House unanimously adopts Matzie resolution recognizing credit unions
HARRISBURG, Oct. 19 – The House today unanimously adopted state Rep. Rob Matzie’s resolution highlighting the special benefits provided by Pennsylvania’s credit unions.
Matzie, D-Beaver/Allegheny, said he introduced H.R. 1020 – designating Oct. 11-17 as Credit Union Week in Pennsylvania – to emphasize the ways these financial collaboratives empower consumers and differ from banks.
“Credit unions are unique because they exist to serve their members,” Matzie said. “Shareholder profits are not part of the equation. Instead, credit unions are owned and operated by their members, and any gains realized go back to members in the form of lower fees, lower-than-average bank card rates, low-interest loans and higher interest rates on deposits.
“Beyond those benefits, credit unions also offer financial education, consumer outreach and support for members’ community work. They are guided by a common motto – ‘Not for profit, not for charity, but for service’ – and they operate in a way that truly empowers the consumers they serve.
“It’s a model that has been working for more than 100 years in this country and an alternative that consumers should be aware of when it comes to their personal finances.”
Matzie said the credit union movement began in Germany in the mid-1800s, and the first U.S. credit union opened its doors in 1909 in New Hampshire.
Today, Pennsylvania and New Jersey are home to more than 510 credit unions serving the needs of 5.3 million members.