WASHINGTON — U.S. Rep. Yvette D. Clarke (D-N.Y.) praised the record of credit unions in serving low-and middle-income consumers, during a House floor speech on Tuesday.
Clarke, a credit union member, also cited credit unions as examples of economic democracy and noted how they have paid attention to consumers in underserved areas that have often been abandoned by larger financial institutions.
"I am a true believer that people should help people; which is the credit unions' mission," she said. "While this nation is painfully suffering the current mortgage crisis, credit unions have displayed an outstanding record of service to both minority and low- to moderate-income mortgage applicants and have a long history of responsible mortgage lending."
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Clarke, a member of the Small Business Committee, noted that the lower interest rates and outstanding customer service of credit unions makes them appealing to entrepreneurs.
She also pointed out there are six credit unions and approximately 43,569 credit union members in her district, which encompasses part of Brooklyn.
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