July 1, 2024—On June 26, 2024, the NCUA commemorated the 90th anniversary of the signing of the Federal Credit Union Act of 1934 into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
“It’s appropriate to consider not only where we’ve been, but also where we are now and where we’re headed,” said Chairman Todd M. Harper. “The passage of the Federal Credit Union Act was a watershed moment in our nation’s history. But, just as that law was forward-thinking when enacted nearly a century ago, it must evolve to reflect current realities with an eye to the future.”
In remarks presented at the agency’s headquarters, Harper acknowledge the “system’s resilience and performance.” He also identified two limitations of the credit union system, both topics on his regulatory agenda for some time: “electronic payment losses and the NCUA’s lack of vendor authority.”
As of March 2024, there are more than 4,500 federally insured credit unions serving more than 140 million members. Said NCUA Board Member Tanya Otsuka, “Today, we celebrate the growth of our cooperative credit system, while recommitting ourselves to making sure it lives up to its original purpose of providing savings and credit to people of modest means.”
Read the full press release at NCUA.gov.