Matzie resolution recognizes special benefits of credit unions

HARRISBURG, Oct. 29 – The House today unanimously adopted a resolution recognizing the unique ways Pennsylvania’s credit unions benefit their 4.2 million members, according to the resolution’s author, state Rep. Rob Matzie, D-Beaver/Allegheny.

Matzie said he introduced H.R. 523 – designating Oct. 13 - 19 as “Credit Union Week” in Pennsylvania – to highlight the distinct approach these member-owned financial institutions take that sets them apart from traditional banks.

“Credit unions are known as ‘financial democracies’ because they’re owned and controlled by their members, and everyone gets a vote,” Matzie said. “Pennsylvania is home to about 365 of these unique cooperatives, which work so well because they allow like-minded members to pool their resources to achieve common goals.

“Those goals are centered around building an organization that caters to individual needs while promoting the collective financial well-being of all members. Guided by the motto ‘Not for profit, not for charity, but for service,” credit unions exist to serve their members, rather than turn a profit for shareholders. Any gains are returned to members in the form of reduced fees, higher interest rates on deposits, lower-than-average bank card rates and low-interest loans. It’s a system that mutually benefits everyone.”

Matzie added that credit unions also provide financial education and outreach to consumers, among other services, and often support and sponsor members’ charitable work to promote positive involvement in local communities.