Lafayette Federal Credit Union Ranks #4 in the J.D. Power 2022 U.S. Consumer Lending Satisfaction Study

LFCU Logo
LFCU Logo

ROCKVILLE, Md., February 24, 2023 (Newswire.com) - Lafayette Federal Credit Union received a #4 ranking among personal loan lenders in the J.D. Power 2022 U.S. Consumer Lending Satisfaction Study. J.D. Power, a global leader in consumer insights, advisory services and data/analytics, conducted the study that yielded responses provided by 5,269 personal loan customers nationwide from January through March 2022. Lafayette Federal scored an impressive ranking among several of the nation's largest financial institutions.

The U.S. Consumer Lending Satisfaction Study measures overall customer satisfaction based on performance in five factors: customer service of loan, loan met borrowing needs, experience obtaining loan, experience managing loan, and kept informed about loan. The study provides unparalleled industry-level insights on lending and consumer loan shopping across an array of products and customer experience.

"To be ranked alongside some of the biggest and well-regarded financial institutions in the industry is a tremendous achievement for our credit union," says B. John Farmakides, Lafayette Federal's President/CEO. "But the greater honor is to be recognized by our own members as a financial institution they can rely on and trust. As highlighted by J.D. Power, the personal loan marketplace has roared back to life after nearly grinding to a halt during the height of the pandemic. I am proud to say that we were able to effectively pivot in order to best serve our members' shifting needs by providing competitive loan products and top-notch service. At Lafayette Federal, we place the utmost importance on our members' feedback, and have made ongoing product and service enhancements based on their recommendations. The recognition is a tribute to the ongoing support of our members, without which this would not be possible."

About Lafayette FCU

Lafayette Federal Credit Union is a premier financial institution in the Washington, D.C., metropolitan area. Since 1935, Lafayette Federal has sought to provide members with a safe and convenient place to save, and to offer deposit and loan accounts at rates and terms more favorable than those of other financial institutions. With assets over $1.74 billion and over 56,000 members worldwide, Lafayette Federal operates eight full-service branch offices in the District of Columbia, Maryland, and Virginia and offers global access via the shared branch/ATM network and 24/7 electronic services. In addition to the #4 ranking in J.D. Power's U.S. Consumer Lending Satisfaction Study (2022), the organization has been recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide (2020-2021), by Newsweek as one of America's best banks (2022), and received a 5-star ranking from Bauer Financial (2022). To learn more about Lafayette Federal Credit Union, call (301) 929-7990 or visit LFCU.ORG.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto-shopping tool can be found at JDPower.com.