[Congressional Record (Bound Edition), Volume 147 (2001), Part 15]
[Extensions of Remarks]
[Page 20839]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 20839]]

                        NEW YORK's CREDIT UNIONS

                                 ______
                                 

                          HON. JERROLD NADLER

                              of new york

                    in the house of representatives

                       Thursday, October 25, 2001

  Mr. NADLER. Mr. Speaker, I rise today to speak about credit unions. 
Representatives of New York City credit unions and the New York State 
Credit Union League visited my Washington office to explain the 
response of the credit union community in the wake of September 11th. 
The trip had been planned for quite some time and they thought about 
canceling their visit out of respect for the larger issues before 
Congress. Instead, they came with a message that has defined credit 
unions since their inception--one of cooperation and a ``people-
helping-people'' service to their membership.
  Branches of three credit unions, Excel Federal Credit Union, US 
Alliance Federal Credit Union and FAA Regional Federal Credit Union, 
were lost in the collapse of the World Trade Center towers. Municipal 
Credit Union--which serves predominantly emergency service personnel 
and city employees--had its main office and a branch office severely 
damaged. All employees were fortunate to escape, but hundreds of 
members undoubtedly perished. The New York State Credit Union League 
opened a ``command center'' to channel information to distressed credit 
unions and assist in their recovery. The New York State Credit Union 
Foundation created a disaster relief fund that has raised nearly 
$500,000 from credit unions throughout the country and the world to 
assist families and help rebuild community programs in Manhattan. Fire 
and police credit unions in Syracuse, NY raised $150,000 in a single 
weekend. Empire Corporate FCU, located in Albany, NY has created a $2 
million ``interest free'' loan fund for credit unions in Manhattan to 
assist their members or help rebuild their infrastructure. The National 
Credit Union Foundation, operated by the Credit Union National 
Association on behalf of 80 million credit union members, has raised 
$250,000 through its Credit Unions Rebuild America. In addition to 
providing operational and financial assistance, credit unions are 
extending special services to surviving members in the form of lower 
loan rates, deferred payments on credit, longer grace periods and fee 
waivers.
  As owners of their cooperative financial institution, credit union 
members feel a sense of community, which is especially apparent during 
periods of financial hardship. I urge my colleagues to speak with the 
credit unions in their districts and to encourage their constituents to 
turn to credit unions for help. The New York credit unions have 
demonstrated to me their willingness to reach out during this time of 
extraordinary need to help our communities. Their cooperative spirit 
will not only see their members through these trying times, but will 
make us stronger as a Nation in the end.

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