Kentucky Senate Bill SR250

Kentucky 2023 Regular Session

• Introduced: 3/29/23
• Refer: 3/29/23
• Passed: 3/29/23

Caption

A RESOLUTION recognizing and celebrating 100 years of Kentucky credit unions.

Impact

The resolution serves to reinforce the importance of credit unions within the state's financial services sector. It underlines their contributions to local economies and emphasizes their role as cooperative, member-owned institutions that prioritize community engagement and financial education. By recognizing 100 years of service, the resolution seeks to promote further public awareness of the benefits offered by credit unions to individual members and communities alike.

Summary

SR250 is a resolution that recognizes and celebrates the 100-year anniversary of Kentucky credit unions. The resolution highlights the significant role that credit unions have played in the financial well-being of Kentuckians over the past century. It acknowledges that since the establishment of state-chartered credit unions in Kentucky in March 1922, these institutions have contributed to the economic health of the Commonwealth and have provided valuable services to their members without discrimination.

Sentiment

The sentiment surrounding SR250 is overwhelmingly positive, reflecting pride in a century of service and the achievements of credit unions in Kentucky. The resolution is celebratory in nature, aiming to elevate public appreciation of credit unions as vital financial partners that offer favorable loan rates, minimal fees, and contributions to community well-being. This acknowledgment also serves as encouragement for ongoing success and support of these institutions moving forward.

Contention

While the bill does not present significant points of contention, it does highlight the unique position of credit unions in the financial sector compared to other banking institutions. The cooperative model of credit unions, which emphasizes member ownership and involvement, is contrasted with traditional banks, primarily driven by profit. The resolution does not encounter opposition but rather celebrates the shared success of credit unions and their ongoing commitment to serving their member communities across Kentucky.