[Congressional Record Volume 154, Number 96 (Wednesday, June 11, 2008)]
[Extensions of Remarks]
[Page E1200]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY'S 
                     COOPERATIVE CREDIT ASSOCIATION

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                             HON. RON PAUL

                                of texas

                    in the house of representatives

                        Wednesday, June 11, 2008

  Mr. PAUL. Mr. Speaker, I am pleased to support H. Con. Res. 1145, 
which recognizes the 100-year anniversary of the establishment of St. 
Mary's Cooperative Credit Association. Created to service the financial 
needs of textile workers, St. Mary's Cooperative Credit Association, or 
the People's Bank, as it was appropriately renamed, was the Nation's 
first credit union.
  Since the creation of St. Mary's Cooperative Credit Association, 
credit unions have grown to become a major part of the American 
financial services system. Today there are over 8,500 credit unions in 
the United States, serving over 90 million members.
  During my years of service on the House Committee on Financial 
Services, I have had the opportunity to get to know many credit union 
employees. I have always been impressed with their commitment to 
serving their credit union members and their communities. In many ways, 
credit unions exemplify the best of the free market system. Since 
credit unions are formed specifically to serve their members, credit 
unions put the interests of their depositors first.
  I hope that Congress will follow-up today's legislation by soon 
considering H.R. 5519, the Credit Union Regulatory Relief Act of 2008, 
which repeals Federal regulations that hinder credit unions from 
improving their services.
  In conclusion, Mr. Speaker, I am pleased to support H. Con. Res. 
1145, and I encourage all my colleagues to join me in supporting this 
resolution and saluting all credit unions for their vital role in 
strengthening America's financial services industry.

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