NCUA Board Reflects on Historic Day for Federal Credit Union Act
Current and former NCUA Board members gather to commemorate the Act’s 90th anniversary.
Ninety years ago, President Franklin Roosevelt signed the Federal Credit Union Act of 1934 into law. To commemorate that historic day on Wednesday, current and former NCUA Board members gathered at the agency’s headquarters to discuss the past and future of the credit union industry.
“With the Federal Credit Union Act turning 90 years old today, it’s appropriate to consider not only where we’ve been, but also where we are now and where we’re headed,” NCUA Chairman Todd Harper said. “The passage of the Federal Credit Union Act was a watershed moment in our nation’s history. But, just as that law was forward-thinking when enacted nearly a century ago, it must evolve to reflect current realities with an eye to the future.”
NCUA Board Vice Chairman Kyle Hauptmann said, “The Federal Credit Union Act is the rare legislation that’s still important 90 years later. Credit unions themselves have been in America for 115 years. Our job at the NCUA is to ensure that Americans can continue to have a wide array of unique options for their banking needs.”
The NCUA’s newest board member, Tanya Otsuka, added, “The Federal Credit Union Act, signed in 1934, laid the groundwork for today’s $2.3 trillion credit union system that serves millions of members. Today, we celebrate the growth of our cooperative credit system, while recommitting ourselves to making sure it lives up to its original purpose of providing savings and credit to people of modest means.”
Former board members joined current members for a panel discussion on Wednesday to reflect on the cooperative financial system created in 1934.
The Federal Credit Union Act initially created a Federal Credit Union Division that was overseen by the Farm Credit Administration and those responsibilities shifted to other organizations over time before the creation of the NCUA in 1970.
Officials with the NCUA said the agency will be engaging “in a digital outreach initiative throughout the year to mark the anniversary.”