US Federal Credit Union history

United States Eagle has provided value and financial stability for tens of thousands of New Mexicans for more than 80 years! The passion and loyalty of our members, staff, and volunteers has been the key to United States Eagle's growth from our most humble of beginnings in 1935.

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.

1948 – The renamed Bureau of Federal Credit Unions finds a new home at the Federal Security Administration.

In 1949, United Federal Credit Union was founded by five employees at the Whirlpool manufacturing plant in St Joseph, MI. A part-time volunteer staff ran the credit union from a cash box in the personnel office.

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.

1953 – J. Dean Gannon is named director of the Bureau of Federal Credit Unions as it moves to the new Department of Health, Education and Welfare.

1958 – Assets of $2 million.

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

1962 – Moved out of the Whirlpool plant into our first branch.

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.

1977 – Laws allow credit unions to begin offering new services, including mortgage lending and share certificates.

1978 – Branch expands to new location at 2900 S. State St in St Joseph, MI.

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.

1991 – Name changes to First Resource Federal Credit Union.

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.

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

He serves as NCUA Chairman until 2004.

2006 – United merges with First Resource Federal Credit Union.

15, 2008 – Lehman Brothers files for bankruptcy.

2009 – United acquires Clearstar Financial Credit Union in Reno, NV.

On March 26, 2010, USA Fed announced to members that their official web site address would be changing to usafed.org.

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

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.

2015 – Opens branch in Springdale, AR.

2016 – Assets of $2 billion and 150,000 members; opens branches in Carson City, NV, and Asheville, NC.

2018 – Opens branches in South Bend/Mishawaka, IN.

July 18, 2019 – The NCUA Board approves a final rule that raises the threshold for commercial real estate transaction appraisals from $250,000 to $1 million.

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.