Credit Union 1 history

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.

In 1970, that sense of security grew stronger when the National Credit Union Share Insurance Fund (NCUSIF) was established.

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.

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.

He serves as NCUA Chairman until 2004.

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.