Celebrating 90 Years of the Federal Credit Union Act

RBFCU Continues to Uphold the Principles of Thrift and Financial Inclusion

LIVE OAK, Texas (June 26, 2024) — The mission of Randolph-Brooks Federal Credit Union is to “improve our members’ economic well-being and quality of life,” and it’s empowered by the Federal Credit Union Act that was signed into law 90 years ago today on June 26, 1934.

Both the Federal Credit Union Act and RBFCU have counted on the common themes of promoting thrift among members and creating a source of credit for provident or productive purposes to grow from humble beginnings. The FCUA was enacted at the height of the Great Depression with the aim of providing credit to Americans via a national system of nonprofit, cooperative credit unions. The founding themes of both the FCUA and RBFCU are based in promoting thrift among members, and creating timely opportunities for growth. Reflecting the historical humble beginning of this theme, RBFCU began with nine members, each contributing $5 to fund the first deposit of their not-for-profit cooperative in October of 1952.

RBFCU President/CEO Mark Sekula said the principles outlined in the Federal Credit Union Act still resonate deeply with everyone associated with RBFCU.

“Our credit union is founded on the belief that financial services should be accessible and affordable to all,” Sekula said. “The Federal Credit Union Act encapsulates why we exist and why our members turn to us for their financial needs.”

Since its inception, RBFCU has been dedicated to providing affordable, and in many cases, free financial services to its community, upholding the spirit of the FCUA by focusing on three primary objectives:

Safe Savings Facility
RBFCU offers a secure platform for members to save and grow their funds, ensuring that their hard-earned money is protected and accessible when needed.

Low-Cost Loans
RBFCU provides members with access to low-cost loans for various goods and purposes, empowering individuals to achieve their financial goals without the burden of high interest rates.

Enhancing Buying Power
RBFCU assists our members in leveraging their collective buying power to their advantage, enabling them to make informed financial decisions that benefit their financial well-being.

To celebrate the 90th anniversary of the Federal Credit Union Act, RBFCU remains steadfast in its mission to improve members’ economic well-being and quality of life. RBFCU is proud to be a part of the credit union movement that continues to uphold the principles of financial inclusion and cooperative economics.

About Randolph-Brooks Federal Credit Union

Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $17.7 billion, RBFCU serves more than 1 million members at 62 branches throughout Texas, and online at rbfcu.org and the RBFCU Mobile^® app.

Media Contact

Victoria Young, Marketing Communication Senior Specialist
vyoung@rbfcu.org