CUNA interim President and CEO Bill Hampel on the 80th Anniversary of the Federal Credit Union Act

(June 26, 2014) -- “On this day, June 26, 80 years ago, Congress had passed the Federal Credit Union Act and President Roosevelt signed it into law. It set federal oversight in place and provided for the development of credit unions as a way to promote thrift among the American people. Eighty years later, there are more than 6,600 independent, consumer-owned, volunteer-led, democratically controlled credit unions, vital to the well-being of their nearly 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. Throughout the years, as big Wall Street banks grew more distant from their customers, credit unions have offered a smarter choice. At CUNA, we’re proud that credit unions are institutions that Americans can choose to be their best financial partner.”