Celebrating 90 Years of Putting People First; Share Resources with Your Members 

Today, the Credit Union Movement marks 90 years 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 made it possible for 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).

In the 90 years since President Franklin D. Roosevelt signed the Federal Credit Union Act of 1934, credit unions have made a significant impact on the financial services sector and their communities. This year, credit unions and their state advocacy organizations are coming together to celebrate this milestone throughout 2024. The Federal Credit Union Act laid the groundwork for an unparalleled era of financial empowerment. It enabled credit unions to be organized under charters approved by the federal government. 

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, CrossState is offering free resources that credit unions can use to spread awareness about how they help people and communities prosper. Share the info sheet, video, social media posts, and more with your members.