June 30, 2014

Obama marks FCU Act 80th anniversary

July 1, 2014 – President Obama last week penned a message recognizing the 80th anniversary of the signing of the Federal Credit Union Act, enacted to allow people "to come together to promote thrift and lift up one another."

"This system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another," the president wrote. "On the 80th anniversary of this historic legislation, let us remember that—especially in times of crisis—Americans summon the courage to create solutions to our most urgent challenges."

The president, in his message, commended NCUA staff as well as the people who work and volunteer in credit unions. "Your efforts support Americans as they strive to reach their financial dreams, and they help ensure these institutions can remain viable and valuable in the years to come," he wrote.

"The best way for NCUA to continue to honor the Federal Credit Union Act is to ensure that credit unions survive and thrive well into the future," NCUA Board Chairman Debbie Matz said in a statement.

NAFCU President and CEO Dan Berger, in a message to NAFCU members, said, "We will continue to work with Congress and regulators to promote and strengthen the federal charter, and to ensure prosperity for the more than 97 million consumers (and counting) who choose credit unions."