Recognizing America's Credit Unions

Floor Speech

BREAK IN TRANSCRIPT

Mr. CALVERT. Mr. Speaker, I rise to recognize the importance of credit unions in the competitive financial services marketplace. I especially appreciate the 263 credit unions and their 14 million members in my state of California.

The country's two storied trade associations, the Credit Union National Association and the National Association of Federally-Insured Credit Unions are now merged into a new organization called ``America's Credit Unions.''

As a long-time credit union member and supporter, I appreciate the difference between credit unions and banks. Credit unions are not-for- profit financial cooperatives that are democratically controlled.

Every member, regardless of how much they have in savings or loans at a credit union, has an equal voice and vote in the governance of their credit union. There are no outside stockholders and no motive for the credit union's leadership to gouge the membership or provide poor member service.

In fact, credit unions consistently rank as the most popular form of depository institutions in America. So today I congratulate the unification of the two national credit union advocacy organizations and I expect great things to come from this newly-minted trade organization called ``America's Credit Unions.''

BREAK IN TRANSCRIPT

Source