Recognizing the 100 year anniversary of the establishment of St. Mary's Cooperative Credit Association, the "Bank of the People", and the birth of the American credit union.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1145) recognizing the 100 year anniversary of the establishment of St. Mary's Cooperative Credit Association, the ``Bank of the People,'' and the birth of the American credit union.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield to myself so much time as I may consume.

House Resolution 1145 recognizes the 100-year anniversary of the establishment of St. Mary's Cooperative Credit Association, the Bank of the People, and the birth of the American credit union.

I want to thank Financial Services Chairman Barney Frank for his support in bringing this legislation to the House floor.

St. Mary's Bank Credit Union is the oldest credit union in the United States. It was founded in 1908. Its mission was and continues to be to help New Hampshire residents with a wide range of affordable products and services, including checking accounts, personal loans, real estate loans, business banking and savvy financial planning.

In 1917, the New Hampshire State legislature approved a bill changing the name from St. Mary's Cooperative Credit Association to La Caisse Populaire, Ste-Marie, The People's Bank. In 1925, an amended charter allowed the institution to be called either La Caisse Populaire, Ste- Marie, or St. Mary's Bank.

There are 24 credit unions in the State of New Hampshire with 403,000 members statewide. That's almost one-third of New Hampshire's population. New Hampshire credit unions alone have more than $3.7 billion in assets. Credit unions provide an avenue for families struggling during the credit crunch in these tough financial times to get critical services and low-interest loans. In these tough times we must do everything we can to help working families drowning in debt, and credit unions are important to easing the financial hardships on New Hampshire's working families.

Today's resolution honors our Nation's first credit union from New Hampshire, but the excellent work and important contributions to New Hampshire of St. Mary's stand as a fine example of the work of credit unions all across this Nation, which provide working families access to financial services they must have to prosper.

Mr. Speaker, I reserve the balance of my time.

I thank Mrs. Capito for her support of this bill, and I also thank my colleague, Ms. Shea-Porter, for introducing the resolution.

Mr. Speaker, at this time I yield as much time as she may consume to the distinguished Congresswoman from New Hampshire, Carol Shea-Porter.

Mr. Speaker, I have no further requests for time and yield back the balance of my time.

Mr. Speaker, I want to thank my friend and colleague for his support on this resolution.

Mr. Speaker, I am pleased today to rise today to recognize the 100th anniversary of our Nation's first credit union. In 1908, St. Mary's Cooperative Credit Association, later to be renamed the Bank of the People, was established in Manchester, New Hampshire. Manchester had textile mills then. The mill workers' resources were pooled to create credit and savings opportunities for workers, many of whom were immigrants.

In 1934, 26 years after the establishment of St. Mary's, President Franklin D. Roosevelt signed the Federal Credit Union Act into law, allowing for the organization of credit unions under charters approved by the Federal Government. Today there are over 8,500 credit unions nationwide, and I think it's fair to say that St. Mary's truly laid the foundation for the success of credit unions nationwide.

This credit union model has withstood the test of time. From the Great Depression to modern-day globalization, the emphasis on local communities that is embodied in the concept of the credit union has earned these institutions a special place among our Nation's financial institutions.

St. Mary's even stayed open during the bank holiday of 1933, providing reassurance and help to its worried community. This commitment to community and access to credit and savings services is easy to see.

For example, in 1908, the cost of becoming a member of the St. Mary's Cooperative Credit Association was $5. Today, after 100 years, the cost of signing up for anyone who lives or works in New Hampshire is $5.

That is pretty remarkable.

So, Mr. Chairman, I am proud to honor St. Mary's 100th anniversary, and I urge my colleagues to join me in support of H. Res. 1145.

Mr. Speaker, I rise to recognize the 100-year anniversary of the birth of the American credit union, the important role that credit unions have come to play in this country, and I urge support of H. Res. 1145.

Today more than 90 million Americans are members of a credit union. These millions of Americans are the beneficiaries of an experiment that began a century ago with the establishment of St. Mary's Cooperative Credit Association. From these humble beginnings in Manchester, New Hampshire, more than 8,000 credit unions have sprouted up that provide financial services to credit union members all across this Nation.

I would like to recognize credit unions for the important role they play in many distressed urban and rural areas. Many constituents have told me that they would not have been able to afford their own homes, start new business or even attend college without the help of their credit unions. I am also impressed by credit unions' commitment to financial literacy, which has helped credit union members become better educated consumers of financial services.

For these reasons, I support H. Res. 1145, celebrating the 100th anniversary of the American credit union.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield back the balance of my time.