Credit Unions

June 24, 2009

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Profile America — Wednesday, June 24th. Seventy-five years ago this week, the U.S. banking industry was reeling from a round of economic woes worse than those of recent months. On that day, President Franklin D. Roosevelt signed the Federal Credit Union Act, making it possible for these institutions to be formed anywhere in the country. The idea was to create a place for members to save their money, then use their savings as collateral to guarantee low interest loans. The first credit union in the U.S. opened 100 years ago in New Hampshire. Today, there are more than 8,100 federal and state credit unions around the country, with a membership of nearly 87 million people. Total assets at these credit unions are over $753 billion. You can find these and more facts about America from the U.S. Census Bureau online at <www.census.gov>.

Sources: Chase's Calendar of Events 2009, p. 330
Statistical Abstract of the United States 2009, t. 1143
http://www.census.gov/compendia/statab/2009edition.html