Rep. Magaziner Speaks in Favor of Credit Unions on House Floor

On Wednesday, Congressman Seth Magaziner, a strong advocate for credit unions since his time in state government, recently spoke on the House floor, reaffirming his commitment to supporting your vital work.

In his remarks, Rep. Magaziner highlighted the member-owner structure of credit unions, providing increased accountability and financial benefits to consumers, not shareholders.

“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,” Congressman Seth Magaziner RI- 2 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.”

His statement serves as a powerful affirmation of the crucial role credit unions play in Rhode Island and nationwide. It is clear that Congressman Magaziner will continue to champion credit unions in Congress, advocating for policies that enable best serving members and contributing to economic well-being.

The Cooperative Credit Union Association will also be sharing a note of thanks with the Congressman, whom we look forward to hopefully thanking in person at GAC.