Celebrating 90 Years: The Virginia Credit Union League’s Journey and Impact

This year marks the 90th anniversary of the Virginia Credit Union League, a significant milestone that highlights its enduring legacy and vital role in the financial well-being of Virginians. As we celebrate this momentous occasion, let’s reflect on the history and impact of the League, which has been at the forefront of advocating for and supporting credit unions across the Commonwealth.

Since its founding in 1934, the Virginia Credit Union League has grown from a small collective of like-minded individuals promoting the philosophy of “People Helping People” to a powerful force in advocacy, education, and community service. Through every decade, the League has adapted to changes in the financial landscape, always with a focus on improving the lives of credit union members across Virginia.

1930s - The Founding Era

The Virginia Credit Union League was established in 1934, following the passage of the Federal Credit Union Act, which allowed credit unions to be chartered nationwide. The League began as a collaborative effort to promote the credit union philosophy and ensure access to financial services for those often overlooked by traditional banks. The Richmond Postal Credit Union, Virginia’s first, became a model of success, helping to lay the foundation for future growth.

1940s - Leadership and Expansion

The 1940s marked a time of leadership development for the League. Until 1948, the Virginia Credit Union League did not have its own Managing Director. Volunteers and shared arrangements with other state leagues filled the position, but in 1948, the League began operating independently, establishing strong leadership under figures like Elizabeth K. Lynch, who helped grow the League’s advocacy efforts.

1950s - Growth of Services

During the 1950s, the League focused on expanding its services to credit unions throughout Virginia. Education and outreach programs aimed at increasing awareness of the credit union model were a priority, as the League sought to build on the momentum of the previous decades. This era saw steady growth in credit union membership and service offerings, ensuring that more Virginians had access to safe and affordable financial services.

1960s - Advocacy and Technological Innovation

The 1960s was a decade of both regulatory advancements and early technological strides. The Virginia Credit Union League supported the passage of the Truth in Lending Act in 1969, a pivotal moment that promoted transparency and protected consumers in their financial transactions . The League also played a major role in launching credit union debit card programs and expanding access to shared ATMs, which helped credit unions modernize their services.

1970s - Introduction of Share Insurance

In 1974, legislation required all state-chartered credit unions to insure member deposits. The Virginia Credit Union League responded by establishing the Virginia Credit Union Share Insurance Corporation to provide this vital service. The insurance amount initially covered $20,000 per account, which has since grown to $250,000 . This move ensured that credit unions could continue to accept deposits confidently, safeguarding members’ financial security.

1980s - Tax-Exempt Status Victory

In the 1980s, credit unions faced a significant challenge when a proposal to tax them was introduced in the U.S. House of Representatives. The Virginia Credit Union League launched the Victory on Tax-Exempt Status (VOTES) Campaign, rallying credit unions and their supporters to protect the tax-exempt status. The effort succeeded in 1985, with the House passing a tax reform bill that did not include provisions to tax credit unions.

1990s - Shared Branching and Credit Union Membership Access Act

The 1990s brought two significant developments for the Virginia Credit Union League. In 1992, the Credit Union Service Company of Virginia was incorporated, and by 1994, they opened their first shared branch facility in the state. Shared branching allowed credit unions to collaborate, creating a network where members could access their accounts across different credit unions, giving them more flexibility and convenience. Virginia became a leader in this space, with over 80 outlets available to participating credit unions across the state.

The decade also brought a crucial legislative victory with the passage of H.R. 1151, the Credit Union Membership Access Act, in 1998. When the U.S. Supreme Court ruled that multiple common bond fields of membership in federally chartered credit unions were not permitted, the Virginia Credit Union League helped organize a massive campaign that generated more than 20,000 letters to lawmakers . The bill passed both the House and Senate with overwhelming support and was signed into law by President Bill Clinton, preserving credit union membership rights for millions of Americans.
 

2000s - Community and Awareness

In the 2000s, the Virginia Credit Union League continued its focus on community outreach and public awareness campaigns. The Credit Unions Care Foundation of Virginia was established in 2009, furthering the League’s mission of social responsibility by supporting community initiatives, providing disaster relief, and promoting financial education. In 2010, a successful social media campaign raised awareness of the benefits of credit unions, reaching over 1 million people and winning national awards for its creativity.
 

2010s - Advocacy and Global Connections

The 2010s saw the League expanding its advocacy efforts and forging international connections. In 2014, the League created the State-Wide Advocacy Council (SWAC) to streamline and strengthen its advocacy initiatives across Virginia . In 2017, the League hosted a delegation of South Korean credit union leaders, demonstrating its global influence and commitment to international collaboration . The same year, the League joined forces with six other state leagues to form The Raiffeisen Group (TRGroup), a collaborative effort aimed at providing credit unions with access to cutting-edge products and services.
 

Looking to the Future

As the Virginia Credit Union League approaches its 90th anniversary, it remains committed to evolving with the financial landscape. Mary Amyx, Vice President of Events and Education, emphasizes the importance of this evolution: “The League’s role in advocacy and collaboration will continue to be vital as credit unions face future challenges. With our planned consolidation with the League of Southeastern Credit Unions, we are poised to enhance our tradition of cooperation.”

By blending technological innovation with its long-held values of community and mutual support, the Virginia Credit Union League is well-positioned to support credit unions as they adapt and thrive. As we plan for a potential consolidation with the League of Southeastern Credit Unions, pending a member vote, we look forward to continuing our legacy of ‘People Helping People’ for many more years to come. Here’s to the next 90 years of advocacy, education, and spirit of unity!