CUs: A stable path through the Great Depression
Credit unions enjoyed economic stability as the nation suffered through the Great Depression. Because they were required by their bylaws to keep reserve funds sufficient, most credit unions were able to weather the Depression unscathed. Some emerged even stronger.
In 1930, a credit information exchange was created to enable associational, parish and open-membership credit unions to record all borrowers’ and co-makers’ names. The exchange, which opened with over 25,000 records, helped credit unions minimize delinquent accounts and eliminate bad accounts. That year, the nationwide credit union movement reached an important milestone when the 1,000th credit union was formed.
The New York State Credit Union League also continued to grow through the 1930s. Five League chapters were organized in Brooklyn, Buffalo, Albany, New York City and Rochester to promote closer cooperation, idea exchange and membership growth.
In 1934, Congress passed the Federal Credit Union Act allowing credit unions to be established anywhere in the country. Under the act, credit unions could choose whether to be state or federally chartered.
As the country began to recover from the Depression and the credit union movement expanded nationally, this led to the formation of a national organization: the Credit Union National Association, now commonly referred to as CUNA.
Registration is now open for the New York Credit Union Association’s 2017 Northeast Economic Forum – The Point
The New York Credit Union Association is offering credit unions access to two complimentary webinars this year as a benefit of membership. Individuals interested in utilizing this membership benefit should register by tomorrow, June 30 – NYCUA
CUNA and other trade groups announced their belief that the Community Development Financial Institutions program is biased toward non-credit union, non-bank grant recipients that are largely unregulated – CU Times
S. mortgage applications recorded their steepest weekly decline in six months last week, even as most borrowing costs on home loans held steady – Reuters
The recent ransomware strike, which affected computers from Ukraine to the U.S., has intensified worries that such events will become everyday dangers – New York Times
A company called Token unveiled a new fingerprint-sensing ring that’s designed to unlock and authenticate everything, including cars, houses, computers and payments – The Verge