How the National Credit Union Act spurred growth of the Movement

In June, the Credit Union Movement will mark 90 years of the National Credit Union Act, which was signed into law on June 26, 1934. This key milestone is a reason for credit unions to celebrate. The legislation made it possible for credit unions to organize under state or federal charter and created the Bureau of Federal Credit Unions, the first government agency to oversee credit unions. The organization later became the National Credit Union Administration (NCUA).

The act was spurred into law by a grassroots movement in America working to spread the idea of cooperative credit. In the decades after the act was signed, credit unions grew rapidly, even during tough economic times. A 1964 Social Security Administration report shared that in 1934, there were 39 credit unions in the U.S. serving 3,200 Americans; by 1964, there were 11,200 credit unions with 7.7 million members. Today, more than 140 million Americans belong to a credit union and benefit from being part owners in an independent financial cooperative.

To celebrate the anniversary, the Mississippi Credit Union Association, in cooperation with the credit union leagues of the American Association of Credit Union Leagues (AACUL), is offering free resources that credit unions can use to spread awareness about how they help people and communities prosper. The toolkit includes a newsletter, press release, social media posts, and more.

Mississippi credit unions that would like a link to the toolkit may email their request to hello@mscua.com and we’ll get it right to you!