History
As part of the New Deal, President Franklin D. Roosevelt signed the Federal Credit Union Act into law in 1934. The law allowed the chartering of federal credit unions in all states. The federal law sought to make credit available and promote thrift through a national system of nonprofit, cooperative credit.
At first, the newly created Bureau of Federal Credit Unions was housed at the Farm Credit Administration. Regulatory responsibility shifted over the years as the bureau migrated from the Federal Deposit Insurance Corporation to the Federal Security Agency, then to the Department of Health, Education, and Welfare.
In the 1940s and 1950s, credit unions grew steadily, reaching a membership of more than six million people at over 10,000 federal credit unions by 1960.
Read more about this topic: National Credit Union Administration
Famous quotes containing the word history:
“I cannot be much pleased without an appearance of truth; at least of possibility—I wish the history to be natural though the sentiments are refined; and the characters to be probable, though their behaviour is excelling.”
—Frances Burney (1752–1840)
“What would we not give for some great poem to read now, which would be in harmony with the scenery,—for if men read aright, methinks they would never read anything but poems. No history nor philosophy can supply their place.”
—Henry David Thoreau (1817–1862)
“The history of the past is but one long struggle upward to equality.”
—Elizabeth Cady Stanton (1815–1902)