Workers Credit Union history

1921 — Boston, Massachusetts – Edward A. Filene, a wealthy merchant considered the “father of United States credit unions,” and Roy F. Bergengren, a lawyer, organize the Credit Union National Extension Bureau, with goals to enact credit union laws and form credit unions.

The MCUA formed the model for the 1934 Federal Credit Union Act.

In June of 1939, the Harvard University Employees Credit Union held its first meeting in the basement of Gray’s Hall on Harvard Yard.

1967 — Washington, D.C. – the National Association of Federal Credit Unions (NAFCU) is established to protect the Federal Credit Unions’ interests in the nation’s capital.

1970 — The National Credit Union Administration (NCUA) forms to oversee Federal Credit Unions.

1980 — Deregulation in the financial services industry creates new product offerings like share drafts (also known as checking accounts) and Individual Retirement Accounts (IRAs). Plus, a rate ceiling on savings accounts is removed.

1982 — NCUA interprets the Federal Credit Union Act to individual select employee groups to join a credit union, as long as members in each group share a common bond (i.e. manufacturing, high-tech, education, etc.).

1996 — Following an adverse ruling from the District of Columbia Federal Appeals Court, an injunction is issued prohibiting federal credit unions from taking in members unrelated to their “core” membership group and common bond.

2007 – Merger with Peoples Community Credit Union branch at Water Tower Plaza in Leominster

2015 – Westford and Monty Tech High School branches open

2017 – Acquired and partnered with Braley & Wellington Insurance Group