The History of America's Credit Unions
University Federal Credit Union (UFCU) serves the University of North Dakota staff, faculty, and students, along with their immediate family members. UFCU is dedicated to the well being of their members and the UND community, and serve them with an on-campus and off-campus branch location.
History
University Federal Credit Union (UFCU) was chartered in 1937 to serve the faculty and staff of the University of North Dakota (UND). At this time the United States was still embroiled in the Great Depression. It was in this setting that UND employees recognized the need for financial stability in their community and organized UFCU. The founders of UFCU were then UND President John C. West, long-time Law School Dean Olaf Thormodsgard, and Professor Erich Selke, the namesake of UND dormitory Selke Hall, to name a few.
The original 1937 Organization Certificate of UFCU states a wish to “make more credit available to people of small means…thereby helping to stabilize the credit structure of the United States.” The first ever board meeting minutes reflect this desire as the secretary recorded, “it was the strongly expressed judgment of the meeting that small loans be made as easy and convenient as possible to obtain and that no conditions be imposed which might discourage members from applying for them.”
On September 22, 2000 UFCU opened their field of membership to include UND students. This change was supported by the UND student body president and vice president. They included a letter of support stating that UND students did not want to start their own credit union as they felt that UFCU had the resources and willingness in place to serve the UND student community. Today, UFCU is just as focused on exclusively serving the UND community as they were in 1937.
In 2003, University Federal Credit Union opened a second location, off campus.
University Federal Credit Union (UFCU) knows the importance of having a branch on campus, which is easily accessible for staff and students. In the fall of 2025, UFCU relocated to a new location in a brand-new building on campus. This location is connected to the University of North Dakota campus by indoor tunnels, which is especially convenient in the brutal North Dakota winters.
In 2021, University Federal Credit Union (UFCU) approved their first airplane loan for a UND aviation student.