Edward Filene

Edward Filene was an innovative and successful American businessman in the early 1900s. Among his most interesting accomplishments was a profit-sharing plan for his employees, the "bargain basement" model for department store operations, allowing his employees to engage in collective bargaining and arbitration, instituting minimum wages for female workers and advocating a five-day, 40-hour week. In addition to his creative approach to business, Filene was also one of the founders of the U.S. Chamber of Commerce. Thus, he was an ideal individual to help lead the beginning of the credit union movement.

Filene was first introduced to credit unions during a trip to India in 1907. He immediately became interested in how credit unions were organized and managed, and upon his return home he began exploring the possibility of establishing a similar system in America.