The Credit Union Story

 

Back in 1949, the workers at the Communicable Disease Center (CDC) had a problem. Every payday, they were faced with having no safe place to keep their money. There were two obvious answers: open a bank account or stuff it under the mattress. With the effects of the Great Depression still in recent memory, CDC employees were resistant to deposit their money in any financial institution. And, while the mattress idea seemed safe enough, it did not protect the funds from fires, thieves, or bedbugs.

 

The problem was solved on March 1, 1949. Several CDC employees chartered a credit union exclusively for CDC employees. This financial institution would be democratically run – for the people, by the people. With members making the decisions, the employees of CDC would control the financial institution.

 

Ten months later, on January 18, 1950, the CDC Federal Credit Union held its first Annual Meeting. Seven officers were elected to the board of directors. The assets of the credit union were just over $13,000, and there were 263 members, the first being the CDC Share Store. For many years, CDC employees were pleased with their relationship with the credit union. Knowing that their credit union would provide lower loan rates than banks, CDC employees were loyal to their financial institution. Over the years, there have been many changes in the economy – from stock market crashes to economic booms. Throughout it all, the employees of what is now the Centers for Disease Control and Prevention knew they could depend on their credit union for financial service.

 

In the 1990s, banks began to increase their fees. ATM charges, credit card fees, and increasing minimum balance requirements started to have an effect on the American people. While the people at CDC were thankful that they controlled their own financial institution and therefore controlled these fees, they observed friends and neighbors paying these higher bank fees and wanted to help them.

 

The credit union members supported a bill presented to the National Credit Union Administration that would allow credit unions to have a “Field of Membership,” rather than catering to one particular employer. President Clinton signed the Credit Union Membership Access Act of 1998, permitting credit unions to broaden their eligibility guidelines. With this, CDC employees were finally able to share their financial security with the outside world: The CDC Federal Credit Union. Under the Access Act, recent developments opened certain geographic portions of DeKalb, Fulton, and Gwinnett counties for membership eligibility.

 

As membership expanded beyond the CDC employees, more and more people became interested in our credit union. They wanted to be a part of this exclusive financial institution. Since 1998, CDC FCU has gained over 180 employee groups and over 2,000 non-CDC members. As of 2009, the credit union has approximately $214 million in assets and over 16,000 members. That’s a long way from the original $13,000 and 263 members! This growth is due to the outstanding credit union’s Board and staff, the commitment from our members and the long-time support of our employee groups, particularly the Centers for Disease Control and Prevention.

 

In recent years, CDC FCU has come to be recognized for its exceptional service. While banks have customers, credit unions have members. When a person opens an account with the CDC FCU, he or she becomes a member of the CDC FCU family. From childbirth to estate planning, members know the credit union is there for them – as a family should be! “If you live, work, worship, attend school, or volunteer in portions of DeKalb, Fulton, or Gwinnett counties, you’re now eligible to join CDC FCU!”