Rep. Holmes Norton to chapter: 'No parallel to CUs'

WASHINGTON (5/19/09)--U.S. Rep. Eleanor Holmes Norton (D-D.C.) thanked credit unions for all that they do in the district to help people achieve financial stability during comments made at the D.C. Chapter of the Maryland and District of Columbia Credit Union Association's Annual Legislative Reception and Annual Meeting.

More than 50 credit union leaders and professionals attended the May 14 event, said the association (FOCUS Newsletter May 18).

Norton, a long-time credit union supporter and advocate, praised credit unions' efforts in the current economic environment, saying, "Credit unions are where you want to be. Credit unions didn't cause the current economic crisis. Credit unions played by the rules. Now, credit unions are being asked to do even more to help."

She stated her strong support for the credit union practice of offering membership to people with a minimal deposit requirement. She also pointed out the distinction between democratically operated, member-owned financial institutions and for-profit banks that answer to stockholders. "If you want to be a stockholder or owner, join a credit union."

The credit union philosophy of "people helping people" is really more than words, Norton said, adding that they help people in their local communities by lending in the local communities and advocating financial literacy and consumer responsibility.

"I have been in Congress for 18 years, and I can find no parallel to credit unions. In our society, mutuality has gone dormant. However, members all over the world can go to credit unions because they are trusted and responsible," Norton added.

Other featured guests included District of Columbia Banking Commissioner Thomas Hampton, Washington, D.C. Councilmember Michael Brown and Economist Robert Ebel.

Brown mentioned he is a credit union member and looks forward to working with them on financial services issues, including financial literacy.

Hampton said he has seen firsthand how credit unions serve their members, specifically by educating members on financial issues and leading in the effort to increase awareness of financial literacy.

courtesy of cuna.org