[Congressional Record Volume 155, Number 129 (Monday, September 14, 2009)]
[Extensions of Remarks]
[Page E2254]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        RECOGNIZING 75TH ANNIVERSARY OF FEDERAL CREDIT UNION ACT

                                 ______
                                 

                               speech of

                         HON. CANDICE S. MILLER

                              of michigan

                    in the house of representatives

                      Wednesday, September 9, 2009

  Mrs. MILLER of Michigan. Mr. Speaker, I rise today in strong support 
of H. Res. 556, which recognizes the 75th anniversary of the passage of 
the Federal Credit Union Act.
  Credit unions, not-for-profit financial cooperatives, are a form of 
economic democracy. Credit unions exist to serve their members, not 
turn a profit. Earnings beyond operating expenses are returned to 
members in the form of lower loan rates, higher interest on deposits, 
and lower fees.
  While we are recognizing the 75th anniversary of the passage of the 
Federal Credit Union Act today, it is important to note that credit 
unions have been present in the United States since 1909, starting with 
the chartering of the first credit union in the State of New Hampshire.
  As a Representative from Michigan, a State with 341 credit unions 
serving over 4.3 million members, I can speak to the positive impact of 
these vital financial institutions.
  In Michigan, members of a credit union can expect to see a membership 
benefit of, on average, $92 a year by working with a credit union. For 
the average household, the annual benefit rises to $175. I know that in 
my district, $175 goes a long way toward covering necessary household 
expenses.
  For a member in Michigan, financing a new automobile through their 
credit union produces an average savings of $156 per year in interest 
expense. The Invest in America program, a partnership between GM and 
Chrysler with credit unions, has helped to spur over 189,000 new 
vehicle sales. Sales from this program have reinvested over $3.05 
billion in the national economy, crucial support during the current 
economic downtown.
  In addition to the direct financial benefits that credit unions 
provide to their members, credit unions positively impact their 
communities in other ways. Credit unions put on financial literacy 
seminars throughout Michigan in order to educate people about their 
financial options.
  Because of these contributions to our Nation's communities, I am 
proud to support House Resolution 556.
  Congratulations on the 75th anniversary of the Federal Credit Union 
Act and the first 100 years of credit unions in America.
  I urge my colleagues to support the passage of this bill.

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