America’s first federally-chartered credit union was organized in Texarkana

That’s right, Morris Sheppard Texarkana Federal Credit Union, located in downtown Texarkana, Texas, is Charter #1 among the National Credit Union Administration’s directory of federal credit unions. 

Morris Sheppard Texarkana Federal Credit Union was named after U.S. Senator Morris Sheppard.  Sheppard moved to Texarkana in 1899, where he resided until death. Sheppard served on the U.S. Senate from 1913 to 1941, during which time he was one of the federal credit union movement’s biggest supporters. In fact, Sheppard assisted in drafting and passing the Federal Credit Union Act. Signed into law on June 26, 1934, the Federal Credit Union Act allowed for creation of a national system to charter and supervise federal credit unions. Today, the National Credit Union Administration supervises over 6,000 federal credit unions.