‘Credit Union Week’ in Pa. declared by Matzie resolution

HARRISBURG, Oct. 16 – Pennsylvania’s more than 400 credit unions and their 3.8 million members are being recognized per a resolution from state Rep. Rob Matzie, D-Beaver/Allegheny, unanimously approved by the House today.

Matzie said his H.R. 557, which designates Oct. 16-20 as “Credit Union Week” in the Keystone State, is designed to acknowledge their different approach they take to doing business.

“Rather than focusing on turning a profit for shareholders, like traditional banks, credit unions concentrate their efforts on providing valuable financial services to their members,” Matzie said. “They combine their member’s personal resources with the leadership abilities of the board of directors, forming a cooperative that benefits all.”

Matzie said that because credit unions are controlled and operated by their membership, they act as financial democracies, affording a vote to each and every member. He said they also offer lower-than-average bank card rates and low-interest loans, in addition to providing financial education.

“These institutions also support and sponsor members’ charitable work, spurning involvement in local communities,” Matzie said. “They exist to unite like-minded individuals, working for a better financial and economic future, with a philosophy of ‘not for profit, not for charity, but for service’ to their members.”