A Special Day for Credit Unions

Celebrating 92 years of the Federal Credit Union Act – signed in 1934 by President Franklin D. Roosevelt. Do you know the first FCUs chartered in the Dakotas? 

Tomorrow, June 26, credit unions across the nation celebrate an important milestone in our movement's history. This year marks 92 years since President Franklin D. Roosevelt signed the Federal Credit Union Act into law on June 26, 1934, establishing a framework for federally chartered credit unions and expanding access to affordable financial services for Americans nationwide.

While the first credit union in the United States was founded by Alphonse Desjardins in 1909, the passage of the Federal Credit Union Act helped fuel the growth of the credit union movement and brought the cooperative financial model to communities across the country.

Did you know the first federally chartered credit unions in the Dakotas were established the same year the Act was signed? In North Dakota, Fargo Public Schools Federal Credit Union received Charter #47 in 1934. In South Dakota, First Dakota Federal Credit Union received Charter #40 in 1934 and later became part of what is now Bluestone Federal Credit Union. The oldest active credit union in South Dakota is Levo Credit Union, established in 1934 with Charter #60.

Over the past 92 years, credit unions have evolved significantly, adapting to changing technology, regulations, and member needs. Yet their mission remains unchanged: helping people achieve financial success through the cooperative philosophy of people helping people.

Today, credit unions continue to serve millions of members across the country, including communities throughout North and South Dakota, providing trusted financial services and strengthening local economies.

To learn more about the history of credit unions, visit MyCreditUnion.gov.