As a member-owned, not-for-profit financial cooperative, Morris Sheppard Texarkana FCU will continue to uphold its fundamental responsibility to actively serve people within our field of membership, which consists of the employees of the City of Texarkana TX, and their spouse, children, and grandchildren. We will continue to deliver a range of low cost products and services to the diverse economic and social makeup of our members and potential members.
Morris Sheppard Texarkana Federal Credit Union was named in honor of U.S. Senator Morris Sheppard, who represented Texas in the Senate from 1913 to 1941 and was one of the credit union movement’s greatest supporters in Congress. Senator Sheppard drafted several pieces of credit union legislation in the early 1930′s. But it wasn’t until 1934 that the passage of a Federal Credit Union bill appeared likely, thanks to the efforts of Sen. Sheppard and another Texan who had become convinced of the bill’s importance, Congressman Wright Patman. Our local credit union chapter, an affiliation of credit unions, is named after Congressman Patman.
Time was running short, and Congress was about to adjourn. Sen. Sheppard had been trying for eight weeks persistently to get the federal credit union law enacted. Sen. Sheppard had sponsored the bill from the beginning and, such was his standing in the Senate, that he had little difficulty in getting the bill through that body. But the bill stalled badly in the House and the sands of time were running swiftly against him. In the early evening of the last day of the Session, the bill passed the House….loaded with amendments calling for adoption by the Senate.
There were two alternatives. Sen. Sheppard could refer the bill to a Conference Committee, or ask the Senate for a unanimous approval of the amended bill without either reading the amendments or debating the bill. He decided to do the latter. He assured the Senate that the amendments were simply perfecting amendments. Because Sen. Sheppard had the respect and confidence of every member of the Senate, and because he didn’t have an enemy in that body, the bill passed by unanimous consent. President Franklin D Roosevelt signed the Federal Credit Union Act on June 26, 1934.
Morris Sheppard was born in Wheatville, TX on May 28, 1875. He moved to Texarkana in 1899. For the remainder of his life he was a resident of Texarkana. Mr Sheppard passed away April 9, 1941. When the federal credit union law was enacted, the first federal credit union was organized in Texarkana and very appropriately called the Morris Sheppard Texarkana Federal Credit Union, Charter #1.
National Credit Union Administration, 20th Century Federal Credit Union, 1999 Annual Report, pg 6. Bergengren, Roy F. (1975, May). People in History. Credit Union Magazine, p. 32. Morris Sheppard FCU Honored-First Federally Chartered CU in US (1983, January 11). National Credit Union Administration.