Tomorrow, June 26 is a special day for credit unions, as it is significant in the history of the credit union movement. This year, June 26 marks 87 years since the Federal Credit Union Act was signed by President Franklin D. Roosevelt. While the first credit union in the United States was formed by Alphonse Desjardins in 1909, it wasn’t until this day in 1934 that President Roosevelt signed the Federal Credit Union Act, enabling all 50 states to authorize federally chartered credit unions. FDR and his administration supported the idea of cooperative financial institutions, and the concept spread quickly.
In North Dakota, the first credit union was established in 1934 – Fargo Public Schools FCU, Charter #47. In South Dakota, the first credit union was also established in 1934 – First Dakota Federal FCU, Charter #40. They eventually merged with Sioux Empire FCU (recently rebranded as Bluestone FCU). The oldest active credit union in South Dakota is Sioux Falls FCU, also established in 1934 with Charter #60.
In the years since the passage of the Federal Credit Union Act, credit unions have grown, evolved, and of course, are more complex and regulated today than those first institutions. Most importantly – credit unions continue to provide needed financial services to millions of Americans – including many in North and South Dakota.
If you are interested in learning more about the historical timeline of credit unions, visit mycreditunion.gov.
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