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House to vote on CUNA-backed CU resolution today
WASHINGTON (6/10/08)—The Credit Union National Association (CUNA) strongly endorses a House resolution honoring the 100th anniversary of the founding of the first state-chartered credit union, St. Mary's Cooperative Credit Association of Manchester, N.H. Calling the establishment of St. Mary’s “the birth of the American credit union,” the House resolution notes the following among the contributions of the credit union system:
* “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…”
The House commendation (H.RES.1145) goes on to say the House resolves that it 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.


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