We’re 100% focused on your financial success
A proud past and a bright future
Members of Rockland Federal Credit Union know that credit unions are always striving to serve their members and community in as many ways as possible.
We value each member’s input as an equal owner in the credit union, and offer flexible loan terms as well as low-cost accounts. We also reward our members with higher dividends, and proudly donate our time and our resources to community initiatives and organizations.
This article celebrates the history, contributions, and benefits of credit unions.
Both credit unions and banks provide those they serve with a broad range of financial services and products. However, there’s a key difference: Banks are created to generate profit for their owners; credit unions are created to provide members with a place to manage their finances at the best possible terms.
The common good
The noble goal of putting members first is deeply rooted in the rich history of the credit union movement.
The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed his neighbors and friends could enjoy an enhanced standard of living if only they had access to common funds. He proposed that all community members pool their resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well-received by his community, and the first credit union model was established.
In 1909, the concept crossed the ocean to America. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Filene hired attorney Roy Bergengren to assist him; Bergengren soon created a more systemized concept for the credit union model that’s so successful today.
Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the movement achieved federal recognition and national acceptance.
When President Franklin Roosevelt signed the Federal Credit Union Act into law in 1934, it created a federally chartered system of not-for-profit cooperatives.
The Act enhanced the public’s confidence in credit unions, and the movement continued to spread nationwide. In 1970, the National Credit Union Share Insurance Fund (NCUSIF) was established, which insured credit union deposits in much the same way the FDIC insures bank deposits. The National Credit Union Administration (NCUA) provides insurance through the NCUSIF. Rockland Federal Credit Union is insured by both the NCUA and the Massachusetts Credit Union Share Insurance Corporation (MSIC).
Rapid growth
With the credit union movement growing at its most rapid pace, prospective members flocked to join the new member-owned financial institutions. Between 1970 and 1979, credit union assets in America tripled.
In 1977, another credit union-friendly regulation was signed into law, empowering the cooperatives to offer more services and products to their membership, most notably mortgage lending and Share Certificates (which function much like CDs).
Today, the credit union movement continues to thrive, backed by the “full faith and credit of the United States Government.” These not-for-profit institutions are known for putting the needs of their 117-plus million members first and helping them achieve their personal goals through sound financial practices and targeted advice.
Here at Rockland Federal Credit Union, we’re proud to be a part of this movement. At the core of our values is an unwavering commitment to creating mutual benefits for members and local communities. Our innovative banking solutions, low fees, and high dividend rates helps members achieve and maintain financial wellness. As a member-owned institution, our only objective is your satisfaction and your success.
Credit union history is still in the making. Be a part of it by calling, clicking, or stopping by Rockland Federal Credit Union to learn about our exceptional financial products and benefit from our highly personalized service.
Experience the credit union difference!