Congress Notes 70 Years of FCUs; Lawmakers Note CUs' Dedication to Those of Modest Means

WASHINGTON-Two members of the House Financial Services Committee commemorated the 70th anniversary of President Franklin Delano Roosevelt’s signing of the Federal Credit Union Act by having statements inserted into the Congressional Record. House Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.) and Financial Services Committee Member Darlene Hooley (D-Ore.) marked the occasion with statements entered into the Congressional Record June 24 for the June 26 anniversary. “The entire premise of the credit union movement is the commitment to values that we can all embrace,” Bachus said. “Folks with modest means who oftentimes are overlooked by other types of financial institutions are assured of access to financial services thanks to America’s credit unions. Driven by a deeply held commitment to member service rather than financial profits, credit unions offer not only low-cost financial services but also much-needed financial education to some of the most neglected sectors of our society.” He highlighted credit union volunteerism and member ownership. He concluded, “In conjunction with all the fine work of.NAFCU.there is no doubt in my mind of the benefits Americans across the nation will continue to gain because of the good work of our nation’s federal credit unions for many more years to come.” “While federal credit unions have grown since 1934, their basic mission remains the same today as it was 70 years ago.”Hooley’s statement read. They provide low-cost services to their members and operate under the values of democracy and volunteerism. “The unique democratic spirit of credit unions is what sets them apart from other financial institutions,” she added. “Seventy years after passage of the Federal Credit Union Act, federal credit union boards of directors are still elected democratically with every single member of the credit union (regardless of the amount of his or her savings) having an equal vote. What’s more, the vast majority of credit union board members volunteer their time for the betterment of the credit union, without compensation of any kind.” Hooley also noted that credit unions have stuck to their mission of reaching out to those of modest means. “Credit unions also continue to serve a growing number of people of modest means. By building branches in distressed neighborhoods absent other traditional financial institutions, credit unions have helped encourage entrepreneurship and improve access to basic financial services,” she said. “I commend the Nation’s federal credit unions for the good work they have done for the last 70 years and the good work they will, no doubt, continue to do for the next 70 years.” [email protected]