The Federal Credit Union Act was signed into law by President Franklin Delano Roosevelt in 1934. This allowed for a national system of nonprofit cooperative credit unions to begin to form. Connex Credit Union was founded in 1940, but many were chartered in 1935. A lot has changed since 1935, especially the price of goods!
Prices in 1935
- The average price of a new house was $3,450
- The average house rent was $22 per month
- The average new car price was $625
- Average annual wages were $1,600
- A gallon of gas cost 10 cents
- A loaf of bread cost 8 cents
- A pound of hamburger meat cost 11 cents
What else happened in 1935?
- Elvis Presley is born
- Babe Ruth plays his last Major League game
- Bob Hope 1st heard on network radio as part of “The Intimate Revue”
- Monopoly board game goes on sale for 1st time
- U.S. Congress accepts FDR’s “New Deal”
Times sure have changed since 1935 and the credit union movement is as strong as ever! Here at Connex, we’ve gone from paper ledgers to having Online Banking, Mobile Banking, Mobile Check Deposit, and Personal Teller Machines (PTMs). It sure will be interesting to see what the next 78 years will bring!