About Us

What is a credit union?

A credit union is a not-for-profit financial cooperative, owned by the people who save and borrow there. Every member is an owner with an equal vote in the election of the credit union's board of directors.

What benefits do credit unions offer?

As not-for-profit financial cooperatives, credit unions are managed by volunteer boards of directors who are not paid for their efforts. Rather than focusing on profits for paid directors and stockholders, credit unions return earnings back to their members in the form of lower rates on loans, higher dividends on savings, and fewer and lower service fees. When credit union members pool their savings so that other members can borrow, they are supporting in the credit union philosophy of "people helping people."

Mission Statement

The mission of the Connecticut Labor Department Federal Credit Union is to be the preferred financial institution for its current and prospective members. We will achieve our goal by providing quality financial products and personalized service.