Markets Wired

Chairman Hood Praises the Act’s “Democratization of Banking and Credit”

ALEXANDRIA, Va. (June 26, 2019) – To mark the 85^th anniversary of the Federal Credit Union Act, the National Credit Union Administration has launched a digital outreach initiative, “85 Years of Community, Service, and Savings.”

NCUA Board Chairman Rodney E. Hood urged credit unions to make use of the agency’s digital resources.

“On this 85^th anniversary of the signing of the Federal Credit Union Act, we should feel a great sense of accomplishment, but we should also accept the challenge to do more,” Hood said. “I encourage credit unions and their members to take advantage of the information resources NCUA has available. An educated credit union member is a more financially secure member.

“The Federal Credit Union Act led the way for a further democratization of banking and credit that contributed to the economic rebirth of the country following the Depression,” Hood said. “Through times of relative peace and times of conflict, through economic booms and busts, through societal and technological changes, credit unions have continued serving their members and communities. They have kept the promise of people helping people by fostering greater financial inclusion, accessibility, and opportunity for all Americans.”

The full text of Chairman Hood’s remarks is available online.

The digital outreach effort includes a commemorative page on its main website, NCUA.gov, that traces the history of the Federal Credit Union Act, the agency, and the credit union system. The page will feature a new credit union timeline, a special consumer infographic (opens new window), and a commemorative seal (opens new window). A new page (opens new window) on the agency’s MyCreditUnion.gov (opens new window) consumer website highlights how credit unions help their members build secure financial futures.

The NCUA is sharing significant events in credit union history, its leadership, and its work on its Facebook page (opens new window) and its Twitter accounts, @TheNCUA (opens new window) and @MyCUgov (opens new window). Credit unions and members can follow and share in this initiative using the hashtag, #FCUAct85.

Today, there are 5,335 federally insured credit unions serving more than 117 million members and holding assets of more than $1.5 trillion.