Credit Union History

A Legacy of Cooperation: The History of Credit Unions

1844 – The Spark of a Movement
In Rochdale, England, a group of weavers band together to open a cooperative grocery store. Their revolutionary idea: pool resources, share profits. This small co-op plants the seeds of the global cooperative movement—including credit unions.

1850s – Germany’s First Credit Unions
Hermann Schulze-Delitzsch launches Vorschussvereine—“people’s banks”—across Germany, creating the first successful credit unions based on cooperative principles. By 1859, 200 are established, introducing the concept of a common bond that would later influence the U.S. credit union model.

1909 – America’s First Credit Union
Textile workers in Manchester, New Hampshire, open the nation’s first credit union: St. Mary’s Cooperative Credit Association, now known as St. Mary's Bank. With the help of Monsignor Pierre Hevey, attorney Joseph Boivin, and Canadian pioneer Alphonse Desjardins, a movement begins—from a home that’s now America’s Credit Union Museum.

1910 – Massachusetts Makes It Official
One year after passing the first U.S. credit union law, Massachusetts opens its first credit union: the Industrial Credit Union in Boston.

1915 – Credit Unions Come to Rhode Island
La Credit Union de Notre Dame de Central Falls (today’s Navigant Credit Union) becomes Rhode Island’s first.

1916 – A Tax Break with Purpose
Credit unions gain exemption from federal income tax—recognized as organizations built for mutual benefit, not profit.

1919 – Unity in Massachusetts
The Credit Union League of Massachusetts becomes the first credit union trade association in the country.

1923 – The Birth of a Symbol
The U.S. credit union movement gained momentum, pioneer Roy Bergengren saw the need for a unifying emblem. He turned to Boston Globe artist Joseph Stern, who created the iconic “Little Umbrella Man”—a symbol of protection, trust, and the shelter credit unions offer their members.

1934 – A Big Year for Credit Unions
President Roosevelt signs the Federal Credit Union Act, launching a national system for credit union growth. The Credit Union National Association (CUNA) is born, now America's Credit Unions. The Credit Union Association of Rhode Island is founded.

1948 – A Day to Celebrate
The first Credit Union Day is observed. It becomes International Credit Union Day, celebrated worldwide every October.

1954 – New Hampshire Joins the Movement
The New Hampshire Credit Union League is established, solidifying local representation.

1970 – Federal Backing Arrives
Congress creates the National Credit Union Administration (NCUA) and the National Credit Union Share Insurance Fund (NCUSIF), strengthening member trust.

1996 – A Turning Point
After a court ruling threatens credit union membership expansion, the industry rallies behind the Campaign for Consumer Choice.

1998 – Victory for Members
President Clinton signs the Credit Union Membership Access Act, protecting credit unions’ ability to serve diverse communities.

2015 – A Regional Force Emerges
The Cooperative Credit Union Association (CCUA) launches, uniting Massachusetts, New Hampshire, and Rhode Island credit unions under one powerful banner.

2016 – Expanding the Map
Delaware joins the CCUA, forming the first four-state, non-contiguous credit union association in the U.S.

Today – Credit Unions, Stronger Than Ever
Credit unions now serve over 142 million members across the United States, offering a community-first alternative to traditional banking. Rooted in cooperation and driven by purpose, credit unions continue to grow, embracing innovation while staying true to their mission: people helping people.