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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

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

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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.