Service Credit Union history

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

When Ralph Allen joined his father’s firm in 1963, Allen & Company had four financial advisors.

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.

Allen & Company expanded to eastern Polk County in 1968 with the establishment of our Winter Haven office.

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.

In 1987, our flagship office in Lakeland moved after 50 years in the same downtown location to its current residence, the Allen Building, on South Florida Avenue.

1989 University of Colorado Health Sciences Center joined the field of membership after the acquisition of Colorado Medical Credit Union's assets.

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.

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

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

In 1999, the African American Credit Union Coalition was formed to increase the strength of the global credit union community and promote diversity through advocacy and professional development.

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.

In February 2020, the AACUC inducted three leaders of the credit union industry into its Hall of Fame: Herbert “Bertie” Bowman, Doctor Willie Bryant (posthumously), and Mike Mercer.