Today marks the 80th anniversary of the Federal Credit Union Act, signed by President Roosevelt on June 26, 1934. The Act established a federal system of nonprofit, cooperative credit unions and governs the coverage and terms of insured accounts at all federally insured credit unions. It also promoted thrift and credit extension, and created a meaningful affinity and bond among members.
Credit unions today continue to fulfill the original intent of Roosevelt’s law, and are thriving with more than 97 million members across the country. We have come a long way in the past 80 years, but there is always more that can be done. In celebration of the Act’s anniversary, let’s all do our part to embody the spirit of the Act and ensure its mission continues.
To learn more about the mission and history of the credit union movement, visit www.mycreditunion.gov.
“Competition has been shown to be useful up to a certain point and no further, but COOPERATION, which is the thing we must strive for today, begins where competition leaves off.” – Franklin D. Roosevelt