WASHINGTON — The House of Representatives is scheduled to today on a measure to mark the founding of the first American credit union 100 years ago.
Credit unions have "exemplified the American values of thrift, self-help and volunteers, carving out a special place for themselves among the nation's financial institution," according to the measure, sponsored by Reps. Carol Shea-Porter and Paul Hodes (both D-N.H.).
Shea-Porter's district includes Manchester, the site of St. Mary's Cooperative Credit Association, which was formed on Nov. 24, 1908 by Canadian immigrants. Many of the customers worked in the local textile mills and had used credit unions in CanadaAmerica's Credit Union Museum is housed in the former offices of the St. Mary's. since the first one was formed there in 1901.
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The resolution notes that St. Mary's and other credit unions "played an instrumental role in helping hard-working Americans recover after the Great Depression."
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