IV 
110TH CONGRESS 
2D SESSION 
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. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 23, 2008 
Ms. SHEA-PORTER (for herself and Mr. HODES) submitted the following 
resolution; which was referred to the Committee on Financial Services 
RESOLUTION 
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. 
Whereas America’s first credit union was established in 1908, 
in Manchester, New Hampshire, in order to afford hard- 
working American textile workers access to credit and 
savings; 
Whereas the St. Mary’s Cooperative Credit Association, later 
to be named the ‘‘Bank of the People’’, would lay the 
foundation for the creation of over 8,500 credit unions in 
America today, which serve over 90,000,000 members; 
Whereas on June 26, 1934, President Franklin D. Roosevelt 
signed into law the Federal Credit Union Act, thus ena-
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•HRES 1145 IH 
bling credit unions to be organized throughout the United 
States under the charters approved by the Federal Gov-
ernment; 
Whereas St. Mary’s Cooperative Credit Association and other 
credit unions created as a result of the passage of the 
Federal Credit Union Act played an instrumental role in 
helping hard-working Americans recover after the Great 
Depression; 
Whereas credit unions have consistently carried on the tradi-
tions set by St. Mary’s and exemplified the American val-
ues of thrift, self-help, and volunteers, carving out a spe-
cial place for themselves among the Nation’s financial in-
stitutions; 
Whereas America’s Credit Union Museum, located on the site 
of America’s first credit union, maintains a mission of 
‘‘educating present and future generations on the benefits 
of cooperative self-help efforts to promote thrift and sen-
sible use of credit’’ and preserves the history and tradi-
tion of America’s credit unions; 
Whereas credit unions operate with the credo, ‘‘Not for prof-
it, not for charity-but for service’’ and have consistently 
reflected this philosophical tradition and the cooperative 
spirit of ‘‘people helping people’’ that gave birth to the 
Federal Credit Union Act; and 
Whereas 2008 will mark the 100th anniversary of the estab-
lishment of St. Mary’s Cooperative Credit Association in 
Manchester, New Hampshire, America’s first credit 
union: Now, therefore, be it 
Resolved, That the House of Representatives recog-
nizes the 100th anniversary of the founding of St. Mary’s 
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•HRES 1145 IH 
Cooperative Credit Association, the ‘‘Bank of the People’’, 
and the birth of the American credit union. 
Æ 
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