John F. Kennedy photo

Statement by the President: Credit Union Day.

October 17, 1963

TODAY, credit unions throughout the Nation are celebrating Credit Union Day. It is therefore particularly appropriate that we recognize the occasion by signing this bill, which allows Federal Credit Unions greater flexibility in their operation.

Credit unions have had a long history of service. They perform a valuable function-permitting people to pool their resources and attain greater economic security. It is a form of self-help in the best American tradition.

Fifty-four years ago, Massachusetts passed the first State law authorizing credit unions. Now, there are active units in every one of the 50 States, and there is a Federal Credit Union Act. Fourteen million American citizens have used their facilities to accumulate $7 billion in savings.

With their growth has come increased opportunities for service--in teaching thrift--in making credit available to people without major assets at reasonable rates of interest.

This legislation, which I am delighted to approve, was sponsored by Congressman Patman and Senator Sparkman. Their long-standing interest in credit unions is known to all of us. We are grateful to them for their leadership.

Note: As enacted, the bill (H.R. 4842) is Public Law 88-150 (77 Stat. 270).

John F. Kennedy, Statement by the President: Credit Union Day. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/236417

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