NARC history

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.

In 1914, the North Montana Branch Experiment Station was establish on Fort Assinniboine to conduct agricultural research.

George A. Morgan became the first station agronomist in 1915.

In 1922, he was offered the position of the North Montana Branch Station's first superintendent for an annual wage of $3,000.

Washington, D.C., had only passed legislation allowing them in June 1932, against the protests of traditional bankers.

1933: Unionized Navy Department employees incorporate their own small thrift.

July 1934 — Claude Orchard, an executive at Armour & Company, is named head of the newly formed Federal Credit Union Division.

1936: Navy Department Credit Union (NDCU) pays its first dividend of three percent.

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.

1947: NDCU rechartered as a federal credit union and extends membership to all Washington area naval personnel.

The board named William A. Hussong, Jr., as the credit union's first office manager in October 1951.

Fifteen percent of the bank's loans were delinquent in 1952.

Against this backdrop, in 1954 the credit union decided to extend membership beyond Washington, to all Navy employees worldwide.

In 1960, the board fired the autocratic but influential Hussong, ostensibly over the controversy surrounding the new computer.

1962: Navy Federal Credit Union (NFCU) becomes the world's largest credit union.

After Hussong's replacement Tom Landers stepped down to enter a consulting career, in 1963 the board chose Richard Cobb, a retired Navy captain, as the next manager.

NFCU's headquarters were moved to Building 143 in the Navy Yard Annex in 1964, the same year enlisted personnel were offered membership privileges.

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.

A series of mergers with other credit unions at Navy bases began in 1967 with the Washington Navy Yard Federal Credit Union.

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.

Sergeant Bob Alaniz of the Los Angeles Police Museum tells me that the first official use of narcs in high schools was initiated by the LAPD, headed by police chief Edward Davis, and the L.A. Unified School District in 1974.

NFCU moved to an impressive, spacious new headquarters in Vienna, Virginia, in 1977.

Cobb stepped down as manager in August 1980, to be replaced by Rear Admiral Joe G. Schoggen, who had joined NFCU after serving in the Navy's Resale Systems unit.

Credit unions received their long desired deregulation in 1982.

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.

Some consolidation in the industry followed as NFCU's membership continued to grow, reaching 692,000 in 1985.

Case in point: Per another 1987 L.A. Times article, “The LAPD program requires young attractive police officers to enter the schools pretending to be new students, make friends and try to convince as many as possible of their new ‘friends’ to buy them drugs, usually marijuana.

Tom Hughes became president and CEO of NFCU in 1988, as savings and loans institutions began venturing onto the turf of credit unions by offering consumer loans.

NFCU ended 1990 with $4.6 billion in assets, and passed $8 billion in the mid-1990s.

At the end of the century, NFCU's extensive Y2K compliance measures caught the attention of CNN. It had begun preparing in 1991 to accommodate substandard communications infrastructure in the countries where it did business.

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.

March 20, 1997 – H.R.1151, the Credit Union Membership Access Act is introduced in the House of Representatives.

July 28, 1998 – The Credit Union Membership Access Act is passed by the United States Senate.

“Beginning January 4, 1999, and ending June 2, 1999, the officers made 225 purchases from 187 dealers.

A former Congressman, D'Amours serves as Chairman until 2000.

He serves as NCUA Chairman until 2004.

As the Seattle Times reported in 2007, these undercover officers also have to come up with personas that high schoolers can relate to.

15, 2008 – Lehman Brothers files for bankruptcy.

17, 2009 – President Barack Obama signs the $787 billion American Recovery and Reinvestment Act.

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.

June 20, 2011 – The NCUA becomes the first federal financial institutions regulator to file suit in federal court against Wall Street firms to recover losses from sales of faulty mortgage-backed securities.

July 6, 2012 – The NCUA closes Western Bridge Corporate Federal Credit Union

1, 2013 – The Office of National Examinations and Supervision begins operations.

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

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.

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.

23, 2017 – President Donald J. Trump designates J. Mark McWatters as Acting NCUA Chairman.

April 19, 2018 – The NCUA Board approves a final rule reducing regulatory burden on federally insured credit unions with assets of $10 billion or greater by removing certain current capital planning and stress testing requirements.