ALEXANDRIA, Va. (March 10, 2020) – National Credit Union Administration Chairman Rodney E. Hood today issued a statement commemorating the agency’s 50th anniversary:
We are marking a notable anniversary for the credit union industry: 50 years ago today, on March 10, 1970, the National Credit Union Administration was established as an independent regulator of our nation’s system of cooperative credit. The creation of an independent NCUA was a significant recognition of the growing importance of federally insured credit unions within the financial ecosystem.
Today, as we honor our history, I reaffirm my commitment to improving the culture at NCUA by making it an even better place to work in the years ahead. I also look forward to credit unions’ continued record of outstanding service to their members and communities.
Before the NCUA was established, the federal credit union regulator was housed in several agencies, including the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Security Agency, and the Department of Health, Education, and Welfare.
By the 1970s, the credit union industry had grown rapidly, both in terms of institutions and members. That rapid growth called for independent oversight and leadership. Thus, Congress created the NCUA as an independent regulatory body. Today, the agency oversees approximately 5,200 federally-insured credit unions, with roughly $1.57 trillion in assets, and protects the insured shares of more than 120 million member-owners.