[Congressional Record Volume 170, Number 29 (Wednesday, February 14, 2024)]
[House]
[Page H622]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       CELEBRATING CREDIT UNIONS

  (Mr. MAGAZINER asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. MAGAZINER. Mr. Speaker, I rise today to celebrate America's 
credit unions during National Credit Union Education Month.
  Credit unions play a crucial role in improving the financial well-
being of households and local businesses across America, offering 
working people affordable financial services for acquiring a home, 
investing in their child's education, and providing accessible lending 
options that help build generational wealth.
  Credit unions are legally owned by the people who use their services, 
meaning that when you deposit money into a credit union, you are not 
just a customer, you are a part owner. This makes credit unions all the 
more responsive and accountable to the communities they serve.
  This not-for-profit cooperative structure also ensures that earnings 
are paid back to members in the form of higher savings rates and lower 
loan rates, not to private investors.
  Rhode Island boasts 18 credit unions that serve 480,000 Rhode Island 
residents--nearly half of our State's population. During my time as 
State treasurer, I worked with our credit unions in our State to help 
promote financial empowerment and stability for all Rhode Islanders. I 
look forward to continuing to support this credit union model in 
Congress.

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