WASHINGTON (6/27/14)--President Barack Obama issued a message on the 80th anniversary of the signing of the Federal Credit Union Act Thursday, praising credit unions for their dedication to providing affordable financial services.
The message from the White House noted that at the dawn of its history in this country, "This system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another" as President Franklin Roosevelt signed the act in the midst of the Great Depression. Today, the president said, credit unions remain "vital financial institutions that play an important role in our economy."
He commended credit unions for serving "Americans of all backgrounds and professions--from public employees to employees of large and small businesses" and for offering "affordable loan many of our people count on." He noted credit unions' service to underserved and low-income and rural communities.
The president also wrote, "As we mark this special milestone, I commend the staff of the National Credit Union Administration and all those who work and volunteer in our Nation's credit unions. Your efforts support Americans as they strive to reach their financial dreams, and they help ensure these institutions can remain viable and valuable in the years to come."