Concerned that many French-Canadian congregants of St. Mary’s Church have no secure place to keep their earnings and no access to credit, Monsignor Pierre Hevey enlists the help of Canadian journalist Alphonse Desjardins in establishing the first credit union in Manchester, New Hampshire.
Massachusetts resolves the “stabilization fund or share insurance” issue in favor of share insurance: MSIC is created by an Act of the Massachusetts legislature in March 1961 and becomes the first insurer of credit union shares and deposits in the US. Subsequently, many other states follow the MSIC model and create insurance funds. Other legislation, which improves lending practices, terms and amounts, is embraced by supporters of President Lyndon B. Johnson’s War on Poverty, and credit unions are created to support federal efforts to assist residents in impoverished areas of the country.
The industry celebrates the 100th anniversary of the nation’s first credit union, La Caisse Populaire Ste -Marie in Manchester, New Hampshire.
President Barack Obama signs into law the Dodd-Frank Wall Street Reform and Consumer Protection Act which amends the FCU Act to make permanent the standard maximum share insurance amount of $250,000.
The credit union industry continues to fulfill its original motto, “Not for profit, not for charity, but for service,” built around the idea of providing not-for-profit financial services in the spirit of community and cooperation. Credit unions work to not only provide fairly priced, accessible financial services and member education, but also giving their time and resources to supporting important causes to their members and their communities.