WASHINGTON (6/26/14)--When credit union members got up this morning they may not have realized it, but they awoke to two significant credit union milestones that reflect both the strength of the credit union movement and its dedication to member service.
"On this day, June 26, 80 years ago, Congress had passed the Federal Credit Union Act and President Roosevelt signed it into law," Credit Union National Association Interim President/CEO Bill Hampel observed in a statement marking the occasion. "It set federal oversight in place and provided for the development of credit unions as a way to promote thrift among the American people." Now, 80 years later, there are more than 6,600 independent, consumer-owned, volunteer-led, democratically controlled credit unions, vital to the well-being of their nearly 100 million members, he noted.
Credit unions are on the very cusp of reaching that membership milestone--attracting their 100 millionth membership this summer.
Hampel also remarked of credit unions, "These financial institutions continue to serve the country well, safely managing almost $1 trillion of member savings and nearly $700 billion in loans to members, and a full portfolio of modern payments services.
"Throughout the years, as big Wall Street banks grew more distant from their customers, credit unions have offered a smarter choice. At CUNA, we're proud that credit unions are institutions that Americans can choose to be their best financial partner."
CUNA is preparing to begin marking the 100 million membership mark next month and in August. (See related story: 'Selfies' via new website will help show the face of 100 million CU memberships.)