Credit Union Times - Centennial Edition - (Page I10) CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN A timeline of Credit Union History in the United States 1906 First credit union in North America founded in Levis, Quebec, by Alphonse Desjardins. Aug. 10–The constitution and bylaws of the Credit Union National Association are signed at a meeting in Estes Park, Colo. After the meeting, Roy Bergengren and Thomas Doig travel the country organizing state leagues. A Credit Union Division is set up under the Farm Credit Administration, the first federal-level CU regulator. Oct. 1–Morris Sheppard Texarkana FCU, the first federal credit union, is organized in Texarkana, Texas. 1962 CUES Managers Society, now the independent Credit Union Executives Society, is formed as a branch of CUNA. those limits. A Utah district court dismisses the suit. 1997 1907 Alphonse Desjardins 1908 Edward Filene learns of credit societies on a trip to India. U.S. Supreme Court hears the AT&T FCU FOM case. Credit unions were represented by future Supreme Court Chief Justice John Roberts. St. Mary’s Bank, first U.S. credit union, is chartered. 1935 1967 CUNA Mutual Insurance Society was founded NAFCU is formed in Los Angeles. 1998 1970 1909 Massachusetts Credit Union Act passed. It is the first state credit union law in the nation. Edward Filene 1937 Legislation creates the NCUA. Herman Nickerson Jr., the first administrator, is sworn in on Sept. 21. The NCUSIF is created. The World Council of Credit Unions is chartered. U.S. Supreme Court upholds an appeals court ruling in the AT&T case, forcing credit unions to have a single common bond. John Roberts Congress passes and the president signs H.R. 1151: The Credit Union Membership Access Act. 1916 Massachusetts Credit Union Association chartered. It is replaced in 1921 by the Massachusetts Credit Union League. Edward Filene dies. A series of Filene memorial CU meetings are held around the country. The Filene Memorial Fund is started. Dec. 6–The FCUA is amended to provide for government examination of books, permit loans to other credit unions and investment in federal savings and loan associations. The amendments also exempted federal credit unions from taxes. 2000 1974 CUNA starts a pilot project for share drafts. Ground is broken for Credit Union House in Washington, D.C. 1920 1921 1976 Alphonse Desjardins dies. The American Bankers Association sues NCUA in federal court, asking the court to declare share drafts illegal. 2002 America’s Credit Union Museum opens in Manchester, N.H. Credit Union National Extension Bureau organized on July 1 in Boston by Edward Filene, who financed the bureau. Roy Bergengren is hired as executive secretary. 1977 1942 1921 First CU league in the nation, the Massachusetts Credit Union League, is organized. The New York State league is formed as the New York State Association of Credit Unions. Joe Stern, an illustrator at the Boston HeraldTraveler, creates Little Man Under the Umbrella, which becomes the logo of the credit union movement. By executive order, the president transfers the Federal Credit Union Section from the Farm Credit Administration to the FDIC. Federal legislation allows credit unions to offer shares and share certificates at variable rates. CUNA launches a Visa pilot program. 2003 1948 1978 American Bankers Association files suit against NCUA for sixcounty FOM approvals for Utah’s Tooele FCU and others. Changes in the FCUA transfers supervision of FCUs from the FDIC to the Federal Security Agency. Share drafts are declared legal by a federal district court in Washington, D.C. 2004 1979 NCUA loses suit and Tooele FCU and others were reduced to their previous FOMs. 1950 President Harry S. Truman dedicates Filene House in Madison, Wis. The U.S. Court of Appeals overturns the lower court ruling and makes share drafts illegal. 2005 1980 President Jimmy Carter signs H.R. 4986, which allows credit unions to issue share drafts. ABA files suit against NCUA to rein in field of membership approval for Pennsylvania’s Members 1st FCU and others. 1989 1927 The Filene Research Institute is organized. 2008 The first Credit Union Day is observed on Jan. 27, Benjamin Franklin’s birthday. 1990 1930 State leagues are organized in Alabama, Georgia, Illinois, Indiana, Iowa, Minnesota, Missouri, North Carolina and Virginia. Four North Carolina banks and the American Bankers Association file suit against the NCUA over its decision to allow AT&T Family FCU to expand its membership to include other groups. Federal court determines NCUA overstepped its bounds, cuts off Members 1st approval but permits the CU to maintain members of record. 1933 1955 Sen. Morris Sheppard (D-Texas) introduces legislation providing for federal chartering of credit unions. “American Traditions” print advertisement series begins. The CU promotional ads appear in Readers Digest and Life. 1991 AT&T Family FCU case is dismissed. The banks file an appeal. 1934 1959 1993 June 24–The Federal Credit Union Act is signed into law by President Franklin D. Roosevelt. Congress passes a complete revision of the FCUA. Appeal court reinstates the AT&T case and sends it back to district court. The Utah Bankers Association files suit to limit the FOMs of community chartered institutions to one county. The suit claimed that shared service centers violate 10 Credit Union Times, December 2008 www.cutimes.com http://www.cutimes.com
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