Brief Credit Union History
Credit Unions are Built Differently
While credit unions today offer many of the same products and services as banks, the foundation and structure of our purpose is vastly different. Credit unions were created to benefit its members and their communities by channeling its earnings back into products and services beneficial to its members.
By contrast, banks channel their profits back to their shareholders, and not to bank customers. Also, each member is an owner of their credit union and has a say in how the credit union is managed.
Started During The Great Depression
During the Great Depression of the 1930s, as Americans migrated in search of work, urgency grew for a new economic solution to get the nation back on its feet. In 1934, the Federal Credit Union Act became law under President Franklin D. Roosevelt. This new law created extraordinary options for people with similar employment to pool their relatively scarce financial resources for the greater good.
People-Focused, Community-Oriented
This new federal law allowed credit unions to focus on helping people, not just on making a profit. Today, there are more than 5,000 credit unions in the United States. At Travis Credit Union, we serve members from every socio-economic standing and are focused on their financial wellness. Through financial education and community advocacy, TCU is part of the credit union difference.