Credit Union Act of 1934

by John Swatsley

Title

Credit Union Act of 1934

Artist

John Swatsley

Medium

Painting - Oil On Cold Press Illustration Board

Description

Since 1934, when President Franklin D. Roosevelt signed into law the Federal Credit Union Act, credit unions all across America have been serving the short-term credit needs of millions of Americans. However, it was years before then -- in 1909 -- that the first credit union in the United States was established in Manchester, New Hampshire, by Edward A. Filene with the help of Alphonse Desjardins. Desjardins had been a legislative reporter in Canada and had seen the abuses of usury. He decided to form a cooperative organization made up of people related in some way. By 1921 the number of credit unions in the United States had swelled to nearly two hundred, and Filene set up and financed the Credit Union National Extension Bureau. Since then, the membership in credit unions has skyrocketed and now there are more than twenty thousand unions nationwide with capital approaching ninety billion dollars.

Please note the "Fine Art America" watermark will not appear on the painting or any print reproduction.

Artwork Copyright © 1983 Wind River Studios Holdings, Inc. All Rights Reserved under United States and international copyright laws. You may not reproduce, distribute, transmit, or otherwise exploit the Artwork in any way. Any sale of the physical original does not include or convey the Copyright or any right comprised in the Copyright. WRSH Stock Number XB08526

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July 20th, 2022

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