President's Message

President Franklin Delano Roosevelt signed the Federal Credit Union Act into law on June 26, 1934. Less than three weeks earlier on June 6, FDR sent a brief memo to the secretary of the Treasury (see above) with a short, declarative statement and a simple request.

The statement: “I really believe in the usefulness of these Credit Unions.” 

The request: “Would you please . . . see if we can get it passed without opposition in the closing days?”

On June 15, the Chair of the House Committee on Banking and Currency introduced the bill in the House of Representatives with a unanimous favorable report from that committee and 30 minutes were allotted for debate. No one spoke in opposition. The bill passed by a vote of 180-2.

Having been slightly amended, the bill then went back to the Senate where it was approved by unanimous consent only 2 days before the end of the legislative session.

Today, more than 85 years later, credit unions remain—in the words of FDR—rather “useful.” Thanks to you for continuing and supporting this movement and for fueling it into a new century ahead.

As always,
Bruce