In 1862, Friedrich Raiffeisen created cooperative banks to help farmers escape loan sharks

Meet Alphonse Desjardins, a credit union pioneer

The first credit union opened in Germany in 1864, but the bank alternative didn’t reach North America until 1901. That’s when Canadian journalist Alphonse Desjardins introduced the concept to his hometown with a starter 10-cent deposit. Desjardins helped launch the first US credit union just eight years later. This engaging timeline highlights Desjardins, his contributions to credit unions, and how the institutions have evolved over the last 100-plus years. Scroll through the timeline here.

Credit unions, explained

Proponents of credit unions often point to the fact they’re not-for-profit cooperatives instead of for-profit businesses as a key selling point. This explainer dives into what this looks like in action—instead of pocketing the profits from interest rates, credit unions reinvest that money into the products and services they offer. For customers, this tends to create a more personal and community-oriented experience.

Credit reporting started as a service for businesses rather than consumers

In the 1700s US economy, consumer credit reporting wasn't necessary. A loan to a farmer for agricultural supplies, for instance, would inevitably help them purchase both personal and business items.

Facts and figures on the largest credit unions

As of early 2024, credit unions had $2.31T in assets under management and were growing exponentially. Some of the biggest players limit access to military personnel, residents of specific states, and those with active religious affiliations. If you want to bank with some of the top names in the US, this list will help you check to see if you qualify.

Are credit unions living up to DEI promises?

Credit union insiders often say their institutions better serve minority bankers through a combination of a not-for-profit ethos and community focus. However, a recent probe found that the largest US credit union rejected more than half of all Black applicants for conventional mortgages. To dive deep into Navy Federal Credit Union’s mortgage practices, read this journalistic investigation.

Buyers used to borrow money from people within their communities to purchase property

Historically, borrowing money from other people to purchase property was common until private financing companies—primarily building and loan associations—stepped in to offer mortgages to buyers.

Five steps to start your credit union journey

Once you’ve decided you want to start banking with a credit union, you’ll need to fill out an application. This will ensure that you meet all of the institution’s membership requirements. You’ll need to hand over basic information like your name, address, date of birth, Social Security number, and your driver’s license. This tutorial walks you through the process so that you can make your first deposit in no time.

Benjamin Franklin founded America's first lending library in 1731

Franklin convinced members of his intellectual club to pool resources and purchase books none could afford individually. The Library Company of Philadelphia was founded with 50 shareholders, each contributing 40 shillings, and served as the unofficial, de facto Library of Congress from the Revolutionary War until 1800.

Fintech could help democratize access to banking

More than 1.3 billion adults worldwide do not have access to basic banking services as of this writing—but some experts believe that the fintech industry can help with that by targeting groups of people who have historically been underserved by traditional banks.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The Fair, Isaac and Company (FICO) was founded in 1956

When they created FICO, William Fair, an engineer, and his cofounder, Earl Isaac, reasoned that financial data could help a wide variety of companies improve business decisions. FICO created the first credit scoring system to help lenders be more objective.

US women got the right to open a credit card in their own name in 1974

Before that year, banks in the US were legally allowed to deny women credit or charge them higher interest if they failed to get a male cosigner.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The concept of CDs dates back to the 1600s in Europe

Banks in the US started issuing CDs in the early 1800s as the banking system began to take shape following the Revolutionary War. The federal government did not formally insure CDs until the FDIC was formed in 1933.

Charles Schwab kick-starts zero-commission era for retail investors

Throughout history, retail investing was often too expensive for many individuals. That’s because investors owed the cost of the trade as well as the commission and fees due to the broker. Charles Schwab revolutionized the retail investing landscape in 2019 when it announced it would slash all fees on stock trading. This quickly prompted other brokerages to follow suit. Read more in this article.

Two of American Express' co-founders also founded Wells Fargo

Henry Wells and William Fargo formed Wells, Fargo & Co. two years after American Express was created. Wells and Fargo saw an opportunity to expand the express delivery service from the East Coast and Middle America to the West Coast. The two initially asked the American Express board to expand operations, but the board declined, so they decided to create their own company. Today, Wells Fargo is among the top four largest banks in the US.

Fractional reserve banking creates deposits from loans, not the other way around

The traditional view of banking is that customers deposit money into the bank and the bank lends out those deposits. That's partly true, but most banks work by making loans first, which creates an asset on their balance sheet as a corresponding deposit. Banks often operate under a money multiplier ratio, lending out several times their total reserves.

BankFind is a tool that helps you find current and former FDIC-insured banking institutions

The tool from the Federal Deposit Insurance Corporation (also known as the FDIC) allows users to search for these institutions by name, location, and more.

'Floating rate' loans periodically adjust their interest rates in accordance with economic conditions

When the Federal Reserve began raising interest rates in 2022 to combat inflation, interest payments borrowers owed to private credit lenders increased accordingly. Private credit funds benefited as loan returns increased, making the asset class attractive to investors at the time.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

A New York farmer established the first cheese factory and revolutionized the industry

Jesse Williams, a farmer in New York state, had a passion for cheese but didn’t have the resources to produce it at the scale he desired. So, in 1851, Jesse and his son opened the first cheese factory, sourcing milk from multiple local farms and producing 100,000 pounds of cheddar—in their first season. Soon, Williams had hundreds of factories and created the prototype for cheesemaking as we know it today.

In 2025, the 'two strikes and you're out' rule took effect to protect consumers from repeated attempts to withdraw money

After years of being delayed by litigation, a 2024 US Supreme Court ruling upheld a law that prevents lenders from attempting to take payments from accounts with insufficient funds more than twice without reauthorization. This tactic is commonly used by payday loan companies, which technically require repayment on the day borrowers receive their paychecks.

Mutual funds were first created and sold in the US in 1924

Mutual funds were created in 1924, became popular in the '80s and '90s when investors saw a better payoff. Since then, they’ve evolved to be one of the most popular investment options today.

Around two in five students in any given academic year take out some form of student loans

Among the nearly two in five students who take out loans, 90% of those students rely on federal loan programs. These federal loans come in three flavors—subsidized, unsubsidized, and options for parents and graduate students. Each option has its own financial considerations; see an overview of each, along with what to consider when borrowing funds to cover higher education costs.

Usonian design was invented as a response to Americans’ financial struggles

Around the time of the Wall Street crash of 1929 and the Great Depression, Frank Lloyd Wright sought to create homes that made life easier for those struggling financially. Usonian homes are typically characterized by simple materials, small square footage, and natural light.

How couples today manage their finances

In relationships, shared bank accounts used to be the default. Not anymore. Many couples maintain separate finances for practical reasons or to retain greater independence, though many couples experience trust issues as a result. This article checks in on the status of relationship finances and highlights, among other insights, how attitudes toward money are often determined by family history.

Why countries have credit ratings

Sovereign credit ratings work like national credit scores, measuring a country’s ability and willingness to repay its debt. Moody’s, S&P, and Fitch are the major agencies assigning these ratings, which influence borrowing costs and investor confidence.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Clever Hans was a 1900s horse that was believed to be able to solve math equations, tell time, and read and comprehend German, until a psychology student discovered how he got his answers.

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

The first line of 'immortal' human cells, which can divide indefinitely and are used in scientific research, was nonconsensually taken from a Black woman.

See how each of the more than two million known species relates to each other—and to common ancestors—in this zoomable tree of life.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

Ebola species have historically been named after where they were discovered, stigmatizing residents who live there, including Bundibugyo, in Uganda.

Before humans, the Soviet Union and the United States sent animals—including apes, dogs, and cats—to space during the Space Race.