LEGISLATIVE RESOLUTION honoring the Auburn Federal Credit Union upon the
occasion of celebrating its 75th Anniversary

WHEREAS, It is the sense of this Legislative Body that the quality and
character of life in this great Empire State are indelibly enriched by
the faithful efforts of those financial institutions and their leader-
ship that devote their purpose to promoting economic vitality and serv-
ing the public; and
WHEREAS, Attendant to such concern, and in full accord with its long-
standing traditions, this Legislative Body is justly proud to honor the
Auburn Federal Credit Union upon the occasion of its 75th Anniversary
which was celebrated with cake at both Auburn Community Federal Credit
Union locations on January 27, 2011, as well as with many special
promotions throughout the year; and
WHEREAS, During the Great Economic Depression when most people were
struggling to find a better way of life, the passage of the Federal
Credit Union Act of 1934 allowed groups of people to form not-for-profit
cooperatives to promote savings among themselves and to provide easier
access to credit for the members of their group; and
WHEREAS, The world was a very different place when the employees of
the Auburn State Prison formed, what was then known as, the Auburn Pris-
on Employees Federal Credit Union on January 27, 1936; the purpose of
the credit union remains the same, to provide employees with a place
they can save and borrow money safely and confidentially at fair rates
of interest; and
WHEREAS, The Auburn Prison Employees Credit Union was originally
located inside the prison itself with a membership base entirely made up
of prison employees; Auburn Community Federal Credit Union, as it has
been known since 2004, now has a charter which allows anyone who lives,
works, worships, or attends school in Cayuga County the opportunity to
join the credit union; and
WHEREAS, Currently the Auburn Community Federal Credit Union's member-
ship base is over 7,500, with each member owning one share of the credit
union; this proud milestone of its 75th Anniversary is a testament to
the honesty and integrity credit unions embody; credit unions are not-
for-profit and are jointly owned and controlled by its members, not
stockholders; and
WHEREAS, The members of the Auburn Community Federal Credit Union
continue to pool their savings for the benefit of all members; rather
than paying profits to stockholders, credit unions return earnings to
members in the form of dividends or improved services; needs grow and
become more complex as times change, but this does not alter its basic
mission of returning earnings to its members; and
WHEREAS, For 75 years the Auburn Federal Credit Union has helped
people of modest means reach their financial goals with comfort and
respect; and
WHEREAS, It is the custom of this Legislative Body that when insti-
tutions of such noble aims and accomplishments are brought to our atten-
tion, they should be celebrated and recognized by all the citizens of
the great State of New York; now, therefore, be it
RESOLVED, That this Legislative Body pause in its deliberations to
honor the Auburn Federal Credit Union upon the occasion of its 75th
Anniversary, fully confident that it will continue to enjoy the sparkl-
ing success it has experienced thus far; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to the Auburn Federal Credit Union.