Chartered in 1937, eight employees worked together to help start the employer-based Honolulu Construction and Draying Employees Federal Credit Union. Thanks to a strong commitment to make banking easy and enjoyable for its employees and members, HC & D EFCU had steady growth. In 1978, the credit union changed its name to HC & D Community Federal Credit Union and a new community charter allowed them to serve the Kalihi community. In 1984, the credit union changed its name one final time to Hawaii Federal Credit Union and today, Hawaii FCU continues to grow and serve the members of the community. Credit unions aren’t just convenient; they are run with a decidedly different approach than a traditional bank. Credit unions are built on the simple idea that member-owners can pool their funds and make low-interest loans to each other. This concept debuted in 19th-century Europe as an alternative to cooperative banking—sort of the people’s way to bank more affordably. As Canada followed suit and successfully instituted credit unions, two American businessmen—Pierre Jay and Edward Al Filene—brought the idea to the states. The pair is credited with rallying citizens behind the first state credit union act, which passed with flying colors in Massachusetts in 1909.