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| History of Credit Unions in the United States |
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- Federal Credit Union Act
- In
1934, Congress passed a federal credit union act, which permitted
credit unions to be organized anywhere in the United States.
- The
legislation allowed credit unions to incorporate under either
state or federal law, a system of dual chartering that persists
today.
- President
Franklin D. Roosevelt signed the Federal Credit Union Act into
law in June, 1934.
- CUNA
- In
1934, the credit union idea spread so fast that credit unions
and leagues recognized the need for a national organization. At
a meeting at Estes Park, Colorado, the Credit Union National Association
(CUNA) was formed as a confederation of state leagues.
- In
1964, CUNA revised its charter to become CUNA International, taking
under its wing credit unions and associations in Canada, Latin
America, and elsewhere.
- Credit Union Bill
- November
1963 President John F. Kennedy signs the CU Bill into law on International
CU Day, 1963. The bill allows federal credit unions greater operating
flexibility.
- Also,
CUNA prepares to change its name to CUNA International, in recognition
of its overseas responsibilities. Soon after, President Kennedy
was assassinated on Nov. 22, 1963.
- Did You Know?
- More
than 1 of every 3 adults in the U.S. belongs to a credit union?
- In
the last 30 years, the number of members have tripled (1970 =
23 million members & Today = over 76 million members)
- What Separates Chino Federal Credit Union
from Banks?
- Some statistics about CFCU as of July 31,
2005
- $21
million in Assets
- 5,300
members
- ROA
.64%
- 3
Branches - Silver City, Bayard and Deming
- Full
Service, 5 ATM Machines, Real-Time ATM/ Visa Debit Cards, Visa
Classic Credit Cards, Free Checking Accounts, Free On-line Banking
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