Credit Unions … A Quick History Lesson

Events of 1934

In 1934, support for credit unions made it to the national level, with Congress taking up deliberations on the Federal Credit Union Act. During the debate, President Roosevelt issued the following statement to his Treasury Secretary: “I really believe in the usefulness of these credit unions.  Would you please take it up with the Congressional Committees concerned and see if we can get it passed without opposition in the closing days?”

Miraculously, the bill passed on the last day of the Congress at around 8:30 p.m., President Roosevelt signed the Federal Credit Union Act, and credit unions could now be formed anywhere in the country.

Later that year, around 50 credit union leaders from 22 states met in Estes Park Colorado, in 1934 to form the Credit Union National Association. Replacing the Credit Union National Extension Bureau, CUNA’s goal was to manage the continuing growth of the credit union movement on a national basis. (They took the historic photo above. Click here for a larger version.)

For more information about other periods of credit union history, click on the links below

• Early Days (1844-1900)
• Credit Unions Come to North America
• Expansion and National Recognition (1901-1934)
• Beyond 1934 to 1998
• Consolidating Credit Union Gains
• 1998 Credit Union Access Act
• Credit Unions Today …