Investing in Cash

Banks and Credit Unions

When did the first credit union appear?

During the Great Depression, President Franklin D. Roosevelt signed into law the Federal Credit Union Act, enabling the creation of available credit to members all over the United States in order to stimulate savings and prevent usury (charging exorbitant fees for loans) by making reasonable interest-rate loans to its members. This enabled the United States to set up a nationwide network of non-profit, cooperative, member-owned credit unions.


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