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The State Credit Union System: Strong Past, Stronger Future

This year is a milestone time for the state credit union system.

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This year is a milestone time for the state credit union system. One hundred years ago, Massachusetts passed the first state credit union act creating an example for state chartering across the country.

By 1925, 26 states had enacted credit union laws, and 176 state credit unions had been chartered. In 1934, when the Federal Credit Union Act was signed and credit union dual chartering began, 42 states had enacted legislation to authorize state credit unions. By that point, more than 2,500 state credit unions had been chartered in the U.S. Today 3,100 state-chartered credit unions represent nearly 40% of the nation’s credit unions.

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Peter Westerman

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