House adopts Matzie resolution declaring Credit Union Week

The House unanimously adopted a resolution Wednesday designating the week of Oct. 14-20 as Credit Union Week in Pennsylvania.

“Credit unions are a unique breed,” Rep. Rob Matzie (D-Beaver/Allegheny), the resolution’s primary sponsor, 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.”

Pennsylvania has more than 390 credit unions that together have more than 4 million members.

“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.”