From the President to the Treasury Secretary (1936):
In the first years of implementing the 1934 Federal Credit Union Act, oversight of the emerging federal option was placed in the Farm Credit Administration. The FCA’s publication, Cooperative Saving, was a quarterly sent to all credit unions about how to set up and run a credit union. William Myers, the FCA’s administrator, wrote this statement in the July-August 1938 first issue.
Note the “Memorandum-The Basis of Credit Union Success” is addressed to all FCU members. And his statement, “If anyone should ask for the reason for this success. . . I should refer them to you.”
Aligning NCUA with administration on priorities is critical to legislative change, such Congress’s 1984 restructuring of the NCUSIF following cooperative principles. The White House’s Assistant to the President David Gergen, acknowledges NCUA’s role for “restraining excessive government spending.”
When members, regulators and the Administration’s priorities are aligned in support of cooperatives, credit unions “will continue to flourish greatly as one of the hopeful and lasting institutions of American life.” It has happened before.