Congratulating the Formation of America's Credit Unions

Floor Speech

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Mr. FITZPATRICK. Mr. Speaker, I rise today to recognize the importance of credit unions in thc financial services marketplace. In Pennsylvania alone, there are 315 active credit unions, representing over 4.9 million members.

America's two national-level credit union trade associations, the Credit Union National Association and the National Association of Federally Insured Credit Unions, recently merged into a new organization called ``America's Credit Unions.''

As a long-time credit union member and supporter, I appreciate the difference between credit unions and banks. Credit unions are not-for- profit financial cooperatives that are democratically controlled. Every member, regardless of how much they have in savings or loans at a credit union, has an equal voice and vote in the governance of their credit union. Credit unions also have no outside shareholders, allowing these institutions to act purely in the interest of members and provide outstanding member services.

For these reasons, credit unions consistently rank as the most popular form of depository institution in America. I congratulate the formation of America's Credit Unions, now the largest credit union trade association in the United States, and I expect great things to come from this new organization.

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