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HOUSE MEMORIAL 106

LEGISLATURE

- STATE OF NEW MEXICO -

FIRST SESSION

, 2007

INTRODUCED BY

Daniel R. Foley

A MEMORIAL

REQUESTING SUPPORT FOR NEW MEXICO CREDIT UNIONS PARTICIPATING

IN THE REAL SOLUTIONS PROGRAM TO OFFER AFFORDABLE SAVINGS AND

BORROWING OPPORTUNITIES; COMMENDING THE CREDIT UNIONS THAT

PARTICIPATE IN THE REAL SOLUTIONS PROGRAM.

WHEREAS, financial literacy, improved personal financial

management and creditworthiness help provide an avenue to

personal financial stability and improve the financial and

economic well-being of New Mexico communities; and

WHEREAS, many New Mexicans with poor credit histories are

excluded from affordable savings and borrowing opportunities

and, instead, turn to high-cost, short-term lending practices

that perpetuate a dangerous cycle of debt; and

WHEREAS, credit unions around New Mexico are working to

provide New Mexicans with programs to keep members financially

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solvent and out of the cycle of predatory lending through a

program called REAL Solutions; and

WHEREAS, REAL Solutions is a promising statewide

initiative to help New Mexicans build financially strong, self-

supporting families and communities by offering affordable

alternatives to high-cost financial products and services; and

WHEREAS, credit unions around New Mexico have committed

to REAL Solutions and rededicated themselves to the principles

upon which they were founded, including service to members and

values placed on people, not profits;

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF

REPRESENTATIVES OF THE STATE OF NEW MEXICO that New Mexico

credit unions be commended for participation in the REAL

Solutions program and for helping to improve the financial

viability of New Mexico families; and

BE IT FURTHER RESOLVED that the house of representatives

support credit unions' efforts to provide financial literacy

programs and affordable alternatives to high-cost financial

products and services; and

BE IT FURTHER RESOLVED that copies of this memorial be

sent to the credit union association of New Mexico, the eleven

credit unions committed to the REAL Solutions program and the

department of finance and administration.

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