planning for the current and future needs of members; ensuring the application of sound business practices and maintaining the financial stability of the credit union.”
In terms of the firm’s background, Michelle takes us back to the time of the Great Depression in 1936, when 13 Los Angeles City employees pooled their resources of $65 and formed the Los Angeles City Employees Federal Credit Union.
“They wanted to give fellow city employees a safe, low-cost, convenient source to borrow and save money during a challenging economy. After getting approval from the federal government to begin operations, the group of employees increased to 18 and formed a seven-member board of directors, a three-member credit committee, a three-member supervisory committee and a fivemember membership committee to govern the credit union.
“They ran the business with one part-time employee from a room inside Los Angeles City Hall at 200 North Spring Street. In 1987, the name changed to Los Angeles Federal Credit Union (LAFCU) to reflect a growing field of membership, which started to include immediate family members of City employees and individuals who lived in the same household as a current member.
“The initial deposit of $65 from 13 members has grown to over $845 million in assets from 55,000 members, more than 150 credit union employees and eight branches in several cities in the Greater Los Angeles Area. Today, anyone living in most counties of Southern California is eligible to join LAFCU by first contributing a minimum of $5 to the Los Angeles Charitable Association, Inc.”
Michelle concludes by revealing the firm’s strong position today.
“From its early beginnings on through the years, LAFCU has remained a strong, secure financial institution that remains committed to serving the financial needs of its members, the City of Los Angeles, and the Southern California area.”
Company: Los Angeles Federal Credit Union (LAFCU)
Name: Michelle Spence
Email: [email protected]
Web Address: www.lafcu.org
Address: P.O. Box 53032 – Los Angeles, CA 90053-0032
Telephone: +1 695 2328 ext. 6338