America's Credit Union history

7, 1941 — During the attack on Pearl Harbor, P.W. Eldred, the former treasurer of Hawaiian Air Depot Federal Credit Union on the island of Oahu, was killed when he attempted to save the credit union’s records that were located in an office at Hickam Army Airfield.

In 1949, the Credit Union, along with the Kraft Plant, moved to Garland.

With the passage of the Revenue Act of 1951, federal and state-chartered credit unions are granted an exemption from the federal income tax.

By 1952, the number of federal credit unions grows to nearly 6,000 with more than 2.8 million members.

ACU was founded in 1954 as the Fort Lewis Federal Credit Union.

By the end of 1960, there were 9,905 federal credit unions with 6.1 million members and $2.7 billion in assets.

In February 1966, the Bureau of Federal Credit Unions, along with other federal agencies launch Project Moneywise (opens new window), an initiative to expand credit union services into low- to moderate-income areas across the country and improve the financial well-being of these communities.

The first branch office was opened in the Springfield Kraft Foods plant in 1978.

By the end of 1990, the credit union system has 12,891 federally insured credit unions, $223 billion in assets and 61 million members.

He serves as Chairman until 1993.

1994 – The Washington D.C. District Court rules that NCUA’s policy of allowing for multiple groups in one field of membership is allowed under the Federal Credit Union Act.

In 1995, in order to reflect the nationwide direction of membership, the Credit Union adopted Kraft America as its name.

1997 – The United States Supreme Court agrees to hear the NCUA’s appeal of the Appeal Court’s ruling.

February 25, 1998 – The Supreme Court rules that federal occupation-based credit unions must consist of an occupational group having a single common bond.

A community field of membership was approved in 1999, and later expanded, providing membership eligibility to all who live or work in Dallas, Rockwall and Collin Counties of Texas.

In February 2004, ACU embarked upon a major building project to update, improve and expand its headquarters by eighty-five percent.

9, 2008 – The NCUA Board approves the creation of the Credit Union System Investment Program and the Homeowners Affordability Relief Program to help credit unions weather increasing financial stress.

24, 2009 – Debbie Matz becomes Chairman of the NCUA Board.

1, 2010 – United States Central Federal Credit Union and Western Corporate Federal Credit Union are placed into liquidation.

June 1, 2012 – Federally insured credit union assets exceed $1 trillion for the first time.

6, 2013 – To reduce regulatory burdens, NCUA changes the definition of a small, non-complex credit union to those entities with less than $50 million in assets, up from the prior $10 million in assets threshold.

26, 2014 – J. Mark McWatters is sworn in as a member of the NCUA Board.

18, 2016 – The NCUA Board approves a final rule that changes the agency’s regulations governing member business lending and provides credit unions with greater flexibility to make commercial lending decisions.

March 16, 2020 – The NCUA issues a Letter to Credit Unions that outlines several strategies credit unions may consider when determining how to address the challenges associated with COVID-19.