Library Of Congress Federal Credit Union is headquartered in Washington and is the 5th largest credit union in the District of Columbia. It is also the 964th largest credit union in the nation. It was established in 1935 and as of June of 2024, it had grown to 25 employees and 10,315 members at 1 location. Library Of Congress Federal Credit Union's CD rates are 5X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in Library of Congress Federal Credit Union is open to all U.S. citizens and resident aliens who are members of the American Library Association. Employees of the Library of Congress, Library of Congress volunteers, researchers, and scholars are also eligible to join. Immediate family members and anyone eligible to join also qualify for membership.
See current membership details
Membership Requirements Workaround
I don't fit into any of this CU's membership categories so I called to find out how to do the usual membership-requirement workaround for CUs. You know. Pay $5 to join some organization you never heard of and then open an account at the CU.
The rep said I could join the "American Library Association." Strangely, this CU doesn't even supply a link to it.
Anyway, I went through the ALA's multiple membership-join windows. Irritatingly, it waits until the end of the application process to demand a range of fees from $75 a YEAR upward.
WFT?! Hell no!
Does anyone know of an easier workaround?
I read the other review here about security, btw. I'll roll the dice on that. Speaking of risk, I also don't care about "bank safety ratings" so long as I'm under NCUA limits on my CU deposits. Banking since 1963, I've had 5 banks and 1 CU fail on me and I never lost a penny.
No Website Security
Their website has no documentation regarding their website security. No 128 bit or ssl security. They have an Acct Disclosure pdf which is a combination of all accounts and services and regulations but nothing about Security other than customer login and password. Nothing on their website states they have a secure email or website, and in fact their Privacy document says they dont.
Their website states under Privacy Policy states;
"E-mail Communication,
Personal information transmitted to the Library of Congress Federal Credit Union may be used by credit union staff to respond to inquiries for service or information and/or to improve the service the credit union provides.
As e-mail communications may not be secure against interception by unauthorized individuals, the credit union will not transmit sensitive or personal information that can compromise or violate a member's privacy while communicating via e-mail. Similarly, members may wish to utilize alternative communication methods when it is necessary to provide sensitive or personal information."
I spoke with a CSR just now about opening an Roth/IRA and she said i would have to fill out a new Roth account paper document and email it to them. She stated they have a secure email link they will send me to attach my new account doc to and it was secure. I asked her to prove it was secure by pointing me to any policy or document on their website that says so, and she could not.
I asked her to point me in the direction of their website where i can read about this email seurity or even the website security and she could not. Even after talking to the branch manager they could not produce any security documents.
No security no investment for me!
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 266 |
| Year Chartered | 1935 |
| Employees | 25 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.57% |
| Return on Equity - YTD | 3.67% |
| Annual Interest Income | $6.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $327.1MM$299.3MM |
| Loans | Q2 2024vs Q2 2023 | $195.6MM$170.5MM |
| Deposits | Q2 2024vs Q2 2023 | $272.3MM$248.3MM |
| Equity Capital | Q2 2024vs Q2 2023 | $50.7MM$48.9MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $2.1MM$2.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $454K$854K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $1.2MM$820K |