WHEREAS:

Credit unions which serve the needs of many AFSCME members are a stable, affordable and easily available source of financial assistance. The National Credit Union Share Insurance Fund provides security for credit union members' money, a system which provides even more protection than the FDIC covering commercial banks; and,

WHEREAS:

Taking advantage of the current savings and loan crisis, the commercial banking industry is attempting to eliminate competition from credit unions. Their proposals include merging the stronger credit union insurance fund into the weaker FDIC, and the elimination of the credit unions' not-for-profit tax exempt status; these changes would greatly increase credit union costs and reduce the services offered to members.

THEREFORE BE IT RESOLVED:

AFSCME remains committed to its strong support for the credit union movement and will actively lobby to stop the commercial banking industry's attempts to weaken it.