President Obama lauded credit unions for the financial services they have provided to Americans.
“At a time of tremendous financial instability and when millions of Americans faced difficulty obtaining credit, this system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another,” Obama said in a presidential proclamation on Thursday.
“On the 80th anniversary of this historic legislation, let us remember that—especially in times of crisis—Americans summon the courage to create solutions to our most urgent challenges. As we mark this special milestone, I commend the staff of the National Credit Union Administration and all those who work and volunteer in our nation's credit unions,” he added.
The FCUA was signed into law on June 26, 1934, by President Franklin Delano Roosevelt.
Obama said credit unions play a vital role in the nation's economy by serving individuals from different backgrounds and income levels.
He praised the NCUA for supporting Americans who are striving to reach their financial dreams, and helping ensure that credit unions remain valuable in the future.
NCUA Chairman Debbie Matz said she agreed with President Obama's comments about the credit union industry.
“By keeping credit unions safe, we are working to help Americans with their financial needs, to build a stronger middle class and to allow families to achieve their financial dreams one loan and one share account at a time,” she said. “The best way for the NCUA to continue to honor the Federal Credit Union Act is to ensure that credit unions survive and thrive well into the future.”
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