Bill Text: NY J02023 | 2023-2024 | General Assembly | Introduced

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Bill Title: Memorializing Governor Kathy Hochul to proclaim October 17, 2024, as Credit Union Day in the State of New York

Spectrum: Slight Partisan Bill (Democrat 42-21)

Status: (Passed) 2024-03-26 - ADOPTED [J02023 Detail]

Download: New_York-2023-J02023-Introduced.html

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Senate Resolution No. 2023

BY: Senator SANDERS

        MEMORIALIZING  Governor  Kathy  Hochul to proclaim
        March 26, 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 March 26, 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 March 26, 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.