Headline in The New York Times the day after President Franklin Roosevelt signed the Federal Credit Union Act in June 1934.
When a Winston-Salem, N.C., credit union extended membership to workers at a small furniture company located down the road, it set off a battle with bankers that threatened the future of the movement.
Americans' access to credit unions has expanded dramatically over the past 20 years. In no small part, the growth came because of credit unions' ability to counter a battle that bankers launched in 1990 against that credit union, then known as AT&T Family Federal Credit Union, which had $223.7 million in assets and 66,895 members.
Today, that credit union is known as Truliant Federal Credit Union, which had $2.6 billion in assets and 245,849 members from southwest Virginia to northwest South Carolina.
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