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union would be taken care of and invested to grow their funds; and it helped to provide for the future of new generations of Lees through the provision of savings and of loans.
The concept worked. As President of the Eastern region of the Lee Association, he spoke to other Lees across the country of the advantages for formalizing the idea of family members helping each other, and with the presidents of the San Francisco and New York Family Associations, worked through the legalities necessary to convince the Bureau of Federal Credit Unions that the Lee family itself formed a good common bond, strong enough to build and to sustain a successful credit union.
Washington DC was the first Chinese community
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to totally embrace this idea, and with the help of the DC Lee Family Association as sponsor, the Washington DC chapter was born when it was granted a charter in 1962 — the first issued to a group whose sole bond was being a family member, and the first to ANY Chinese organization.
Beginning on November 11, 1962, the doors opened for one day each week. That first day, 27 charter members deposited $402.50. Today, the Washington DC Lee Federal Credit has over 800 members
and over $7 million in assets.
KL Lee’s dream of building a foundation for a chain of Lee credit unions across the country was realized with the granting of 6 additional Lee Credit union charters for branches located from San Francisco to Boston.
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