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Post-war era brought growth, changes for New York’s credit unions

In the 1950s, New York credit unions experienced continued growth. A record 1,006 credit unions were reported by the state in 1956—the same year this publication, CU-VUES, was originally launched.

The 50s again saw New Yorkers play a substantial role in advocating for legislation to broaden the scope of the Federal Credit Union Act. New York credit union advocates played a key role in the passage of H.R. 8305, which updated and expanded the Federal Credit Union Act and authorized federal credit unions to cash checks for members.

However, the 1960s brought with it a fundamental and somewhat familiar change, as the number of credit unions decreased, while membership numbers grew substantially. In response to this change, the focus of the New York State Credit Union League shifted to provide education, services and products to member credit unions.

But the focus on advocacy never wavered: In 1963, President John F. Kennedy signed into law important amendments to the Federal Credit Union Act that extended the time during which credit unions could hold their annual meetings.

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