June marks the 90th anniversary of the Federal Credit Union Act, which was signed into law on June 26, 1934. This key milestone is a reason for credit unions to celebrate.
The legislation allowed credit unions to organize under state or federal charter and created the Bureau of Federal Credit Unions, the first government agency to oversee credit unions. The organization later became the National Credit Union Administration (NCUA).
The act was spurred into law by a grassroots movement in America working to spread the idea of cooperative credit. In the decades after the act was signed, credit unions grew rapidly, even during tough economic times. A 1964 Social Security Administration report shared that in 1934, there were 39 credit unions in the U.S. serving 3,200 Americans; by 1964, there were 11,200 credit unions with 7.7 million members. Today, more than 140 million Americans belong to a credit union and benefit from being part owners in an independent financial cooperative.
To celebrate the anniversary, the Tennessee Credit Union League is collaborating with leagues across the country to offer free resources that credit unions can use to spread awareness about how they help people and communities prosper. The toolkit includes the following:
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Five Reasons to Celebrate Flier [PDF]
Credit Union Article/Suggested Social Media Posts [PDF]
