Pres. Roosevelt signs the Federal Credit Union Act into law on June 26, 1934.
Credit/National Archives
Ninety years ago, President Franklin Delano Roosevelt signed the Federal Credit Union Act, establishing the federal system of credit unions and increasing access to affordable financial products and services for more Americans. Since then, the system has evolved considerably from one in which credit unions offered basic savings accounts, appliance loans, and short-term credit to one that provides long-term share certificates, money market accounts, auto loans, mortgages, credit cards, commercial lending, and private student loans.
So, as we look ahead to the next 90 years and what the credit union system can become, we should mind the lessons of the immortal lyrics of the Carpenters, "We've only just begun."
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