ALEXANDRIA, Va. (6/5/13)--Aspiring credit union historians can trace the movement's development from the 1.3 million members and 3,815 institutions reported in 1944 to today's far higher totals. The National Credit Union Administration announced yesterday that it has made all annual reports since that year available online.
The NCUA's archived 1944 credit union report gives a snapshot of the industry's early years, including this map. (NCUA image)
The annual reports cover nearly seventy years of credit union results. The NCUA on Tuesday said it released the archived reports "as part of its ongoing efforts to increase transparency."
The 1944 report, which was prepared by the Federal Deposit Insurance Corp., details the first years of the credit union movement following 1934's passage of the Federal Credit Union Act, and notes the rapid growth of credit unions as "the merits of the credit union plan were quickly recognized." It also addresses the issues that many credit union leaders faced in a wartime economy.
Total assets held by individual credit unions in 1944 ranged from as little as $100 to as much as $3.3 million.
The annual reports serve as the agency's official report to the president and Congress, and cover NCUA and credit union operations. The NCUA noted that many of these reports include audited financial statements for the agency's four permanent funds: the National Credit Union Share Insurance Fund, the NCUA Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.
For more on the reports, use the resource links.