U.S. Rep. Mike Michaud (D-ME) was guaranteed a standing ovation, and not just because he voiced his support for the credit union tax exemption.
In addition to the fact that Maine's credit unions made a point of stacking the first row with Maine credit union people, Michaud is more than just a member of Congress, he is also both a member of a credit union and member of the board of a credit union.
Indeed, it was credit union assistance that helped him win his election to Congress. "Credit unions played an important role in my victory," he told the GAC crowd. "Each of you showed what can happen when we organize and make something a top priority."
Calling credit unions the "heart and soul" of their communities, Michaud told the crowd that all of his finances are with credit unions, adding, "that's one of the reasons I don't get much help from banks."
But given Michaud's early experience with a bank, he likely isn't too surprised at not receiving their help, now.
"When I was young, I went to a bank for a car loan. And even though I had enough savings, it was my first loan, so they told me I had to have a co-signer," Michaud related. "I was only 20 and full of vinegar, so I went down the street to the credit union, where I was greeted with open arms by the treasurer of the credit union. The answer was 'yes.' The credit union was willing to take a chance on this young student...that's the difference between credit unions and banks."
Michaud said he will continue to fight for the credit union tax exemption as well as for any legislation that helps strengthen credit unions, such as the Credit Union Regulatory Improvement Act.
