20¢ Credit Union Act
Issue Date: February 10, 1984
City: Salem, MA
Commemorating the 50th anniversary of the Federal Credit Union Act, this stamp is the second issued in 1984 to have a dollar sign as a central design element. Prior to these two stamps, the dollar sign had not been used as part of the main stamp vignette.
Federal Credit Union Act of 1934
A credit union is a financial cooperative chartered by the federal government and owned by its members. Credit unions offer members a safe place to save and borrow money at reasonable rates. Surplus income is returned to members in the form of dividends. Membership is limited to groups of people with a common bond, such as types of industry or employment.
With the passage of the Credit Union Act of 1909, Massachusetts became the first state to enact legislation to regulate the cooperatives. Modeled after the Massachusetts legislation, the Federal Credit Union Act of 1934 established a nationwide system to charter and supervise the cooperatives. The number of credit unions in the United States has grown steadily since 1934. Today more than 9,500 credit unions offer a full range of services to 82 million members.