President Obama lauded credit unions for the financial services they provide.
“At a time of tremendous financial instability and when millions of people faced difficulty obtaining credit, this system of nonprofit, cooperative credit unions enabled individuals to come together to promote thrift and lift up one another,” Obama said in a presidential proclamation on Thursday.
“On the 80th anniversary of historic US credit union legislation, let us remember that—especially in times of crisis—Americans summon the courage to create solutions to 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 credit unions,” he added.
The FCUA was signed into law on June 26, 1934, by President Franklin Delano Roosevelt.