House unanimously adopts Matzie resolution declaring Credit Union Week
HARRISBURG, Oct. 10 – The House today unanimously adopted a resolution designating the week of Oct. 14-20 as Credit Union Week in Pennsylvania, according to the resolution’s prime sponsor, state Rep. Rob Matzie, D-Beaver/Allegheny.
House Resolution 1128 recognizes the contributions made by Pennsylvania’s more than 390 credit unions, which serve the needs of about 4 million members statewide.
“Credit unions are a unique breed,” Matzie said. “These not-for-profit organizations fulfill the same traditional functions as banks but are owned by their individual member account holders. That means that their main priority is serving members’ financial needs, as opposed to maximizing profits for shareholders. Any profits made generally go back to members in the form of lower fees, lower interest rates or higher yield savings accounts.”
Matzie said because credit unions are controlled and operated by their membership, they act as financial democracies, affording a vote to each and every member.
“These organizations are a perfect example of how common interests can unite to produce the best possible results,” Matzie said. “Because members share a common connection, they can work together to adapt to the needs of specific communities. This, together with their support for members’ charitable work, gives them the local, community-oriented feel their members love.”