NAFCU marked the 80th anniversary of the Federal Credit Union Act on Thursday by pledging to continue working with Congress to strengthen the credit union system.
CUNA said the anniversary is a reminder that credit unions are a smarter choice than Wall Street banks.
The Federal Credit Union Act, signed on June 26, 1934, by President Franklin Delano Roosevelt, created a federal charter option allowing consumers to form a credit union anywhere in the country.
"NAFCU is honored to have played a key role in federal credit unions' rich history over the past 47 years," NAFCU President/CEO Dan Berger said. "We will continue to work with Congress and regulators to promote and strengthen the federal charter, and to ensure prosperity for the more than 97 million consumers (and counting) who choose credit unions."
CUNA Interim President/CEO Bill Hampel noted there are currently more than 6,600 independent, consumer-owned, volunteer-led and democratically controlled credit unions in the country serving 100 million members.
"These financial institutions continue to serve the country well, safely managing almost $1 trillion of member savings and nearly $700 billion in loans to members, and a full portfolio of modern payments services," Hampel said.
"Throughout the years, as big Wall Street banks grew more distant from their customers, credit unions have offered a smarter choice. We're proud that credit unions are institutions that Americans can choose to be their best financial partner," Hampel added.
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