[Congressional Record Volume 150, Number 90 (Friday, June 25, 2004)]
[Extensions of Remarks]
[Page E1286]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




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

                                 ______
                                 

                          HON. DARLENE HOOLEY

                               of oregon

                    in the house of representatives

                         Friday, June 25, 2004

  Ms. HOOLEY of Oregon. Mr. Speaker, I rise today to commemorate the 
70th anniversary of the passage of the Federal Credit Union Act. 
Recognizing that every credit union exists ``for the purpose of 
promoting thrift among its members and creating a source of credit for 
provident or productive purposes,'' Congress passed the Federal Credit 
Union Act on June 26, 1934 and in so doing gave birth to the network of 
federal credit unions that continues to serve our nation's citizens 
today.
  While federal credit unions have grown since 1934, their basic 
mission remains the same today as it was 70 years ago:
  Federal credit unions now as they did then provide low cost financial 
services to their members; and
  Federal credit unions now as then continue to emphasize their 
traditional cooperative values of democratic control and volunteerism.
  The unique democratic spirit of credit unions is what sets them apart 
from other financial institutions. Seventy years after passage of the 
Federal Credit Union Act, federal credit union boards of directors are 
still elected democratically with every single member of the credit 
union (regardless of the amount of his or her savings) having an equal 
vote. What's more, the vast majority of credit union board members 
volunteer their time for the betterment of the credit union, without 
compensation of any kind.
  Although credit unions are a very small segment of the financial 
services industry, that democratic spirit and sense of volunteerism has 
helped them grow over the course of the past seventy years to serve 
more than 85 million Americans. Today, credit unions serve as a viable, 
healthy alternative to other traditional providers of financial 
services.
  Credit unions also continue to serve a growing number of people of 
modest means. By building branches in distressed neighborhoods absent 
other traditional financial institutions, credit unions have helped 
encourage entrepreneurship and improve access to basic financial 
services.
  I commend the Nation's federal credit unions for the good work they 
have done for the last 70 years and the good work they will, no doubt, 
continue to do for the next 70 years.

                          ____________________