NCUA Media Advisory

Chairman Fryzel Commemorates 75th Anniversary of the Federal Credit Union Act  

Statement by Chairman Michael E. Fryzel

 

June 26, 2009, Alexandria, VA ––

 “"Today is the actual 75th anniversary of the signing of the Federal Credit Union Act into law.  While the temptation is to commemorate the formal, official, governmental aspects of the day, I prefer to give recognition and thanks to the millions of American consumers who have made the credit union industry a success.  Credit unions are a valuable and durable vehicle through which members can save and invest in a cooperative environment. 

“On June 26, 1934, the founders of the credit union movement could not have known the heights that these institutions would enable their members to reach.  But I do feel confident that credit union pioneers would draw tremendous satisfaction from the knowledge that, in the words of Edward Filene, credit unions 'demonstrate the practicality of the brotherhood of man.' 

“That lofty expectation has been fulfilled through the 75 year history of federal credit unions, and those of us today who have inherited responsibility for the stewardship of the movement must work tirelessly to make certain that tomorrow's credit unions stay true to their members, and thus true to their mission of service."

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions.  NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. 

- NCUA -