Which president signed the Federal Credit Union Act into law?

The Federal Credit Union Act, which was a significant piece of legislation for the establishment and regulation of federal credit unions, was signed into law by Franklin D. Roosevelt on June 26, 1934. This Act was created during the Great Depression to provide a safe and accessible source of credit to individuals who may not have had access to traditional banking services. Roosevelt's administration aimed to promote cooperative financial institutions that would serve the needs of members rather than the profit motives of shareholders, which was a revolutionary concept at the time.

This legislation laid the foundation for the credit union movement in the United States, emphasizing the importance of serving low-income individuals and promoting financial inclusivity. Franklin D. Roosevelt's commitment to economic recovery and reform was instrumental in the establishment of this framework, which allowed credit unions to thrive as not-for-profit entities dedicated to serving their members.