WASHINGTON — On the 80th anniversary of the signing of the Federal Credit Union Act, the White House delivered a message from President Barack Obama Thursday praising CUs for the "vital" role they play in the economy and in the lives of Americans.
"This system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another," Obama wrote. "On the 80th anniversary of this historic legislation, let us remember that — especially in times of crisis—Americans summon the courage to create solutions to our most urgent challenges.
"As we mark this special milestone, I commend the staff of the National Credit Union Administration and all those who work and volunteer in our nation's credit unions," continued Obama. "Your efforts support Americans as they strive to reach their financial dreams, and they help ensure these institutions can remain viable and valuable in the years to come."
NCUA Board Chairman Debbie Matz agreed with Obama, citing the work of credit unions and NCUA.
"By keeping credit unions safe, we are working to help Americans with their financial needs, to build a stronger middle class and to allow families to achieve their financial dreams one loan and one share account at a time," she said. "The best way for NCUA to continue to honor the Federal Credit Union Act is to ensure that credit unions survive and thrive well into the future."
Federally insured credit unions are closing in on one million members, now serving 97.1 million Americans, and have nearly $1.1 trillion in assets.
