ALEXANDRIA, Va. (6/27/14)--Legislators who signed the Federal Credit Union Act into law 80 years ago had no idea the way financial services would evolve in the subsequent decades, but they made the right decision to sign, said National Credit Union Administration Board Chair Debbie Matz marking the anniversary Thursday.
"I'm sure neither President Franklin Delano Roosevelt nor Congress could have envisioned the kinds of changes in financial services that have taken place since 1934," Matz said. "However, I am just as sure they would agree that providing affordable financial services and consumer choices at cooperative, non-profit, democratic institutions is just as important today as it was when the Federal Credit Union Act became law on June 26, 1934."
The NCUA is marking the anniversary with a video documenting the history of the credit union system, its mission, and the benefits of membership.
The agency has also created a commemorative web page that includes special graphics, a timeline and facts about credit unions. Credit unions are welcome to download these products and share them on their own websites.
Credit unions today have close to 100 million members and nearly $1.1 trillion in assets, while never losing a penny of insured savings at federally insured credit unions. Matz also noted the credit union system has weathered more than a dozen recessions while coming out of each one stronger than before. She reaffirmed the NCUA's commitment to keeping pace with growth and change and preparing for new challenges that are sure to come.
The NCUA is also running a social media campaign during this week that will debut several shareable 80th anniversary graphics. To follow the campaign, use the hashtag #FCU80 on Twitter or Facebook.