WASHINGTON—Kevin McCarthy, who has now officially announced he will run for Speaker of the House, continues to draw praise from credit unions regarding his support for the movement.
The House Majority Leader, who has been tapped by many as the congressman most likely to succeed Rep. John Boehner (R-OH) after announced he will retire as Speaker at the end of October, was applauded by NAFCU and CUNA for his understanding of the value credit unions bring to the financial system and to communities.
Now, the California and Nevada Credit Union Leagues are offering their own views on McCarthy (R-CA 23rd District), with the California League saying it has worked for years with the congressman during his tenue in the state’s legislature.
Jeremy Empol, vice president of federal government affairs for the California and Nevada Credit Union Leagues, said McCarthy and his staff have a good understanding of importance of credit unions locally and across the nation. Empol pointed to McCarthy’s understanding of the impact of regulations on credit unions and, at times, the burgeoning strain of banking regulators.
“We've worked successfully with his office to build consensus in Congress for opposition to regulatory over-reach,” said Empol. “Kevin McCarthy has been a long-standing ally of credit unions dating back to his role as republican leader in the California legislature. Several credit unions, including Deserts Valleys FCU and Kern Schools FCU, have had an outstanding long-term relationship with him.”
Empol added that McCarthy understands the importance of data security, whether it’s the complex problems that encompass consumer access to payments or information security in general.
“He has been helpful in framing the debate in both areas,” Empol said.
In Congress, as both a member of the House Financial Services Committee and working in leadership roles, Empol said McCarthy and his team have helped on issues such as member business lending, parity on non-owner occupied mortgages, conflicts with the Consumer Financial Protection Bureau, and preservation of the credit union tax status.
“His leadership as House Majority Whip, and now as the likely next speaker, is a positive step forward for credit unions as we work among our delegation to bring consensus to our issues,” said Empol.