As part of his progressive New Deal legislation, on June 26, 1934, President Franklin Roosevelt signed the Federal Credit Union Act. The act established credit unions in the United States to make credit available. FDR hoped that the act would encourage further spending as a means to stimulate the economy. The National Credit Union Administration was created because of this act, and continues to be in force even today.
Today In History- June 26
President Franklin D. Roosevelt signs the Federal Credit Union Act.
Federal Credit Unions established with 1934 Act.
- Washington D.C., USA
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