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News Now

Washington
ICU Day recognized by Congress
WASHINGTON (10/16/09)--Hailing the positive contributions of U.S. credit unions that have provided “affordable and safe financial services to many Americans of moderate means,” Rep. Brad Sherman (D-Calif.) on Thursday commemorated International Credit Union Day by citing the “equally notable” contributions that credit unions have made internationally in a statement submitted to the Congressional Record. Sherman also praised credit unions as “a means to promote economic growth and democratic practices” for over 186 million members of communities in 97 nations. “Credit unions make a difference on a global scale by providing access to affordable financial services,” including microloans, “for those who otherwise would have been excluded from the financial sector,” Sherman added. Sherman also noted credit union outreach to the unbanked in rural areas and praised the “innovative technology solutions” that are being extended via the World Council of Credit Unions. “In many countries, credit unions lead economic democratization, a step closer to political democratization by providing economic security and sustainability and exposing lower-income communities to free-market principles and democratic values that will help eradicate terrorism at its roots,” he added. The financial services offered by credit unions “help expand job opportunities, improve local economies and promote democracy,” and aid the “post-conflict rebuilding of societies and economies in war-torn countries,” and the “democratization of societies” via the “one-member one-vote principle of credit unions.” In short, offering a “sustainable development solution to some of the world’s poorest countries,” is, as Sherman ultimately highlighted, is the “credit union difference.”


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