WASHINGTON–Rep. Patrick McHenry (R-NC) told credit unions he thinks of them when he thinks of how his own father started a small business mowing grass and then used a credit card to grow that business.
In remarks to CUNA’s GAC, McHenry said, “I think of the challenges my father had and why what you do helps small communities and families and individuals to have capacity to help themselves” is so important,” said McHenry. “That’s my motivation for making sure we have healthy credit unions. And I know that’s what motivates you to serve your members every day.”
McHenry said capitalism is under attack in Washington, with some suggesting capitalism is “dead.”
“That’s not what I hear when I’m in North Carolina and that’s not what you hear from your members,” said McHenry. “We are fighting for the direction of our country. There is outlandish rhetoric from a few in Washington. It’s important to remind people it’s our system that works and how we use that system needs to be updated, our responsiveness to our people needs to be updated. That capacity is within us.”
Shrinking Marketshare
McHenry noted that over the past 30 years the marketshare of community financial institutions has gone from holding 30% of assets to just 6.6%. The number of credit unions has declined by 14% over the last decade, he added.
“Last time I checked you weren’t the cause of the financial crisis,” said McHenry. “But unfortunately in the marketplace you’re being held to account for the mistakes of others. We have had bad law and bad regulation that applies to you that should not be applied to credit unions.”
McHenry urged CU reps to head to the Hill and “allow policymakers to put real stories and real lives to these complex regulations.”