James A. Leach: “the House today takes up H.R. 1151, the Credit Union Membership Access Act, which the Committee on Banking and Financial…”

“the House today takes up H.R. 1151, the Credit Union Membership Access Act, which the Committee on Banking and Financial Services approved by unanimous voice vote last Thursday. The bill is before us today as a result of a ruling by the Supreme Court on February 25, holding that the National Credit Union Administration had improperly interpreted its 1934 act in allowing for mergers between credit unions with different common bonds. Last year, at the time the Court took the case, there were those who advocated congressional action. My view, and that of many others, was that it would have been inappropriate for Congress to act while the case was pending before the Court. However, I made it clear to all affected parties that I was committed to prompt hearings and action if necessary to ensure that no Americans would be kicked out of the financial institution of their choice. Mr. Speaker, we have moved quickly for a deliberative legislative body. Within two weeks of the Supreme Court ruling, the Committee on Banking and Financial Services had a comprehensive hearing on the subject. Two weeks later we marked up a bill, and now it is being brought to the floor. Credit unions represent democracy at work in the marketplace, and this legislation will go a long way towards ensuring they remain an integral part of the American way of life.”