The Federal Credit Union Act was enacted on June 26, 1934. The purpose of the law was to make credit available and promote thrift through a national system of non-profit, cooperative credit unions. The Federal Credit Union Act established the federal credit union system and created the Bureau of Federal Credit Unions, the predecessor to the National Credit Union Administration, to charter and oversee federal credit unions. The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909, and became the basis of many other state credit union laws. Under the provisions of the Federal Credit Union Act, a credit union may be chartered under either federal or state law, a system known as dual chartering, which is still in existence today.

"Today is the actual 75th anniversary of the signing of the Federal Credit Union Act into law. While the temptation is to commemorate the formal, official, governmental aspects of the day, I prefer to give recognition and thanks to the millions of American consumers who have made the credit union industry a success. Credit unions are a valuable and durable vehicle through which members can save and invest in a cooperative environment," said National Credit Union Administration's Chariman Michael E. Fryzel.

“On June 26, 1934, the founders of the credit union movement could not have known the heights that these institutions would enable their members to reach," continued Fryzel. "But I do feel confident that credit union pioneers would draw tremendous satisfaction from the knowledge that, in the words of Edward Filene, credit unions 'demonstrate the practicality of the brotherhood of man.'

“That lofty expectation has been fulfilled through the 75 year history of federal credit unions, and those of us today who have inherited responsibility for the stewardship of the movement must work tirelessly to make certain that tomorrow's credit unions stay true to their members, and thus true to their mission of service."