Rep. Fitzpatrick: Credit unions ‘act purely in the interest of members’

Rep. Brian Fitzpatrick, R-Pa., recognized “the importance of credit unions in the financial services marketplace,” in a Congressional Record entry Friday.

“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,” he said, adding credit unions’ unique structure allows them “to act purely in the interest of members and provide outstanding member services.”

Fitzpatrick has introduced bipartisan bills this session with Rep. Vicente Gonzalez, D-Texas., to exempt loans to veteran-owned businesses from the member business lending, and that would grant credit unions additional business lending and loan maturity flexibility.

He also congratulated America’s Credit Unions, noting he “expect[s] great things to come from this new organization.”

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