[Congressional Record Volume 149, Number 87 (Friday, June 13, 2003)]
[Extensions of Remarks]
[Page E1249]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             CREDIT UNIONS

                                 ______
                                 

                           HON. CHRIS CHOCOLA

                               of indiana

                    in the house of representatives

                        Thursday, June 12, 2003

  Mr. CHOCOLA. Mr. Speaker, it has come to my attention that some in my 
state have questioned the patriotism of credit unions, saying that 
because they don't pay federal income tax they are ``unpatriotic.'' 
Nothing could be further from the truth. While credit unions are, 
indeed, tax-exempt nonprofit financial cooperatives owned by their 
members, their record of patriotic service to the people of this nation 
should not be questioned.
  Since first established in the United States during the early 20th 
century, credit unions have helped to serve those in our military; they 
are a role model for other financial institutions to follow. Many 
credit unions have worked with our soldiers, sailors and airmen while 
they have been stationed overseas during the recent conflict in the' 
Persian Gulf. For example, the Navy Federal Credit Union set up 
branches and ATM's in the Persian Gulf and onboard ships in order to 
serve their members during this conflict.
  Credit unions have honored those in service to our country, not just 
in this most recent war, but in other wars as well. For example, the 
members of the National Association of Federal Credit Unions (NAFCU) 
have raised over $140,000 for the World War II Memorial Fund.
  Credit unions serve teachers, firefighters, police, federal 
employees, students and more on a daily basis--including many in this 
Congress. I thank them for supporting the leaders of our government. As 
non-profit financial cooperatives with volunteer boards, credit unions 
serve their members' needs and have been ranked number one in an 
independent consumer satisfaction survey for eighteen straight years--
since the inception of the survey.
  I applaud the credit unions of this nation for supporting America's 
freedom and urge my colleagues to do so as well.

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