President Franklin Delano Roosevelt signed the Federal Credit Union Act into law on June 26, 1934. The act authorized the formation of federally chartered credit unions in all states, helping to make more credit available, and promote the principle thrift through a national system of nonprofit, cooperative credit unions.
Enacted during the depths of the Great Depression, the Federal Credit Union Act enabled credit unions to be organized throughout the United States under charters approved by the federal government. The purpose was to make credit available to more Americans and promote thrift through a national system of nonprofit, cooperative credit unions.
The Federal Credit Union Act also is the source of authority for all federally chartered credit unions and governs the coverage and terms of insured accounts at all federally insured credit unions. It also determines the structure and duties of NCUA.
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The Federal Credit Union Act