A centennial celebration of credit unions

Illinois credit unions are invited to join others across the country on a year-long celebration in honor of their centennial and innumerable contributions to consumer finance in our nation.

The anniversary is not pegged to a single date but encompasses a rolling series of events. For example, the first U.S. credit union, St. Mary’s Bank Credit Union, was organized in Manchester, N.H., in November 1908. A few months later, in April 1909, the first credit union law was passed, in Massachusetts. June will mark the 75th anniversary of President Franklin Roosevelt signing the Federal Credit Union Act of 1934, which established a federal framework for credit unions.

“Today, as we have throughout our history, credit unions like ours are playing an invaluable role by providing stability in financial services to consumers, maintaining a ready source of affordable credit, and offering our members a safe and sound depository for their savings,” said Dan Plauda, ICUL president/chief executive officer. "Credit unions are built on a tradition of people helping people-a tradition that continues today and that captures the ‘Spirit of America’.”

Key dates in the history of U.S. credit unions include:

• 1908: The first U.S. credit union opens its doors.
  
• 1909: The first U.S. credit union is chartered in New Hampshire, and the first credit union law passes in Massachusetts.
  
• 1934: The Federal Credit Union Act passes; the Credit Union National Association - the national trade association serving America’s credit unions - is formed.
  
• 1969: The number of U.S. credit unions peaks at 23,866.
  
• 1970: Congress creates the National Credit Union Administration and the National Credit Union Share Insurance Fund to regulate federally-chartered credit unions and provide federal deposit insurance to virtually all credit unions.
  
• 1980: President Jimmy Carter signs legislation authorizing share drafts for credit unions.
  
• 1998: President Bill Clinton signs the Credit Union Membership Access Act into law, preserving the ability of credit unions to serve multiple membership groups.
  
• 2008: Credit unions stand out as a bright spot amid the housing and credit crisis.
  

An array of materials, including press releases, example proclamations, celebration ideas, letters to the editor, and newsletter articles are available to help promote this special celebration.

© 2008 Illinois Credit Union League. All rights reserved.