[Congressional Record (Bound Edition), Volume 157 (2011), Part 11]
[Senate]
[Page 15992]
[From the U.S. Government Publishing Office, www.gpo.gov]




               RECOGNIZING INTERNATIONAL CREDIT UNION DAY

  Mrs. FEINSTEIN. Mr. President, today I wish to recognize the 
importance and many achievements of credit unions worldwide in 
celebration of the 63rd annual International Credit Union Credit Day.
  The difference credit unions make in the United States by providing 
affordable and safe financial services to many Americans of moderate 
means has been significant and widely recognized.
  However, the contributions credit unions have made on an 
international scale are equally notable. Since the mid-1800s, credit 
unions have established themselves in communities around the world 
struggling with social dislocation, political unrest, and economic 
depression as a means to promote economic growth and democratic 
practices at the local level. Today, more than 54,000 credit unions 
provide financial services to more than 186 million members in 97 
nations. Nationally, credit unions provide financial services to more 
than 93 million Americans.
  Credit unions make a difference on a global scale by providing access 
to affordable financial services for those who otherwise would have 
been excluded from the financial sector. Such financial services 
include the provision of small savings and loans, which enable some of 
the poorest individuals in the world to start their own 
microenterprises, improve household stability and stimulate growth in 
their communities. Credit unions are the largest source of these 
microfinance services in countries as diverse as Colombia, Kenya, 
Russia, Mexico, Thailand, and Rwanda.
  Credit unions are also at the forefront of expanding access to 
finance for people living in rural areas who can't afford the time or 
money it takes to visit a financial institution. Credit unions are 
working with the World Council of Credit Unions, WOCCU, to introduce a 
variety of innovative technology solutions to bank the unbanked in 
rural areas. In Mexico, credit union officers carry hand-held personal 
digital assistant, PDA, devices to conduct financial transactions with 
members in communities located up to 90 minutes from the credit union 
office. In Kenya, Peru, and Mexico, point-of-sale devices enable credit 
unions to partner with local merchants in rural areas, allowing members 
to deposit and withdraw money from their credit union accounts. 
Finally, mobile banking capabilities in Mexico will enable members to 
check their balances and transfer funds without leaving their homes.
  In addition, credit unions throughout the world are filling the 
agricultural lending gap that has kept the vast majority of small 
farmers stuck in low-production, low-return cycles. In countries such 
as Peru, Kenya, and Colombia, credit unions are taking an integrated, 
value-chain approach to financing that includes access to agricultural 
training and markets for farmers to sell their products. As a result, 
farmers are not only increasing their incomes and producing more food 
for their families, they are also playing a role in securing their 
nations' food supply.
  U.S. credit union members, staff and leagues, along with the Credit 
Union National Association and the U.S. Government support the global 
work of credit unions and WOCCU. Through WOCCU's International 
Partnerships Program, 25 U.S. credit union leagues are matched with 
developing credit union movements overseas to encourage the direct 
transfer of technology, skills, and experience among peers across 
borders.
  I ask you and my other distinguished colleagues to join me in 
commending the work of credit unions, both domestically and 
internationally, for providing vital financial services that improve 
the lives of people demonstrating the greatest need around the world. 
By providing the world's poor with the most basic financial services, 
credit unions help expand job opportunities, improve local economies 
and promote democracy. In short, credit unions offer a sustainable 
development solution to some of the world's poorest countries, and this 
is the ``credit union difference.''

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