[Congressional Record Volume 146, Number 82 (Monday, June 26, 2000)]
[Senate]
[Page S5787]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ADDITIONAL STATEMENTS

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        RECOGNITION OF THE FEDERAL CREDIT UNION ACT ANNIVERSARY

 Mr. GRAMS. Mr. President, I rise today, on the 66th 
anniversary of the National Credit Union Act being signed into law by 
President Franklin D. Roosevelt, to salute the Nation's credit unions 
and acknowledge their important contributions.
  Prior to 1934, collective pools of employees gathered their assets to 
assist them in acquiring credit and improving their financial futures. 
The first credit union in the United States was established in 1909, as 
the only financial institution available to low-income workers who 
wanted to save their wages and receive short-term consumer loans.
  In the spring of 1925, the Minneapolis postal employees collectively 
began Minnesota's first credit union with 15 workers attending the 
initial meeting. Started with a total of $146.25 in assets, the 
Minneapolis Postal Employees Credit Union, now called the US Federal 
Credit Union, has survived through times of economic hardship such as 
the Depression of the 1930s and World War II.
  Today, the Federal Credit Union System has well over $300 billion in 
assets, and some 67 million Americans enjoy membership in credit unions 
nation-wide. Credit unions bring together people with common employers, 
ethnic backgrounds, or geographic areas. They have positively impacted 
economic growth in the United States by increasing Americans' access to 
credit through a system of cooperative organizations which have helped 
stabilize America's credit structure.
  The credit union philosophy of ``people helping people'' continues to 
provide many rural and economically depressed areas with the financial 
tools and confidence necessary for success. In my state of Minnesota, 
more than 195 credit unions not only provide mortgages, loans, and 
financial savings opportunities, but also bring their communities 
together to raise money for programs such as ``Credit Unions for 
Kids.'' This effort is a collaboration of credit unions and business 
partners benefitting 170 Children's Miracle Network-affiliated 
hospitals serving 14 million kids nation-wide.
  Minnesota credit unions also provide funds for the Minnesota Credit 
Union Foundation, a non-profit corporation organized to serve 
charitable, scientific and educational purposes with special emphasis 
on credit union-related activities. Funds are used to provide disaster 
relief efforts for credit union members, develop credit unions in 
emerging nations, and supply scholarships to educational training 
programs.
  Mr. President, as a member of a credit union myself, I would like to 
thank America's credit unions on this anniversary for their constant 
and continuous efforts to assist the men and women of their communities 
overcome life's financial obstacles and build a more secure future for 
themselves and their families.

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