Federal Credit Union Act

June 26, Anniversary of the Federal Credit Union Act

The Federal Credit Union Act (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) was enacted during the depths of the Great Depression, in 1934. The law enabled credit unions to be organized throughout the United States under charters approved by the federal government. The purpose of the federal law was to make credit available to Americans and promote thrift through a national system of nonprofit, cooperative credit unions.

In the years since the passage of the Federal Credit Union Act, credit unions have evolved and are larger and more complex today than those first institutions. But, credit unions continue to provide needed financial services to millions of Americans.

NCUA and its more than 1,200 employees continue to work to protect and enhance a credit union system that is safe, sound, and secure.

Presidential Message

Ronald Reagan, Proclamation 5211, Federal Credit Union Week, 1984 (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

The Federal Credit Union Act

Visit the National Archives (opens new window) to see a scanned copy of the original document signed by President Franklin D. Roosevelt.

Historical Image Gallery (opens new window)

A selection of (opens new window)(opens new window) (opens new window)historical images (opens new window) from key moments in NCUA’s and the credit union system’s history.

NCUA History of Credit Unions

Credit Union System and NCUA Historical Timeline

Explore the development of credit unions in the U.S., and learn more about the history of NCUA with our timeline (opens new window).

Learn More About Credit Unions

What is a Credit Union? How is a Credit Union Different than a Bank?

A credit union is a cooperative financial institution chartered by the federal government and owned by individual members. 

Like banks, credit unions accept deposits and make loans. But as member-owned institutions, credit unions focus on providing a safe place to save and borrow at reasonable rates. 

Industry at a Glance

Industry at a Glance(opens new window) is a quarterly updated quick-look at the key facts and figures of the credit union system.