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Fryzel, Mica commemorate 75 years of CUs

ALEXANDRIA, Va. (6/29/09)--National Credit Union Administration Chairman Michael Fryzel commemorated the 75th anniversary of the signing of the Federal Credit Union Act by giving "recognition and thanks to the millions of American consumers who have made the credit union industry a success."

In a statement released Friday, Fryzel said that the "founders of the credit union movement could not have known the heights that these institutions would enable their members to reach." Those founders would also "draw tremendous satisfaction" from the knowledge that credit unions continue to meet Edward Filene's mission of demonstrating "the practicality of the brotherhood of man," he added.

Credit Union National Association President / CEO Dan Mica also commented on the anniversary, saying that credit unions continue to follow the path set for them in the aftermath of the Great Depression, as they "are playing a vital role in helping the nation's consumers recover from this latest economic storm."

"The focus and purpose of credit unions remains the same today as it was 75 years ago -- to improve the financial well-being of their members, now more than 90 million strong," and CUNA strives to "ensure an operating environment for all credit unions in which they may continue to effectively and completely serve their members," he added.

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