WHAT OUR MEMBERS SAY
WHAT OUR MEMBERS SAY
About SchoolsFirst FCU

“I love that SchoolsFirst FCU caters to me as a teacher. I feel secure knowing I have my money with the Credit Union.”

- Jennifer Q.  
Member Since 2002

About SchoolsFirst FCU
The Credit Union Movement: A Brief History
The Credit Union Movement: A Brief History

Early in Germany
The first seed of what would grow into the credit union movement was planted in Germany in 1846, when a crop failure and famine caused Herman Schulze-Delitzsch to organize a cooperatively owned mill and bakery, which sold bread to its Members at substantial savings. He then took this cooperative notion to address the needs of credit, organizing the first cooperative credit society, known as the “people’s bank." It was in these earliest days that the foundation was laid: democratically governed, with each Member having one vote for a volunteer Board of Directors.
 

The Movement Comes to North America
Because of a general lack of credit, and usurious rates when credit was extended, the idea came to North America, first in Quebec and then to Massachusetts. Credit unions became increasingly popular with the upswing in the economy in the 1920s, as people had more money to save and could afford automobiles and washing machines. But they needed a source of inexpensive credit. With other financial institutions not interested in providing consumer credit, our movement took off.

Continued Growth and Government Support
In 1934, President Roosevelt signed the Federal Credit Union Act "to make more available to people of small means credit for provident purposes through a national system of cooperative credit."

In 1970 the National Credit Union Administration (NCUA) was created and funded to charter and supervise federal credit unions, and the National Credit Union Share Insurance Fund (NCUSIF) was organized to insure deposits. Given the independent credit union spirit, NCUSIF was capitalized by Credit Union National Association (CUNA) Members, with not a cent of tax dollars. No credit union Member has ever lost a dollar of insured deposits.

 

In 1977, legislation brought expanded services, including share certificates and mortgage lending.

Today, Serving 116 Million Americans
At the end of 2018, there were 5,375 federally insured credit unions in the United States with $1.45 trillion in assets, and serving 116.2 million Members. 

 

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