Patsy T. Mink: “today is a great day for credit unions and the concept of grassroots movements in this nation. With this bill, H.R.…”

“today is a great day for credit unions and the concept of grassroots movements in this nation. With this bill, H.R. 1151, we are beating back efforts of the big banks to limit access to non-profit, community-oriented credit unions. With the unanimous support this bill received in the House, I have no doubt that this Senate version will pass today, and very soon the President will sign it into law. H.R. 1151 is necessary because in February of this year, credit unions were dealt a severe blow by the Supreme Court, which upheld a ruling prohibiting the practice of multiple-group federal credit unions. In multiple-group credit unions, membership can consist of more than one distinct group so long as each group has its own common bond. This practice maintains the long standing practice of a credit union that its members have a common bond, yet allow credit union membership to continue to grow and thrive in our communities throughout the nation. H.R. 1151, overturns the Supreme Court ruling and allows credit unions to expand membership outside of their original group, as along as new members share common bond with each other. This is a particular victory for smaller communities and organizations that cannot maintain a credit union on their own. This bill will allow them to join existing credit unions. This is especially important in the rural areas of my state where groups may be too small to start their own credit union.”