[Congressional Record Volume 149, Number 30 (Tuesday, February 25, 2003)]
[Extensions of Remarks]
[Pages E283-E284]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      TRIBUTE TO THE CP FEDERAL CREDIT UNION OF JACKSON, MICHIGAN

                                 ______
                                 

                            HON. NICK SMITH

                              of michigan

                    in the house of representatives

                       Tuesday, February 25, 2003

  Mr. SMITH of Michigan. Mr. Speaker, I rise today to recognize 
Michigan's Federal Credit Unions for their efforts to improve financial 
services for their members. I would like to especially commend CP 
Federal Credit Union for their efforts to improve literacy among young 
people in Jackson, MI.
  Today they will receive the 2002 National Desjardins Youth Financial 
Education Award for their good work. The award is named for the founder 
of the North American credit union movement, a man who promoted the 
idea of educating youth and providing them with in-school savings 
accounts.
  For the last 10 years the CP Federal Credit Union, under the 
leadership of President and CEO John Crist, put Desjardins' words into 
action and worked with schools throughout Jackson County to help our 
youth understand how to spend, save, and budget money. Each week 
presenters travel to area schools to teach students from Kindergarten 
to High School about money. In addition to their informative and 
entertaining presentations they also connect schools with local 
business people who talk to the students about finances.
  Their education did not stop there. The CP Federal Credit Union also 
operates 31 student-run credit unions. Students have an opportunity to 
volunteer and learn to post transactions and balance a cash drawer. 
Currently, 320 student volunteers participate in the program. In 
addition, the program employs five youth representatives who give 
presentations and meet with teachers and principals to discuss youth 
financial literacy. Thanks to their efforts 31 schools will include 
personal finance as part of their curriculums next year.
  Finally, the CP Federal Credit Union offers the ``Great 
Expectations'' savings account for students. They encourage students to 
save for college, their first car, or their first house. Students are 
required to make a deposit of at least $10 per month into their savings 
account to be eligible for savings incentives such as cash bonuses or 
loan discounts. Rather than

[[Page E284]]

just educate students about saving money, the CP Federal Credit Union 
takes it a step further and provides students the means to do so.
  The impact of this program on the lives of young people in Jackson is 
immeasurable. More schools have committed to teaching personal finance 
in their classrooms than ever before; 674 presentations were given 
during the 2001-2002 school year and 15,000 students were reached. Due 
to the efforts of these good people and others around the state, 
Michigan rates No. 1 out of all the States where credit unions are 
working with youth. Michigan also tops the list in the number of 
presentations given nearly half of which were given by the CP Federal 
Credit Union.
  I commend John Crist and all the employees of the CP Federal Credit 
Union for their commitment to youth and their efforts to prepare our 
students for the future. I hope that you will all join me in 
congratulating them for earning the 2002 National Desjardins Youth 
Financial Education Award.

                          ____________________