On June 26, 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law as part of the New Deal.
Administration of the Act was transferred to the Federal Deposit Insurance Corporation (FDIC) in 1942 under Executive Order 9148.
By 1962, the Bureau regulated more than 21,000[3] federally chartered credit unions with assets equal to $3.43 billion.
[4] During the Johnson Administration, the Bureau conceived of and implemented Project Moneywise, a training program for community leaders in impoverished areas that taught money management alongside cooperative and credit union organization.
The Project was funded by a $125,000 grant from Office of Economic Opportunity as a part of the War on Poverty.