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FCUAFederal Credit Union Act
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(quoting FEDERAL CREDIT UNION NATIONAL ASSOCIATION, INC., Legislative History of the Federal Credit Union Act: A Study of the Historical Development From 1934 to 1980 of the Statute Governing Federal Credit Unions).
State credit union laws and the Federal Credit Union Act require that credit unions be cooperative or mutually owned organizations.
The Federal Credit Union Act in 1934 limited membership in a federal credit union to "groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district" (GAO 1991).
In 1935, one year after the Federal Credit Union Act was enacted, GTE was established in downtown Tampa as Peninsula Telephone Employees and Credit Union.
The Federal Credit Union Act was passed in 1934, when banking institutions primarily served big business and the wealthy.
In 1934, Congress passed the Federal Credit Union Act, which said a credit union's membership should be limited to a common bond of association or occupation.
Ackerman's Washington office, said the act will amend both the Federal Deposit Insurance Act and the Federal Credit Union Act. It will exclude those payments made into an escrow account that are used for the payment of real estate taxes, she said.
The federal Credit Union Act is outdated and needs to be modernized, CUNA officials said Monday, in announcing a comprehensive effort to send a plan to Capitol Hill during the next Congress.
"The purpose of the Federal Credit Union Act was three-fold: to empower working men and women by giving them access to loan capital, to stimulate the country's economy through the purchase of consumer goods, and to create a market for government securities (bonds)."
The groups emphasized the importance of several provisions, including one that would provide that a 1- to 4-family dwelling that is not the primary residence of a member not be considered a member business loan under the Federal Credit Union Act.
These men realized that credit unions offered the power of economic self-determination to the middle class, the working poor and immigrants, culminating in the Federal Credit Union Act of 1934, a "hero's return." The powerful story of credit unions helping society continues to this day.
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