“Today is the actual 75th anniversary of the signing of the Federal Credit Union Act into law,” NCUA Chairman Michael Fryzel announced today.

Fryzel thanked the millions of American consumers who have supported the industry’s longevity and success. “Credit unions are a valuable and durable vehicle through which members can save and invest in a cooperative environment,” he said.

“On June 26, 1934, the founders of the credit union movement could not have known the heights that these institutions would enable their members to reach. But I do feel confident that credit union pioneers would draw tremendous satisfaction from the knowledge that, in the words of Edward Filene, credit unions ‘demonstrate the practicality of the brotherhood of man.’

“That lofty expectation has been fulfilled through the 75 year history of federal credit unions, and those of us today who have inherited responsibility for the stewardship of the movement must work tirelessly to make certain that tomorrow’s credit unions stay true to their members, and thus true to their mission of service.”