Congressman Tim Roemer Co-Sponsors H.R. 1151
March 10, 1998

INDIANAPOLIS—Third District Congressman Tim Roemer today became the third Indiana congressman to co-sponsor H.R. 1151, the Credit Union Membership Access Act. The Northern Indiana Democrat is in his fourth term.

H.R.1151 updates the wording of the 1934 Federal Credit Union Act to allow federal credit unions to enroll members from multiple employee groups.

Roemer said that consumer choice is the most important issue in his endorsement of the bill. "Credit unions do good things for people," Roemer said. "I believe that all consumers should have access to the not-for-profit credit union alternative."

Roemer’s co-signing comes on the heels of a Feb. 25 Supreme Court ruling affecting federal credit unions that have been enrolling multiple employee groups. In 1982 the National Credit Union Administration ruled that the 1934 law allows the practice. The court disagreed, saying the law as written limits membership to only one group. That leaves employees of small companies with too few potential credit union members and members of existing credit unions whose employers have downsized or gone out of business without access to a credit union. Without passage of H.R.1151, 62 percent of American workers face the possibility of being denied the option of credit union membership.

Roemer says that will hurt all purchasers of financial services. "Competition in the financial services industry is good for consumers," he said. "Credit unions offer a choice. They are locally owned and not-for-profit, with a strong sense of community. They belong in the marketplace."

"Congress has the opportunity to make sure that everyone continues to have access to credit unions," stated Indiana Credit Union League President John McKenzie. "We are grateful to Rep. Roemer for taking a stand in favor of consumers everywhere."

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