[Congressional Record (Bound Edition), Volume 154 (2008), Part 9]
[House]
[Pages 12026-12027]
[From the U.S. Government Publishing Office, www.gpo.gov]




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

  Mr. HODES. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 1145) recognizing the 100 year anniversary of the 
establishment of St. Mary's Cooperative Credit Association, the ``Bank 
of the People,'' and the birth of the American credit union.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 1145

       Whereas America's first credit union was established in 
     1908, in Manchester, New Hampshire, in order to afford hard-
     working American textile workers access to credit and 
     savings;
       Whereas the St. Mary's Cooperative Credit Association, 
     later to be named the ``Bank of the People'', would lay the 
     foundation for the creation of over 8,500 credit unions in 
     America today, which serve over 90,000,000 members;
       Whereas on June 26, 1934, President Franklin D. Roosevelt 
     signed into law the Federal Credit Union Act, thus enabling 
     credit unions to be organized throughout the United States 
     under the charters approved by the Federal Government;
       Whereas St. Mary's Cooperative Credit Association and other 
     credit unions created as a result of the passage of the 
     Federal Credit Union Act played an instrumental role in 
     helping hard-working Americans recover after the Great 
     Depression;
       Whereas credit unions have consistently carried on the 
     traditions set by St. Mary's and exemplified the American 
     values of thrift, self-help, and volunteers, carving out a 
     special place for themselves among the Nation's financial 
     institutions;
       Whereas America's Credit Union Museum, located on the site 
     of America's first credit union, maintains a mission of 
     ``educating present and future generations on the benefits of 
     cooperative self-help efforts to promote thrift and sensible 
     use of credit'' and preserves the history and tradition of 
     America's credit unions;
       Whereas credit unions operate with the credo, ``Not for 
     profit, not for charity-but for service'' and have 
     consistently reflected this philosophical tradition and the 
     cooperative spirit of ``people helping people'' that gave 
     birth to the Federal Credit Union Act; and
       Whereas 2008 will mark the 100th anniversary of the 
     establishment of St. Mary's Cooperative Credit Association in 
     Manchester, New Hampshire, America's first credit union: Now, 
     therefore, be it
       Resolved, That the House of Representatives recognizes the 
     100th anniversary of the founding of St. Mary's Cooperative 
     Credit Association, the ``Bank of the People'', and the birth 
     of the American credit union.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from New 
Hampshire (Mr. Hodes) and the gentlewoman from West Virginia (Mrs. 
Capito) each will control 20 minutes.
  The Chair recognizes the gentleman from New Hampshire.

                              {time}  1630


                             General Leave

  Mr. HODES. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from New Hampshire?
  There was no objection.
  Mr. HODES. Mr. Speaker, I yield to myself so much time as I may 
consume.
  House Resolution 1145 recognizes the 100-year anniversary of the 
establishment of St. Mary's Cooperative Credit Association, the Bank of 
the People, and the birth of the American credit union.
  I want to thank Financial Services Chairman Barney Frank for his 
support in bringing this legislation to the House floor.
  St. Mary's Bank Credit Union is the oldest credit union in the United 
States. It was founded in 1908. Its mission was and continues to be to 
help New Hampshire residents with a wide range of affordable products 
and services, including checking accounts, personal loans, real estate 
loans, business banking and savvy financial planning.
  In 1917, the New Hampshire State legislature approved a bill changing 
the name from St. Mary's Cooperative Credit Association to La Caisse 
Populaire, Ste-Marie, The People's Bank. In 1925, an amended charter 
allowed the institution to be called either La Caisse Populaire, Ste-
Marie, or St. Mary's Bank.
  There are 24 credit unions in the State of New Hampshire with 403,000 
members statewide. That's almost one-third of New Hampshire's 
population. New Hampshire credit unions alone have more than $3.7 
billion in assets. Credit unions provide an avenue for families 
struggling during the credit crunch in these tough financial times to 
get critical services and low-interest loans. In these tough times we 
must do everything we can to help working families drowning in debt, 
and credit unions are important to easing the financial hardships on 
New Hampshire's working families.
  Today's resolution honors our Nation's first credit union from New 
Hampshire, but the excellent work and important contributions to New 
Hampshire of St. Mary's stand as a fine example of the work of credit 
unions all across this Nation, which provide working families access to 
financial services they must have to prosper.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. CAPITO. Mr. Speaker, I rise to recognize the 100-year 
anniversary of the birth of the American credit union, the important 
role that credit unions have come to play in this country, and I urge 
support of H. Res. 1145.
  Today more than 90 million Americans are members of a credit union. 
These millions of Americans are the beneficiaries of an experiment that 
began a century ago with the establishment of St. Mary's Cooperative 
Credit Association. From these humble beginnings in Manchester, New 
Hampshire, more than 8,000 credit unions have sprouted up that provide 
financial services to credit union members all across this Nation.

[[Page 12027]]

  I would like to recognize credit unions for the important role they 
play in many distressed urban and rural areas. Many constituents have 
told me that they would not have been able to afford their own homes, 
start new business or even attend college without the help of their 
credit unions. I am also impressed by credit unions' commitment to 
financial literacy, which has helped credit union members become better 
educated consumers of financial services.
  For these reasons, I support H. Res. 1145, celebrating the 100th 
anniversary of the American credit union.
  Mr. Speaker, I reserve the balance of my time.
  Mr. HODES. I thank Mrs. Capito for her support of this bill, and I 
also thank my colleague, Ms. Shea-Porter, for introducing the 
resolution.
  Mr. Speaker, at this time I yield as much time as she may consume to 
the distinguished Congresswoman from New Hampshire, Carol Shea-Porter.
  Ms. SHEA-PORTER. Mr. Speaker, I want to thank my friend and colleague 
for his support on this resolution.
  Mr. Speaker, I am pleased today to rise today to recognize the 100th 
anniversary of our Nation's first credit union. In 1908, St. Mary's 
Cooperative Credit Association, later to be renamed the Bank of the 
People, was established in Manchester, New Hampshire. Manchester had 
textile mills then. The mill workers' resources were pooled to create 
credit and savings opportunities for workers, many of whom were 
immigrants.
  In 1934, 26 years after the establishment of St. Mary's, President 
Franklin D. Roosevelt signed the Federal Credit Union Act into law, 
allowing for the organization of credit unions under charters approved 
by the Federal Government. Today there are over 8,500 credit unions 
nationwide, and I think it's fair to say that St. Mary's truly laid the 
foundation for the success of credit unions nationwide.
  This credit union model has withstood the test of time. From the 
Great Depression to modern-day global-
ization, the emphasis on local communities that is embodied in the 
concept of the credit union has earned these institutions a special 
place among our Nation's financial institutions.
  St. Mary's even stayed open during the bank holiday of 1933, 
providing reassurance and help to its worried community. This 
commitment to community and access to credit and savings services is 
easy to see.
  For example, in 1908, the cost of becoming a member of the St. Mary's 
Cooperative Credit Association was $5. Today, after 100 years, the cost 
of signing up for anyone who lives or works in New Hampshire is $5.
  That is pretty remarkable.
  So, Mr. Chairman, I am proud to honor St. Mary's 100th anniversary, 
and I urge my colleagues to join me in support of H. Res. 1145.
  Mrs. CAPITO. Mr. Speaker, I yield back the balance of my time.
  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.
  Mr. HODES. Mr. Speaker, I have no further requests for time and yield 
back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from New Hampshire (Mr. Hodes) that the House suspend the 
rules and agree to the resolution, H. Res. 1145.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

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