[Congressional Record Volume 141, Number 167 (Thursday, October 26, 1995)]
[Extensions of Remarks]
[Pages E2039-E2040]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     THE 25TH ANNIVERSARY OF THE CREDIT UNION SHARE INSURANCE FUND

                                 ______


                          HON. BRUCE F. VENTO

                              of minnesota

                    in the house of representatives

                      Wednesday, October 25, 1995

  Mr. VENTO. Mr. Speaker, I rise to recognize the 25th anniversary of 
the Credit Union Share Insurance Fund which was celebrated earlier this 
month.
  I would like to include for the Record a message from President 
Clinton commemorating the 25th anniversary of the NCUSIF and join him 
in congratulating credit unions for the key role they play in so many 
communities across the Nation.
  I think it is especially important to recognize the unique role that 
credit unions play now that Republican proposals are being pushed that 
would force credit unions to pay for Financing Corporation [FICO] 
bonds. The credit union NCUSIF is a fund totally separate and distinct 
from those at the Federal Deposit Insurance Corporation that insure 
banks and thrifts. In fact, the credit union movement recapitalized and 
stabilized the NCUSIF itself, without any taxpayer or government 
support in the late 1980's. Charging credit unions for the FICO bonds 
used to pay for the problems of the thrift industry is not appropriate 
and could be the first step toward loading down and hindering credit 
unions. The next step could fold the entire credit union movement under 
the banks and thrifts deposit insurance fund rubric and shift complete 
control to the Treasury, Federal Reserve Board, and the FDIC.

                                              The White House,

                                 Washington, DC, October 11, 1995.
       I am delighted to join in celebrating the twenty-fifth 
     anniversary of federal share insurance for America's credit 
     unions.
       Credit unions play an integral part in the development of 
     our communities and in the financial stability of millions of 
     families. Providing fair loans, sound fiscal advice, and high 
     quality consumer services to their members, credit unions 
     have earned the trust of their shareholders and the respect 
     of financial institutions throughout our nation.
       The creation of share insurance for credit unions has 
     played a vital role in this success story, helping to 
     guarantee continued stability in the industry and peace of 
     mind for the millions of Americans who rely on these unique 
     financial institutions every day. I commend the members of 
     the NCUA and all who have helped to make this legislation so 
     effective over the past quarter-century. All of you can be 
     proud of your commitment to the ongoing growth and prosperity 
     of our nation.
     
[[Page E2040]]

       Best wishes for a wonderful celebration and every continued 
     success.
     Bill Clinton.

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