I can do all things through Him who strengthens me. – Philippians 4:13
President Franklin D. Roosevelt signed the Federal Credit Union Act into law on this day in 1934. The passage of this law allowed for the creation of a national network of non-profit and cooperative credit unions. The act also created the Bureau of Federal Credit Unions which would later morph into the National Credit Union Administration. This act came amid the Great Depression to allow those who deposited their funds to have more ownership and control of the Credit Union, all while being distinct from banks that have a profit motive. Eventually, the country was able to rebuild from the Great Depression, and credit unions continue to be a part of American life to this day. May we remember that money is a tool for us to live in accordance with God’s will. We cannot serve both God and money!
As the Lord leads, pray with us…
- For members of Congress as they consider ways to strengthen the U.S. banking system.
- For Executive Director Larry Fazio as he oversees NCUA operations and Chair Todd Harper as he heads the NCUA board.
