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Credit Where It's Due

June 27, 2014

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Profile America — Friday, June 27th. Consumers' options for managing their finances were greatly broadened on this date in 1934 after President Roosevelt signed the Federal Credit Union Act the day before, promoting the nationwide formation of credit unions. These differ from banks by being member owned and controlled. Credit unions are nonprofit institutions where groups of people can save, borrow, and obtain other financial services. There are nearly 18,000 credit unions in the U.S., employing about a quarter million people. These establishments range from a small cooperative for a single church or factory, to those that serve employees of giant corporations. By contrast, there are over 92,000 commercial banking establishments in America's $3.5 trillion finance and insurance sector of the economy. You can find more facts about America from the U.S. Census Bureau online at <www.census.gov>.

Sources:
http://www.ncua.gov/Legal/Documents/fcu_act.pdf
http://www.investopedia.com/financial-edge/0609/on-this-day-in-finance-june-26---federal-credit-union-act-signed.aspx
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=BP_2011_00A1&prodType=table NAICS 52213
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=BP_2011_00A1&prodType=table NAICS 522110


Source: U.S. Census Bureau | Public Information Office | Last Revised: May 20, 2014