[Congressional Record Volume 144, Number 24 (Tuesday, March 10, 1998)]
[Extensions of Remarks]
[Page E331]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         AMERICA'S CREDIT UNION

                                 ______
                                 

                        HON. BENNIE G. THOMPSON

                             of mississippi

                    in the house of representatives

                        Tuesday, March 10, 1998

  Mr. THOMPSON. Mr. Speaker, I rise today in support of America's 
Credit Unions. The United States Supreme Court ruled last week that the 
Depression-era statute which authorized the creation of our Nation's 
credit unions does not permit them to draw members from a variety of 
occupations. This decision will upset long-standing federal policies 
and the personal lives of 70 million credit union members and countless 
more workers who are considering their financial-planning options.
  While the Supreme Court's ruling will stand as long as the statutes 
governing credit unions remain the same, Congress can act now to 
clarify the law and protect credit unions. H.R. 1151, ``The Credit 
Union Membership Access Act,'' would permit credit unions to continue 
recruiting members according to their traditional practices. This bill 
has already received 182 co-sponsors, but it desperately needs more 
support to break its deadlock in Committee.
  Credit Unions are the only source of financial services for many low-
income Americans. It is unfortunate that I am the only Member of 
Congress from Mississippi--one of the poorest states in the Union--who 
is a co-sponsor of this bill even though there are over 419,000 
thousand credit union members in Mississippi alone. Nonetheless, 
Congress can not afford to ignore this issue, and I sense the mood is 
changing here. Let us act swiftly and move to save credit unions by 
enacting this bill; more than 70 million Americans are waiting.

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