Senate Resolution No. 2023

BY: Senator SANDERS

MEMORIALIZING Governor Kathy Hochul to proclaim
October 17, 2024, as Credit Union Day in the State
of New York

WHEREAS, It is the custom of this Legislative Body to recognize
official days that are set aside to recognize certain professionals and
volunteers who affect the lives of citizens of New York State; and

WHEREAS, Attendant to such concern, and in full accord with its
long-standing traditions, this Legislative Body is justly proud to
memorialize Governor Kathy Hochul to proclaim October 17, 2024, as
Credit Union Day in the State of New York; and

WHEREAS, Credit Union Day provides an opportunity for the people of
the Empire State to recognize the vital contributions of not-for-profit,
cooperative financial services in communities large and small throughout
New York State; and

WHEREAS, Credit unions are not-for-profit financial cooperatives
owned by and operated for the benefit of the members they serve; and

WHEREAS, The credit union movement began with a simple idea that
people could achieve a better standard of living for themselves and
others in their community by pooling their savings and making loans to
their neighbors, co-workers, and family; and

WHEREAS, From their origins in European co-op societies, the basic,
populist ideals of credit unions have fostered a global culture embraced
by millions and forged upon the ethos of service, independence, and
equality; and

WHEREAS, In 1864, the first rural credit union was formed in
Germany; in 1909, the first United States credit union law was passed in
Massachusetts and Alphonse Desjardins formed the first credit union in
the United States; and

WHEREAS, In 1913, the New York State Legislature became the second
state to enact a credit union law; by 1915, New York issued eleven
credit union charters, and the New York State Association of Credit
Unions was formed in 1917; and

WHEREAS, As a testament to their strong foundation, no credit unions
in New York State liquidated during the Great Depression; U.S. credit
unions weathered the period well, due to their stability not offered by
traditional banks; and

WHEREAS, Examination of credit union loan applications lead to the
discovery that many loans were for medical procedures, therefore, in
collaboration with New York City Mayor Fiorello LaGuardia, the Health
Insurance Plan of Greater New York was established; and

WHEREAS, In 1934, President Franklin D. Roosevelt signed the Federal
Credit Union Act, giving credit unions the option to be state or

federally chartered; then in 1963, President John F. Kennedy signed the
Credit Union Bill into law, providing federal credit unions with greater
operating flexibility; and

WHEREAS, Today, New York State's 290 credit unions serve nearly 7
million members; their economic impact to New York State is $6.6
billion, nearly $1 billion in tax revenue, and they provide 26,000 jobs
to citizens; and

WHEREAS, Credit unions are devoted to advancing their communities,
because they are owned by the members they serve every day; they are
dedicated to improving New Yorkers' savings, helping them invest in
their homes, businesses, and education, and to secure a stronger
financial future; and

WHEREAS, Credit Union Day is meant to celebrate the positive impact
of credit unions, their staff, and leaders of the industry towards the
financial health of New Yorkers; and

WHEREAS, It is appropriate for the citizens of New York State to
recognize that the quality of life in the communities across this great
State of New York is enriched by the diligence and compassionate
commitment of those individuals leading credit unions; now, therefore,
be it

RESOLVED, That this Legislative Body pause in its deliberations to
memorialize Governor Kathy Hochul to proclaim October 17, 2024, as
Credit Union Day in the State of New York; and be it further

RESOLVED, That a copy of this Resolution, suitably engrossed, be
transmitted to The Honorable Kathy Hochul, Governor of the State of New
York.