CEO Letter | Q2 2025

Posted: July 1, 2025

From CEO Thomas Domingue

When I last wrote to you, at the end of the first quarter, we were facing a lot of chaos and uncertainty with a looming government shutdown, the reduction in force efforts by the federal government, and the looming imposition of tariffs, amongst many other concerns.

Here we are now, mid-way through the year, and chaos and uncertainty with the economy and politics remain the reigning theme of 2025. Amid this uncertainty, I want to offer you a pillar of hope, of certainty, and of positive resources: Your Credit Union!

Labor Credit Union continues to navigate through these uncertain times with a steadfast approach to providing you with resources, access to credit, and products and services designed to help you achieve financial wellness. We have many options available to help you navigate unexpected emergencies that come up in life, changes in your circumstances, as well as supporting your short- and long-term goals. It is impossible for me to list all the solutions we have available for you, but here are just a few helpful options that resonate with the times we are in:

I encourage you to take advantage of the following resources we have available for you by clicking on the hyperlinks.

  • Deferred Resignation or retirement: If you find yourself contemplating the retirement stage of life, your first priority should be to meet with Evan Kulak, your Financial Advisor. Evan will help you evaluate the options you have regarding pension plans, your TSP retirement plan, tax implications, and health and insurance coverage options, amongst other factors to consider when entering retirement. You can book an appointment with Evan to meet one-on-one and plan for your success.
  • Changing careers: You might be in a position where you need to change careers, and we have resources available to help you with this as well. Our partnership with Employ PG, a non-profit organization in Prince George County, Maryland, can help you with preparing or updating your resume, preparing for interviews, and sourcing your next career opportunity.
  • Knowledge Center: Our knowledge center page is full of articles, tutorials, and information on how to navigate the complex world of personal finance. This page has resources to help protect you against fraud and ID theft (as well as help you recover if you are a victim), understanding cryptocurrency and investing, access to tax filing resources, and BALANCE. BALANCE provides educational tutorials on everything from understanding your credit score to preparing for homeownership, and from budgeting to debt management. I highly recommend you visit these resources often (they are great resources for helping you teach healthy financial habits for your teenagers too!)
  • Our Staff. Our team of Financial Wellness Advisors, Engagement Officers, and Member Support Specialist through a rigorous training process to become Certified Credit Union Financial Counselors (CCUFC). This program prepares them with the knowledge and skills to help you understand your specific situation and create solutions for you to help you navigate the financial challenges you face. You can set up virtual meetings with our staff, contact us through the call center, or visit our branch to get the individualized help you need.

During our 90th Annual Meeting held on May 14th, I shared with our membership that we are working earnestly toward expanding our products and services, and our locations to better serve our members and community.

In May, we signed a lease on a new branch location that will be a stand-alone branch located in Hillcrest Heights, MD. This branch facility is currently going through the buildout and renovation stages, and we are excited to welcome you to this facility later in the fourth quarter of 2025.

Our branch location in the Suitland Federal Center is also nearing completion, and we expect to begin serving our members who work in this building later in July.

We have also rolled our small business line of credit and secured auto loans for our small business entrepreneurs! This product launch is an exciting step forward for Labor Credit Union to support those small business owners that are essential to helping make our economy and our community stronger through job creation and prosperity.

Each quarter, it is my pleasure to write to our members and share the things that we are working on to support your financial goals and help you achieve financial wellness. We will never grow tired of pushing forward through the chaos, the uncertainty, and the hard times to achieve our goal of being the foundation to your financial success. As a financial cooperative, we are in this together, and the more members that join our cooperative, the stronger we will be.

I encourage you to continue leaning into your credit union, share with us through our contact us page the products or services that will help you the most, share with us your story, how your credit union impacts your financial life, and share your credit union with your friends, neighbors, and family so that we may help them achieve financial wellness too!

Labor Credit Union is here for you, and once a member, always a member, no matter where life takes you on your journey. As the year moves forward, we will continue to focus on Engaging, Empowering, and creating Opportunities for our 8,400+ members.

 

Sincerely,

Thomas Domingue

President/CEO
Labor Credit Union