On June 26th, 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law. We’ve just passed the 91st anniversary of this event, but as many of us know, credit unions were operating long before they were officially written into law. The first credit union arrived in the U.S. in 1908, but we can trace credit unions’ lineage all the way back to the people’s banks created in Germany in the 1850s.
Since then, credit unions have grown to serve over 142 million members in the US alone and over 411 million worldwide. But all too often, the conversation surrounding our industry focuses on current events and what the future might bring. What legislation is on the table this week? How are credit unions using AI today? How much is too much for an overdraft fee? These are all important topics, but a simple glance behind is needed now and again to remind us of the purpose of our work. Those early cooperatives set the precedent of what our industry should be and who it should serve.
Introducing Credit Union History Month
That’s what we hope to do here at CUSO Magazine this month: offer a look to the past to showcase the communities and leaders our industry was built upon, while also spotlighting those who come after. Therefore, in honor of that mission, we are thrilled to introduce you to Credit Union History Month, an event of our own creation. 
Throughout the month of July, CUSO Magazine will be taking a deep dive into the foundations of the credit union system and examining each brick that was laid upon that foundation. CUSO Magazine’s own Esteban Camargo has prepared a five-part article series on the history of credit unions, tracing it all the way back to its European origins that we’ll be sharing each week this month. We’ll also have featured articles on key credit union icons and moments—so keep an eye out!
Credit Union History Month will be coming to social media as well, with daily spotlights on credit unions and leaders, in addition to sharing fun facts. If you don’t currently follow us, make sure to find CUSO Magazine on LinkedIn, X, and BlueSky!
How to get involved
Credit unions: This should not be a passive event for you! While we hope you enjoy reading and engaging with all the content we have prepared for this month, your participation will ensure you and your credit union get the most out of it.
Use this event as an opportunity to reflect on your own credit union’s history, where it started, why it started, and how you got to where you are today. Not just for your own purposes, but for your staff and members as well.
We often talk about how members have diverged from their original roles as owners of the credit union and their disinterest in the democratic processes of the credit union. What better time is there to remind members that the credit union is a cooperative—not a bank—and that they are why it exists and was founded? Share your history, educate members on their role in the credit union, and encourage them to take part.
Furthermore, this month is also a chance for your credit union team to look back at the credit union’s original purpose and ask, “Have we deviated from our original mission?” And if so, how do we get back there? Chances are, since its founding, your credit union has expanded, reached new markets, and perhaps even shifted its field of membership. Going back to the mission doesn’t mean undoing all of that, but instead, it’s about ensuring the heart of why your credit union was created is still the central focus of all you do. Use this month as a chance to refresh yourselves on what that is and how you can bring it to the forefront.
Let’s celebrate together
In our humble opinion, Credit Union History Month is a long-overdue necessity, especially for an industry as unique and people-focused as ours. While CUSO Magazine is thrilled to get the ball rolling, we hope to see credit unions and CUSOs getting in on the action as well! So, pull up a chair and join us on a journey back to our origins this month as we spotlight the key moments, players, and victories of credit unions.
