[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1145 Introduced in House (IH)]







110th CONGRESS
  2d Session
H. RES. 1145

Recognizing the 100 year anniversary of the establishment of St. Mary's 
  Cooperative Credit Association, the ``Bank of the People'', and the 
                  birth of the American credit union.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 23, 2008

  Ms. Shea-Porter (for herself and Mr. Hodes) submitted the following 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Recognizing the 100 year anniversary of the establishment of St. Mary's 
  Cooperative Credit Association, the ``Bank of the People'', and the 
                  birth of the American credit union.

Whereas America's first credit union was established in 1908, in Manchester, New 
        Hampshire, in order to afford hard-working American textile workers 
        access to credit and savings;
Whereas the St. Mary's Cooperative Credit Association, later to be named the 
        ``Bank of the People'', would lay the foundation for the creation of 
        over 8,500 credit unions in America today, which serve over 90,000,000 
        members;
Whereas on June 26, 1934, President Franklin D. Roosevelt signed into law the 
        Federal Credit Union Act, thus enabling credit unions to be organized 
        throughout the United States under the charters approved by the Federal 
        Government;
Whereas St. Mary's Cooperative Credit Association and other credit unions 
        created as a result of the passage of the Federal Credit Union Act 
        played an instrumental role in helping hard-working Americans recover 
        after the Great Depression;
Whereas credit unions have consistently carried on the traditions set by St. 
        Mary's and exemplified the American values of thrift, self-help, and 
        volunteers, carving out a special place for themselves among the 
        Nation's financial institutions;
Whereas America's Credit Union Museum, located on the site of America's first 
        credit union, maintains a mission of ``educating present and future 
        generations on the benefits of cooperative self-help efforts to promote 
        thrift and sensible use of credit'' and preserves the history and 
        tradition of America's credit unions;
Whereas credit unions operate with the credo, ``Not for profit, not for charity-
        but for service'' and have consistently reflected this philosophical 
        tradition and the cooperative spirit of ``people helping people'' that 
        gave birth to the Federal Credit Union Act; and
Whereas 2008 will mark the 100th anniversary of the establishment of St. Mary's 
        Cooperative Credit Association in Manchester, New Hampshire, America's 
        first credit union: Now, therefore, be it
    Resolved, That the House of Representatives recognizes the 100th 
anniversary of the founding of St. Mary's Cooperative Credit 
Association, the ``Bank of the People'', and the birth of the American 
credit union.
                                 <all>