Rep. Magaziner: Credit unions play ‘crucial role’

Rep. Seth Magaziner, D-R.I., thanked credit unions for playing a crucial role for businesses and members around the country on the House floor Wednesday. Magaziner, a credit union champion dating back to his time working for the state of Rhode Island, said he looks forward to continuing that support in Congress.

“Credit unions are legally owned by the people who use their services, meaning when you deposit money in a credit union, you’re not just a customer but an owner,” he said. “This makes credit unions accountable to the communities they serve. This not-for-profit cooperative structure ensures earnings are paid back to members in the forms of higher savings rate and lower loan rates, not to private investors.”

Magaziner was a champion of depositing public funds at credit unions as Rhode Island General Treasurer from 2015 to his election to Congress in 2022.

His remarks follow those of Reps. Ken Calvert, R-Calif., Juan Ciscomani, R-Ariz., Angie Craig, D-Minn., Young Kim, R-Calif., and Scott Fitzgerald, R-Wis., who have made officials statements in support of credit unions and the new national trade association in 2024.

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