Archive

Go to:

December 2017
SMTWTFS
12
3456789
10111213141516
17181920212223
24252627282930
31
< Nov Jan >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

June 26 Marks 80th Anniversary of FCU Act
Tuesday, June 24, 2014 6:30 AM

June 26 marks the 80th anniversary of the Federal Credit Union Act, when President Franklin Delano Roosevelt signed the act into existence and wove credit unions into the fabric of America's financial services system. How will your credit union celebrate this milestone?

Some interesting tidbits about the Federal Credit Union Act:

  • The Federal Credit Union Act was passed in the House and Senate, by unanimous consent, in the span of one hour.
  • The Federal Credit Union Act came about as a result of the Great Depression, when unemployment ran at 25 percent, and America needed to support its workers and farmers.
  • The Federal Credit Union Act was introduced to foster credit union growth and provide credit to groups not being served by banks.
  • The most significant addition to the FCU Act in its 80-year history was the Credit Union Membership Access Act, the 1998 change to the definition of who credit unions can serve (multiple groups and communities).

About the upcoming anniversary, NCUA Chair Debbie Matz said, "When [President Roosevelt] signed the Federal Credit Union Act, he probably did not envision the credit union movement someday serving about 100 million people with over a trillion dollars in assets. I think he would be astounded and very pleased about where the movement is today."

To acknowledge and celebrate the 80th anniversary, NCUA has a number of activities planned:

  • The first of three NCUA Listening Sessions, Los Angeles, will be held June 26, the day of the 80th anniversary of the signing of the Federal Credit Union Act.
  • NCUA's website will have a video and a timeline on the history of credit unions, which includes the signing of the Federal Credit Union Act.
  • On MyCreditUnion.gov there will be an 80th anniversary commemorative page featuring some great historical images and a downloadable commemorative brochure.
  • NCUA is conducting a week-long social media campaign on their consumer Twitter feed (on MyCreditUnion.gov) using the hashtag "FCU80."
  • Throughout the week, NCUA will share historical facts about the Federal Credit Union Act and credit union system.

What will your credit union do to celebrate this milestone? Send photos and a short narrative of how your credit union marked this date to Linda Webb-Mañon at lwebb-manon@cornerstoneleague.coop.