The need for a Credit Union was recognized by several Federal Agency Department Heads. This group of representatives got together with the intent to form a Credit Union for the Salt Lake County Federal employees, whom were not eligible for membership else where, so that the employees could save money and get loans at lower rates of interest.
After several weeks Associated Federal Employees Federal Credit Union received its approval of organization from the Bureau of Federal Credit Unions to become a federally chartered Credit Union on September 15, 1954.
What is a Credit Union"A credit union is not an ordinary financial concern, seeking to enrich its members at the expense of the general public, Neither is it a loan company, seeking to make a profit at the expense of the unfortunates... The credit union is nothing of the kind; it is the expression in the field of economics of a high social ideal."
~Alphonse Desjardins, Canadian credit union pioneer