The federal agency that regulates, supervises and insures credit unions on Wednesday launched a digital outreach initiative to promote the 85th anniversary of the Federal Credit Union Act (FCU Act), which, among other things, created the federal charter for credit unions.
President Franklin D. Roosevelt signed the FCU Act on June 26, 1934. This authorized a federal charter for credit unions for the first time and delineated permitted activities for the institutions (provisions which have been revised over time). Amendments to the act in 1970 established the NCUA and the National Credit Union Share Insurance Fund (NCUSIF).
NCUA Chairman Rodney Hood, in a statement issued by the agency, said the FCU Act “led the way for a further democratization of banking and credit that contributed to the economic rebirth of the country following the Depression. Through times of relative peace and times of conflict, through economic booms and busts, through societal and technological changes, credit unions have continued serving their members and communities. They have kept the promise of people helping people by fostering greater financial inclusion, accessibility, and opportunity for all Americans.”
The NCUA has created a commemorative page about the FCU Act on its website (see it here) and says it is sharing significant events in credit union history via Facebook, Twitter, and its consumer website (MyCreditUnion.gov). It is also promoting a Twitter hashtag (#FCUAct85).