Edward A. Filene
For 100 years….
Driving the Spirit of America
One member at a time
Visit cuna.org/100years for celebration information.
Edward A. Filene
1844
Weavers in Rochdale, England established a
consumer co-op store based on the first
set of cooperative principles.
Edward A. Filene
1846
Herman Schulze-Delitzsch
organizes a cooperative mill, bakery,
and other cooperative credit endeavors.
Edward A. Filene
1849
Friedrich Wilhelm Raiffeisen
establishes “peoples” banks in Germany.
Edward A. Filene
1866
Luigi Luzzatti opens the first cooperative
bank in Milan, Italy.
Edward A. Filene
1900
Alphonse Desjardins forms
La Caisse Populaire de Levis in Quebec, Canada.
Edward A. Filene
1907
World traveler Edward A. Filene
encounters cooperative credit societies
in India, seeing them as a way to
economic democracy.
Edward A. Filene
1909
Massachusetts
passes the first
state credit
union act.
1908
St. Mary’s Bank (La Caisse Populaire
de Saint Marie) opens in
Manchester, New Hampshire.
Edward A. Filene
1921
Roy F. Bergengren is hired as credit union
organizer for the Massachusetts
Credit Union Association.
Edward A. Filene
1921
Filene forms and funds the
Credit Union National Extension Bureau
with Bergengren as director.
Edward A. Filene
1923
Many credit unions were organized in
urban areas, like this one in Boston.
Edward A. Filene
1924
The Bridge newsletter is launched
for the credit union movement.
1923
Joseph Stern, cartoonist with the Boston
Herald, creates the “Little Man Under
the Umbrella” as the first trademark of
the credit union movement.
Edward A. Filene
1930s
Credit unions weather the Great Depression
with no major losses.
Edward A. Filene
1930
Filene contributes more than $1 million
to the credit union movement.
Edward A. Filene
June 26, 1934
Federal Credit Union Act
signed into law.
Edward A. Filene
August 10, 1934
Constitution and Bylaws of Credit Union National Association
signed at Estes Park, Colorado.
Roy F. Bergengren is named managing director.
After Estes Park meeting, Bergengren and Thomas Doig divide the
country between them and set out on a marathon trip to
organize state credit union leagues.
Edward A. Filene
1935
CUNA Mutual Insurance Company created,
offering life and disability insurance.
Edward A. Filene
1935
CUNA establishes headquarters in
Madison, Wisconsin
Edward A. Filene
August 1941
The Federal Reserve Board issues Regulation W,
limiting the amount of money consumers can
obtain through installment credit.
Edward A. Filene
1943
CUNA produces its first
Film, “The Credit Union –
John Doe’s Bank.”
May 1942
CUNA establishes an office in
Washington, D.C. operated out of D.C.
League.
Edward A. Filene
1945
Thomas W. Doig
becomes CUNA managing director.
Edward A. Filene
1946
Dora Maxwell organizes 120 credit unions in NYC
in a 5-month period. Other women prominent in
the movement during this period include Louise
McCarren, Evelyn Higgins, and Agnes Gartland.
Edward A. Filene
1948
The first Credit Union Day is celebrated on the
3rd Thursday in October. The observance will
grow into International Credit Union Day.
Edward A. Filene
1950
President Harry S. Truman dedicates
Filene House in Madison, Wisconsin.
Edward A. Filene
1950s – Bankers
undertake first serious
campaign for taxation
of credit unions.
1952 – Credit union membership
experiences rapid growth during
this period. By 1952, the number of
credit unions jumps to 12,280
with 5,904,629 members.
Edward A. Filene
October 18, 1954
World Extension
Department begins
operation.
1953
The benefits of credit union
membership are dramatized
with a new movie, “Kings X.”
Edward A. Filene
Summer 1954
First CUNA School for credit union personnel
launched with support of the
University of Wisconsin School of Business.
Edward A. Filene
1955
Credit unions sponsor their first national
advertising campaign with radio news
broadcasts in the U.S. and Canada, using
spokespeople such as Lorne Greene.
Edward A. Filene
September 22, 1959
The pen used by President Dwight D. Eisenhower
to sign the Credit Union Act of 1959 (H.R. 8305),
is presented by U.S. Senator Leverett A. Saltonstall (R-Mass.)
to Julius Stone, President of CUNA’s Board of Directors.
Edward A. Filene
1960
CUNA Mutual moves to a new building
on Mineral Point Road,
Madison, Wisconsin.
Edward A. Filene
May 1957
CUNA Mutual receives its
own managing director.
(Beginning of separation
from CUNA).
May 11, 1958
CUNA amends its bylaws
to enable worldwide membership.
Credit unions from leagues
around the globe can now join.
Edward A. Filene
1963
President John F. Kennedy signs amendments
to the Federal Credit Union Act.
Edward A. Filene
1964
The credit union movement establishes Global
Projects Office, working with the U.S. Agency
for International Development to organize
credit unions worldwide.
Edward A. Filene
1966
Credit unions get tools to offer money orders,
travelers checks, and a Government Securities
Program through the auspices of
ICU Services Corp.
Edward A. Filene
1966
Credit union leaders meet in Washington, D.C.
to describe the need for credit unions in low
income areas and outline some of the
accomplishments made so far in the
anti-poverty war.
Edward A. Filene
1969
Credit unions get their own core data
processing organization with the formation
of CUNADATA Corp.
Edward A. Filene
1970
Independent Agency Bill creates National Credit
Union Administration. First administrator,
Herman Nickerson Jr., was sworn in on Sept. 21.
Edward A. Filene
1970
National Credit Union
Share Insurance Fund
created.
1970
World Council of Credit
Unions is chartered. This is
the first Board of Directors.
Edward A. Filene
1971
Herb Wegner named CUNA managing director.
Title changes to president in 1971.
Edward A. Filene
1973
The range of services offered to credit union
members expands significantly through products
developed by movement organizations such as
CUNA Service Group.
Edward A. Filene
1975
Credit Union entry in the
Tournament of Roses parade
wins Queen’s Trophy.
1974
A new symbol is introduced to
unify credit union identification across
the nation with a hands-and-globe
format.
Edward A. Filene
1976
The American Bankers Association sues NCUA in
the U.S. District Court in the District of
Columbia asking the court to declare share
drafts illegal and declare a permanent injunction
Edward A. Filene
1977
Selected credit unions begin offering
VISA credit cards in pilot program.
Edward A. Filene
1978
U.S. District Court in the District of
Columbia declares share drafts legal
and the American Bankers
Association promptly appeals
the decision.
1977
The Credit Union mini-bill
passes. Allows credit
unions to offer shares
and share certificates
at variable rates.
Edward A. Filene
1979
Jim R. Williams becomes
CUNA president.
Edward A. Filene
May 1980
Dedication of CUNA’s headquarters
building on Mineral Point Road,
Madison, Wisconsin.
Edward A. Filene
1980
HR 4986 signed into law by President Jimmy Carter. This
bill allows federal credit unions to issue share drafts,
give interest-bearing negotiable orders of withdrawal
(NOW) to federally chartered or insured financial
institutions, and guarantees the phase-out of Reg Q
which limits rates on deposits.
Edward A. Filene
1983
CUNA launches first
Credit Union Roundtable.
1983
Agreement with MasterCard
International further
expands members’
access to card services.
Edward A. Filene
February 10, 1984
U.S. Postal Service issues commemorative
stamp in honor of the 50th anniversary of the
Federal Credit Union Act in Salem, Mass.
the birthplace of Edward A. Filene.
Edward A. Filene
1987
Ralph S. Swoboda
becomes President/CEO of CUNA.
Edward A. Filene
1989
Bailout of Federal Savings and Loan Insurance
Corp. Federal Institutions Reform, Recovery,
and Enforcement Act of 1989 to study
soundness of the insurance funds.
Edward A. Filene
1991
Operation Grassroots culminates in 15,000 credit
unionists rallying on the National Mall and
delivering petitions bearing more than 6 million
signatures in support of an independent CU
system and federal regulator.
Edward A. Filene
1995
Federal Employees Credit Union destroyed
with the bombing of the Murrah Building in
Oklahoma City. Credit unions hasten to
assist in recovering from the disaster, which
killed 18 of the credit union’s employees.
1995
Membership in U.S. credit unions
reaches 69,302,489 members, with
12,209 credit unions managing
assets of $316,177,980,519.
Edward A. Filene
1996
Daniel A. Mica
named CUNA President/CEO.
Edward A. Filene
February 1998
The U.S. Supreme Court rules 5-4 to limit
CU Fields of Membership to single
groups, raising the specter of millions of
consumers forced out of their credit
unions.
1997
Credit Union Campaign for
Consumer Choice is launched
after banking industry lawsuits
restrict the ability of credit
unions to serve multiple
membership groups.
Edward A. Filene
August 1998
President Clinton signs into law H.R. 1151,
The Credit Union Membership Access Act.
Edward A. Filene
1999
Learning from the Consumer Choice
Campaign that CUs must make political
involvement a year-round endeavor, CUNA
launches the Hike the Hill program.
Edward A. Filene
2000
Renaissance Commission created by CUNA’s Board to
explore credit unions’ role in the 21st century and
determine the legislative and regulatory changes
needed to enhance that role in the future.
Edward A. Filene
2000
CUNA leagues and credit unions
Partner with the National Endowment
For Financial Education to bring
Financial education training modules
into the nation’s high schools.
2000
CUNA launches the National Credit
Union Brand Campaign, introducing
a national brand logo and the slogan
“America’s Credit Unions: Where
People are Worth More than Money.”
Edward A. Filene
2001
Terrorist attacks in New York and
Washington, D.C. prompt cancellation of the
grand opening of the Credit Union House and the
2001 Credit Union Symposium. Credit Unions
provide moral and financial support to those
impacted by the attacks.
Edward A. Filene
2003
Credit unions rededicate themselves to
reaching out to serve low income and
underserved communities.
Edward A. Filene
September 25, 2003
Credit Union House holds grand opening and
ribbon-cutting ceremony. Members of the
Pennsylvania Credit Union League are
given the ribbon cutting honors.
Edward A. Filene
2004
America’s Credit Union Museum is
dedicated in Manchester, N.H.
The museum is housed on the site of
the nation’s first credit union.
2004
Alan Greenspan speaks at
CUNA’s Governmental
Affairs Conference
Edward A. Filene
2005
In response to the devastation wrought by
Hurricane Katrina, the CU system launches
Operation RESCU to coordinate
preparedness against future disasters.
Edward A. Filene
2007
Credit union membership
tops 90 million.
Edward A. Filene
2008
After 31 years at the Washington Hilton
Hotel, the CUNA Governmental Affairs
Conference moves to the Washington
Convention Center, drawing record
attendance of more than 5,000.
Edward A. Filene
November 2008
St. Mary’s Bank Credit Union, the nation’s first,
marks its centennial anniversary.
Edward A. Filene
2008
Credit union federal deposit insurance
coverage levels are raised to $250,000
from $100,000 after President Bush signs
the Emergency Economic Stabilization Act.
Edward A. Filene
TODAY
YOU play an important role in shaping the future
of the credit union movement.
visit cuna.org/100years for more information.