Nymeo will join thousands of other credit unions in recognizing International Credit Union Day on Thursday, October 19th.
Credit unions are built on the idea of people helping people. The concept of people pooling money and lending to one another and those in need within their community is where the history of credit unions began.
Credit Union History
In a rural area in southern Germany, Friedrich Raiffeisen founded the first credit union in 1864. The credit union movement made its way over the water to the United States in 1909. The Federal Credit Union Act, which was enacted by President Franklin Delano Roosevelt in 1934, granted federal charters to credit unions in every state. Credit unions became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.
People Enjoy the Credit Union Concept
In 1970, the sense of security grew stronger when the National Credit Union Share Insurance Fund was established. Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. People throughout the country enjoyed the credit union concept and assets tripled between 1970 and 1979.
In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products, most notably mortgage lending and share certificates (CDs).
Today, credit unions are revered as respectable financial institutions, putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.
Nymeo is proud to be a community credit union, and we thank our members for their loyal membership throughout these years.
Category: Credit & Budgeting