June 26, Anniversary of the Federal Credit Union Act
The Federal Credit Union Act (opens new window)
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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.