In the 1950s, New York State credit unions experienced continued growth. A record 1,006 credit unions were reported by the state in 1956, when the League launched CU-VUES, a monthly bulletin, to communicate important information to member credit unions.
In 1958, the League purchased its own building at 204 Fifth Ave., New York City.
At the 1959 League annual convention, a stabilization services program was established as a safety net for member credit unions affected by turmoil in the national economy, and to further assure members of the safety of joining a credit union. The stabilization program was used until 1970, when all credit unions were required to be insured under the NCUA Share Insurance Fund.
In that same year, the League also established the Sidney Stahl Memorial Foundation, later the New York Credit Union Foundation. This charitable arm of the League was tasked with providing education and training to New York State credit union volunteers.
1959 once again saw New Yorkers play a substantial role in advocating legislation in an effort to broaden the scope of the Federal Credit Union Act. James P. Eagan of Schenectady, a member of the CUNA Legal and Legislative Committee; Louis Bonderefsky, League treasurer; and Congressman Abraham J. Multer of Brooklyn, a ranking member of the House Banking and Currency Committee helped to pass H.R. 8305. This bill, in addition to other supporting amendments, updated and expanded the Federal Credit Union Act and authorized federal credit unions to cash checks for members.
In the 1960s, credit unions underwent a fundamental change—the number of credit unions decreased, while membership numbers grew substantially. In response to this change, the focus of the League shifted to provide education, services and products to member credit unions.
As a result, the League's income increased dramatically and the League was forced to adopt a corporate structure. In 1961, NYSCUL Inc. was formed to provide a form-supply depot, print shop and marketing outlet for CUNA Mutual. Later, NYSCUL Inc. II was formed to provide data processing for credit unions. The two were eventually merged, and the League Marketing Group was formed. Data processing services were soon discontinued after disappointing results.
In 1963, President John F. Kennedy signed the Credit Union Bill into law, amending the Federal Credit Union Act to extend the time during which credit unions could hold their annual meetings.
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