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Eastern Corporate Federal Credit Union history
Eastern Corporate Federal Credit Union company history timeline
April 6, 1909 – St Mary's Cooperative Credit Association, the first United States credit union, opens in Manchester, New Hampshire, with assistance from Alphonse Desjardins.
June 26, 1934 — President Franklin Delano Roosevelt signs the Federal Credit Union Act into law.
July 1934 — Claude Orchard, an executive at Armour & Company, is named head of the newly formed Federal Credit Union Division.
1, 1934 — Morris Sheppard Federal Credit Union in Texarkana, Texas, becomes the first federally chartered credit union.
1939 First office located at 4700 block of Sansom Street, Philadelphia, in DeForrest Frank’s apartment
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.
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.
1960 In March, purchased building at 7308 Castor Avenue, Northeast Philadelphia
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.
AboutAbout Created by the United States Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
By 1974 the Credit Union had reached over one million dollars in assets.
July 18, 1984 – The Deficit Reduction Act of 1984 is signed into law recapitalizing the National Credit Union Share Insurance Fund, which had been experiencing financial stress for several years.
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.
July 1996 – The United States District Court of Appeals for the D.C. Circuit overturns the lower court’s decision and rules that all members of an occupation-based federal credit union must share one common bond.
Renamed the Asset Management and Assistance Center in 1996, it also provides training to both NCUA and state credit union examiners.
March 20, 1997 – H.R.1151, the Credit Union Membership Access Act is introduced in the House of Representatives.
1997 On July 14, ribbon-cutting ceremony held at the Gateway Shopping Center office located at 115 E. Swedesford Road in Wayne, Pa.
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 former Congressman, D'Amours serves as Chairman until 2000.
By the end of 2000, the credit union system has 10,316 federally insured credit unions, nearly $438 billion in assets and more than 77 million members.
He serves as NCUA Chairman until 2004.
July 26, 2006, opened an office in Plainfield at 67 Lathrop Road and in August installed an ATM at Norwich City Hall.
2008 On June 6, ribbon-cutting ceremony held at the Park Ridge Shopping Center office located at 2795 Ridge Pike, Trooper, Pa.
15, 2008 – Lehman Brothers files for bankruptcy.
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.
2009 August 2009, Free Choice Federal Credit Union merged with TruMark Financial
24, 2009 – Debbie Matz becomes Chairman of the NCUA Board.
2010 On March 26, ribbon-cutting ceremony held for the opening of the Parkwood branch
July 21, 2010 – President Barack Obama signs into law the Dodd-Frank Wall Street Reform and Consumer Protection Act that made permanent the $250,000 insurance protection for shares and deposits.
The Central Liquidity Facility secured full lending authority for 2010, allowing the facility to continue to meet the liquidity needs of credit unions.
At the end of 2010, there were 7,339 credit unions with more than $914 billion in assets and nearly 90.5 million members.
June 1, 2012 – Federally insured credit union assets exceed $1 trillion for the first time.
2013 On Friday, May 31, ribbon-cutting ceremony held for the opening of the Levittown branch
1, 2013 – The Office of National Examinations and Supervision begins operations.
2014 October 2014, Norsco Federal Credit Union merged with TruMark Financial
1, 2014 – Corporate credit unions convert from the Corporate Rating Information System to the CAMEL rating system.
17, 2015 – The NCUA Board approves a final rule that raises the asset ceiling for what is defined as a small credit union from $50 million to $100 million.
2016 On May 2, the credit union moved its headquarters to a larger facility in Fort Washington, Pa. to accommodate its continued growth
2016 On Friday, July 22, ribbon-cutting ceremony held for the opening of the Chestnut Hill branch
2016 November 2016, Keystone Federal Credit Union merged with TruMark Financial
The branch redesign at our Salem Turnpike, Norwich location was the most visible change made during 2016.
2017 April 2017, Dow Northeast Employees Federal Credit Union merged with TruMark Financial
23, 2017 – President Donald J. Trump designates J. Mark McWatters as Acting NCUA Chairman.
In 2018, CPCU added 3,000 new Members through a merger with Connecticut Community Credit Union.
April 24, 2020 – The Paycheck Protection Program and Health Care Enhancement Act is signed into law that provides about $484 billion in additional funding for coronavirus relief.
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| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Vermont Housing Finance Agency | 1974 | $23.9M | 38 | - |
| Terra Millennium | 1987 | $220.0M | 750 | - |
| Polycomp Administrative Services, Inc. | 1974 | $6.4M | 1,183 | - |
| H.I.G. Capital | 1993 | $860.0M | 1,092 | 15 |
| Biglari Holdings | 1934 | $362.1M | 3,862 | - |
| Prestige Investment Group | 2011 | - | 10 | - |
| SPS Consulting | - | - | 176 | 1 |
| Grossberg | 1924 | $9.5M | 67 | - |
| Caja de Ahorros | 1934 | $120.0M | 3,000 | - |
| Northeast Planning Associates | - | $7.9M | 20 | - |
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