How the Industry Has Evolved in 90 Years of Service (Our History)
September 26, 2025
When Affinity Federal Credit Union was founded in 1935, the United States looked very different. It was the middle of the Great Depression, and millions of working families didn’t have access to affordable, trustworthy banking services. Credit unions emerged with a solution: a member-owned, not-for-profit alternative to traditional banks that prioritized people over profits.
90 years later, credit unions serve more than 143 million Americans and manage over $2.3 trillion¹. Our mission is unchanged; we seek to improve the financial wellbeing of our members and communities. However, our industry has evolved significantly since its earliest days. As Affinity celebrates its 90th anniversary, we’re looking back at how far we’ve come.
From Paycheck Services to Full-Service Banking
The earliest credit unions focused on basic financial needs. Coworkers and communities pooled their savings so that members could access small, low-interest loans. These credit unions helped workers cover emergency expenses and make essential purchases when banks might have turned them away.
Today, credit unions have expanded to full-service financial institutions. Mortgages, credit cards, auto loans, investment accounts, and digital banking tools are now standard offerings across the industry.
Affinity’s own journey mirrors that growth. We started as a financial resource for Western Electric Company employees, and we’ve since expanded into one of New Jersey’s largest credit union, serving more than 231,000 members across several states. Over the years, we have adopted the tools, coaching, and educational programs that our members needed. We’re proud to make financial wellbeing more accessible and help our members thrive, no matter where they’re starting from.
The Rise of Regulation, Innovation, and Access
A major turning point in our industry came in 1934, when Congress passed the Federal Credit Union Act. This law gave credit unions a federal charter and laid the groundwork for national expansion. In 1970, the government established the National Credit Union Share Insurance Fund, which protects deposits in a credit union the same way the FDIC does at banks. These policy changes gave credit unions the regulatory support they needed to expand while protecting their cooperative mission.
As consumer needs evolved, credit unions did, too. Technological advances, in particular, have driven our industry forward. Online and mobile banking, and real-time alerts have made it easier than ever to manage money. Through adopting new tools and programs mindfully, credit unions have preserved our core differentiator: members come first.
Rooted in Community, Built to Last
Over 90 years have passed since the first credit unions opened their doors. Undoubtedly, our industry has evolved - but our core philosophy remains the same. Credit unions were built to serve people, not shareholders.
Affinity continues to honor and build on our legacy. We host financial reality fairs to teach students the fundamentals of budgeting. We provide free financial education resources, including our podcast Wellbeing and Your Wallet² and real-time advice from our Certified Wellbeing Coaches³, to help our members keep their budgeting and savings goals on track. The Affinity Foundation⁴, our partner nonprofit, provides grant funding for member education and other community needs.
From our Depression-era roots to our modern presence across communities, Affinity has grown while staying true to its members. We have remained a stable, trusted financial partner for our members. Today, we’re looking forward to 90 more years at your side.
This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.
1 Retrieved from: https://ncua.gov/files/publications/analysis/quarterly-data-summary-2025-Q2.pdf
2 Retrieved from: https://wellbeing-and-your-wallet.captivate.fm/
3 Retrieved from: https://www.affinityfcu.com/financial-wellbeing/certified-wellbeing-coaches
4 Retrieved from: https://www.affinityfcu.com/foundation/