Credit union law in the U.S. built on earlier legislation such as that developed by Franz Hermann Schulze-Delitzsch in Germany and Alphonse Desjardins in Canada.

Among the individuals responsible for formulating credit union legislation in the United States were Edward Filene, Pierre Jay and Roy Bergengren.

The Act is amended periodically to evolve and remain a modern credit union law.

This contemporary law, coupled with the NCUA Board's commitment to reduce regulatory burden, enables federal credit unions to offer a variety of services to meet the financial needs of their members.

Federal credit unions organized and operated in accordance with the Federal Credit Union Act are considered entities of the United States government and are tax-exempt under savings accounts.