[Congressional Record Volume 150, Number 90 (Friday, June 25, 2004)]
[Extensions of Remarks]
[Page E1258]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    70TH ANNIVERSARY OF THE PASSAGE OF THE FEDERAL CREDIT UNION ACT

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                          HON. SPENCER BACHUS

                               of alabama

                    in the house of representatives

                        Thursday, June 24, 2004

  Mr. BACHUS. Mr. Speaker, today I rise to honor the 70th anniversary 
of the passage of the Federal Credit Union Act on June 26, 1934. Since 
the passage of this momentous legislation, federal credit unions have 
consistently proven themselves to offer high quality financial services 
at low costs to over 85 million Americans.
  As members of this body, many of us are well aware through first-hand 
knowledge of the importance of federal credit unions. Owned by their 
members, federal credit unions are financial institutions that embrace 
the true spirit of volunteerism. Federal credit unions are run by 
volunteer boards of directors that are elected by their members, and 
encourage the value of saving regularly to build economic security for 
the future.
  The entire premise of the credit union movement is the commitment to 
values that we can all embrace. Folks with modest means who oftentimes 
are overlooked by other types of financial institutions are assured of 
access to financial services thanks to America's credit unions. Driven 
by a deeply held commitment to member service rather than financial 
profits, credit unions offer not only low-cost financial services but 
also much-needed financial education to some of the most neglected 
sectors of our society.
  For these reasons, Mr. Speaker, I rise today to recognize and applaud 
the passage of the Federal Credit Union Act seventy years ago. In 
conjunction with all the fine work of the National Association of 
Federal Credit Unions (NAFCU), the trade association that exclusively 
represents the interests of federal credit unions, there is no doubt in 
my mind of the benefits Americans across the nation will continue to 
gain because of the good work of our nation's federal credit unions for 
many more years to come.

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