Celebrating the 80th Anniversary of the Federal Credit Union Act

Message from Troy Stang, President/CEO, Northwest Credit Union Association

The NWCUA’s social media celebration included a commemorative photo and the hash tag #CUAnniversary80

It was 80 years ago today that President Roosevelt signed the Federal Credit Union Act. The birth of credit unions was intended to balance the credit structure in our nation’s economy. Today, credit unions are an increasingly important segment of our country’s financial services industry.  We often wonder if President Roosevelt realized then what a gift he was giving to Americans and what a legacy he was leaving.

The anniversary is important, but believe it or not, it isn’t the only milestone we will achieve this summer. At some point in the next few months, the credit union movement will be 100 million members strong.

As leaders in today’s movement, you have played a big role in evolving credit unions. Thank you for being a driving force in protecting and advancing the cooperative credit union model. You’re putting real, tangible savings in the pockets of hard-working families. You’re offering technology to make financial transactions convenient and immediate.  You stand by your members in the toughest of times, and help them to live the dream in the best of times. And you’ve never lost focus on your local, philanthropic mission.

I am proud to work alongside you, and to share in the celebration of this important anniversary of the member-driven cooperative.

Message from Debbie Matz, NCUA Board Chairman

Memo

Two years after signing the Act, President Roosevelt urged his Treasury Secretary to get some publicity for credit unions. “They are popular,” he noted.

The passage of the Federal Credit Union Act brought quality and affordable financial services to millions of Americans.  As we mark the 80th anniversary of this law’s passage, NCUA stands committed to ensuring that millions of Americans can continue to rely on federally insured credit unions for their financial services needs well into the future.

Message from Bill Hampel, Interim President/CEO, CUNA

When credit union members got up this morning they may not have realized it, but they awoke to two significant credit union milestones that reflect both the strength of the credit union movement and its dedication to member service.

On this day, June 26, 80 years ago, Congress had passed the Federal Credit Union Act and President Roosevelt signed it into law. It set federal oversight in place and provided for the development of credit unions as a way to promote thrift among the American people. Now, 80 years later, there are more than 6,600 independent, consumer-owned, volunteer-led, democratically-controlled credit unions, vital to the well-being of their nearly 100 million members.

These financial institutions continue to serve the country well, safely managing almost $1 trillion of member savings and nearly $700 billion in loans to members, and a full portfolio of modern payments services.

Throughout the years, as big Wall Street banks grew more distant from their customers, credit unions have offered a smarter choice. At CUNA, we’re proud that credit unions are institutions that Americans can choose to be their best financial partner.

Posted in CUNA, Federal.