Bill HR 1151, Credit Union Membership Access Act Passes the Senate.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--July 28, 1998--This morning the U.S. Senate passed legislation to reinstate To restore to a condition that has terminated or been lost; to reestablish. To reinstate a case, for example, means to restore it to the same position it had before dismissal. the opportunity for millions of working Americans to have access to a credit union. The bill, HR 1151, is called the Credit Union Membership Access Act. It passed the Senate by a vote of 92-6. Tennessee's Senators Bill Frist and Fred Thompson voted in favor of the credit union bill. The vote follows action in the U.S. House of Representatives where a similar legislation was approved in April by a margin of 411-8. With anticipated resolution of differences in the two bills by legislators, the President is expected to sign the bill into law. The President's signature will give working consumers the choice to use the services of a credit union that serves the employees where they work, even if the company is too small to have a credit union of its own. The U.S. Supreme Court ruled in February that a law passed in 1934 does not allow the nation's Federal credit unions to serve employees of more than one company. "Today's action by the Senate gives millions of working Americans access to the low-cost services available through credit unions," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Tom Gaines, president of the Tennessee Credit Union League A credit union league (League) is a United States state-level trade association for credit unions, which are non-profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association (CUNA). . "We are indebted in·debt·ed adj. Morally, socially, or legally obligated to another; beholden. [Middle English endetted, from Old French endette, past participle of endetter, to oblige to our nine House Members and both Senators for their efforts on behalf of Tennessee's working citizens. Deserving special recognition are Third District Representative Zach Wamp Zachary Paul "Zach" Wamp (born October 28, 1957) is a Republican politician representing the 3rd Congressional district of Tennessee (map) since 1995. The district is based in Chattanooga and includes large parts of East Tennessee, including Oak Ridge. and Ninth District Representative Harold Ford, Jr. who were among 206 co-sponsors of HR 1151 in the House of Representatives." "Thousands of credit union members joined volunteer officials and employees in writing and calling Congress for help with this issue," said League Executive Vice President David Wilson David Wilson may refer to:
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see the political success that is possible through a grass-roots effort of working Americans demonstrating the value of credit unions in communities throughout our state and nation." Credit unions usually offer financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. at a lower cost because they are not-for-profit cooperatives owned by their members. Since there are no stockholders to pay, all the members benefit from the earnings of the credit union which are distributed as dividends earned on savings, low loan rates and lower fees for doing business. "This is a wonderful day for millions of consumers who had lost the benefits of credit union membership," said Wilson. The Tennessee Credit Union League serves Tennessee's 250 credit unions and 1.3 million credit union members.
CONTACT: Tennessee Credit Union League, Chattanooga
David Wilson, 800/572-7359, ext 20
Tom Gaines, 800/572-7359, ext 18
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