What Is the Credit Union National Extension Bureau?

The Credit Union National Extension Bureau helped to promote credit unions.

The Credit Union National Extension Bureau, an organization to promote credit unions, preceded the Credit Union National Association and the Federal Credit Union Act. CUNEB had much to do with credit unions proliferating in the United States.

History of Credit Unions

In 1909, the Massachusetts Credit Union Act became law. This law became the basis for credit unions to form in the United States. By the 1920s, interest in the credit union movement grew. People were able to purchase big-ticket products, such as cars and washing machines, but they often needed credit. Banks were not generally interested in providing consumer credit in those days, so people turned to credit unions, according to the National Credit Union Administration.

Beginning of CUNEB

From 1920 to 1921, Massachusetts chartered 19 credit unions. This prompted Edward Filene, the father of the credit union movement in the United States, to organize CUNEB, a national association to promote credit unions. Filene and Roy F. Bergengren, a Massachusetts attorney, used CUNEB as a way to seek federal legislation for credit unions.

Replacement of CUNEB

Credits unions started forming in more states after the formation of CUNEB. By 1930, 32 states passed credit union legislation, and the United States had 1,100 credit unions. President Franklin D. Roosevelt signed the Federal Credit Union Act in 1934. That act and the formation of the Credit Union National Association replaced CUNEB.

References

• Museum of Learning: Credit Union National Extension Bureau
• National Credit Union Administration: History of Credit Unions
• California and Nevada Credit Union Leagues: Credit Union History