[Congressional Record Volume 140, Number 86 (Thursday, June 30, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: June 30, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                    CREDIT UNIONS SERVE PENNSYLVANIA

                                 ______


                           HON. RICK SANTORUM

                            of pennsylvania

                    in the house of representatives

                        Wednesday, June 29, 1994

  Mr. SANTORUM. Mr. Speaker, there are more credit unions in 
Pennsylvania than in any other State of the Union. Almost 2.7 million 
Pennsylvanians are served by 979 credit unions.
  This year marks the 60th anniversary of the signing of the Federal 
Credit Union Act, which established Federal charters and allowed credit 
unions to spread nationwide. Five of the 50 oldest Federal credit 
unions are from Pennsylvania, the oldest of which, Lehigh Valley Postal 
Federal Credit Union, also celebrates its 60th anniversary this year.
  Over the years, credit unions have become a vital component of our 
financial system, providing millions of Americans with the availability 
of sound financial services, investment opportunities, and credit at 
low rates.
  That is an important accomplishment in itself. But what makes it all 
the more impressive is the key role of volunteers who are involved in 
every phase of operations, including serving as the board of directors. 
Credit unions are a superb example of the good that can be accomplished 
when individuals are willing to give of themselves to help one another.
  Credit unions are uniquely democratic economic organizations, founded 
on the principle that persons of good character and modest means, 
joining together in cooperative spirit and action, can promote thrift, 
create a source of credit for productive purposes, and build a better 
standard of living for themselves. Because credit unions exemplify the 
traditional American values of thrift, self-help, and voluntarism, they 
have carved a special place for themselves among the Nation's financial 
institutions.
  I salute credit unions and their members on the 60th anniversary of 
the signing of the Federal Credit Union Act. I look forward to working 
with them and with such organizations as the National Association of 
Federal Credit Unions and the Pennsylvania Credit Union League in the 
future.

                          ____________________