WASHINGTON (6/24/14)--To mark the 80th anniversary of the Federal Credit Union Act, signed by President Franklin Roosevelt on June 26, 1934, Rep. Ed Royce (R-Calif.) has submitted a statement for today's Congressional Record honoring credit unions. It also recounts the founding of CUNA.
Royce says in his statement that credit unions are "are part of the great fabric that makes our country strong." He notes that credit unions are cooperatives--"bound together by a common set of business principles and values: voluntary membership; democratic control; economic participation; autonomy and independence; member education; cooperation among cooperatives; and concern for community." Royce is a member of the House Financial Services Committee and sponsor of a number of pro-credit union bills.
Royce's statement recounts the creation and history of credit unions in the United States, and of CUNA, which was created after the signing of the FCUA credit unions recognized, Royce said, the "need for stronger national representation and unity." CUNA replaced an earlier entity known as the Credit Union National Extension Bureau.
Royce's statement recounts how credit union service has evolved over the decades as consumers' needs have become more complex.
He noted that the number of consumer-members of credit unions has soared and is now on the cusp of 100 million memberships across the nation.
Royce's statement concludes: "Credit unions continue to innovate with new services and tools to help their members build economic security.
"The work Congress did 80 years ago in passing the Federal Credit Union Act continues to serve the country well.
"In fact, the influence credit unions have on the entire financial system saves all consumers money with generally lower rates for loans and higher rates for savings--no matter where they bank. An impressive $8 billion dollars in savings in 2013 alone is attributed to credit unions.
"Today, credit unions are utilized by their members for the convenience, prices, product choice, and financial education they offer.
"Credit unions are living up to the promise outlined in their principles. They are institutions that their members and all Americans can choose to be their best financial partner."