September 14, 2009 - Issue: Vol. 155, No. 129 — Daily Edition111th Congress (2009 - 2010) - 1st Session
RECOGNIZING 75TH ANNIVERSARY OF FEDERAL CREDIT UNION ACT; Congressional Record Vol. 155, No. 129
(Extensions of Remarks - September 14, 2009)
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[Extensions of Remarks] [Page E2254] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] RECOGNIZING 75TH ANNIVERSARY OF FEDERAL CREDIT UNION ACT ______ speech of HON. CANDICE S. MILLER of michigan in the house of representatives Wednesday, September 9, 2009 Mrs. MILLER of Michigan. Mr. Speaker, I rise today in strong support of H. Res. 556, which recognizes the 75th anniversary of the passage of the Federal Credit Union Act. Credit unions, not-for-profit financial cooperatives, are a form of economic democracy. Credit unions exist to serve their members, not turn a profit. Earnings beyond operating expenses are returned to members in the form of lower loan rates, higher interest on deposits, and lower fees. While we are recognizing the 75th anniversary of the passage of the Federal Credit Union Act today, it is important to note that credit unions have been present in the United States since 1909, starting with the chartering of the first credit union in the State of New Hampshire. As a Representative from Michigan, a State with 341 credit unions serving over 4.3 million members, I can speak to the positive impact of these vital financial institutions. In Michigan, members of a credit union can expect to see a membership benefit of, on average, $92 a year by working with a credit union. For the average household, the annual benefit rises to $175. I know that in my district, $175 goes a long way toward covering necessary household expenses. For a member in Michigan, financing a new automobile through their credit union produces an average savings of $156 per year in interest expense. The Invest in America program, a partnership between GM and Chrysler with credit unions, has helped to spur over 189,000 new vehicle sales. Sales from this program have reinvested over $3.05 billion in the national economy, crucial support during the current economic downtown. In addition to the direct financial benefits that credit unions provide to their members, credit unions positively impact their communities in other ways. Credit unions put on financial literacy seminars throughout Michigan in order to educate people about their financial options. Because of these contributions to our Nation's communities, I am proud to support House Resolution 556. Congratulations on the 75th anniversary of the Federal Credit Union Act and the first 100 years of credit unions in America. I urge my colleagues to support the passage of this bill. ____________________