Basic BankingCredit Unions |
When did the first credit union appear? |
During the Great Depression, President Roosevelt signed into law the Fair Credit Union Act, which enabled 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 nonprofit, cooperative, member-owned credit unions.