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Comrade Citizen

(344 posts)
15. US Credit Unions are a creation of Texas Democrats
Mon Mar 24, 2025, 12:45 PM
Mar 2025
Senator Morris Sheppard and Congressman Wright Patman are considered the fathers of the Federal Credit Union Act of 1934. Sheppard was the act's author. The bill had stalled in the United States House of Representatives, considerably shortening the time the United States Senate had to pass the final version. Rather than sending the bill to a conference committee, Sheppard asked the Senate to pass the bill unanimously without reading the bill or the amendments. The bill passed the Senate unanimously.[10] The Morris Sheppard Credit Union in Texarkana, Texas carries the Senator's name, while the institution's local credit union chapter is named after Congressman Patman.

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