Founders
This first name belongs to the German pioneer who developed rural credit societies in the 1860s, inspiring the cooperative banking model.
Who is Friedrich (Wilhelm Raiffeisen)?
Signed into law in 1934, this Federal legislation created the framework for federally chartered credit unions.
What is the Federal Credit Union Act?
Credit unions call their customers this, reflecting their ownership stake in the institution.
What are Members?
This is the federal regulatory body that charters and supervises federal credit unions and operates the insurance fund.
What is the National Credit Union Administration (NCUA)?
In 1909, this state passed the first general credit union law in the United States.
What is Massachusetts?
Often credited with bringing the credit union movement to the U.S. and drafting the first credit union law, this lawyer helped establish the first U.S. credit union.
Who is Pierre Jay?
Following the Great Depression, this body was created to regulate the federally chartered credit unions formed under the 1934 Act.
What is the Farm Credit Administration?
The official slogan of the credit union movement that summarizes their mission.
What is "People Helping People"?
This is the acronym for the fund operated by the NCUA that insures member deposits, guaranteeing their shares up to $250,000.
What is the NCUSIF (National Credit Union Share Insurance Fund)?
Name of the state where the first credit union in North America, St. Mary's Bank, was founded in 1908.
What is New Hampshire?
The U.S. Senator from Massachusetts who championed the Federal Credit Union Act of 1934.
Who is Morris Sheppard?
This 1970 Act created the National Credit Union Administration (NCUA) as an independent agency, separating it from the Federal government's lending functions.
What is the Federal Credit Union Act Amendments (or NCUA Act)?
This term refers to the group of people—defined by employment, geography, or association—that a credit union is legally authorized to serve.
What is the Field of Membership (FOM)?
Before 1970, this U.S. government agency (founded in 1933) handled the chartering and supervision of federal credit unions.
What is the Farm Credit Administration?
The first American-style credit union law was passed in this Canadian province in 1900.
What is Quebec?
Known as the "Father of the Canadian Credit Union Movement," he helped found the first North American credit union in 1900.
Who is Alphonse Desjardins?
This mandatory type of insurance was created for all federal credit unions in 1970 to protect member deposits up to a specified limit.
What is Share Insurance (or the NCUSIF)?
This set of seven core values includes Voluntary Membership and Democratic Member Control.
What are the Cooperative Principles (or Rochdale Principles)?
This is the annual regulatory document that all federally insured credit unions must submit detailing their financial condition and operations.
What is a Call Report?
Often credited with bringing the credit union movement to the U.S. and drafting the first credit union law, this lawyer helped establish the first U.S. credit union.
Who was Pierre Jay?
This prominent U.S. consumer advocate helped popularize the credit union movement in the 1920s and 30s, calling them "cooperative banks for the common man."
Who was Edward A. Filene?
This 1998 law was passed to protect the long-standing practice of credit unions having a diverse field of membership, specifically overturning a Supreme Court decision that had restricted it.
What is the Credit Union Membership Access Act (CUMAA)?
This is the specific tax status enjoyed by federal credit unions that reflects their mission-driven structure and prevents their earnings from being federally taxed.
What is Tax-Exempt Status?
This is the federal law that helps protect consumers from unexpected debit card overdraft fees by requiring financial institutions to get the consumer's consent for coverage.
What is Regulation E (Electronic Fund Transfer Act)?
This year marks the founding of the Credit Union National Association (CUNA), unifying the movement for the first time.
What is 1934?