Candidates express strong support for credit unions; offer help on issues of most importance to Virginia-based credit unions and their 8 million member-owners.
Vice President of Public Relations and Communication
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LYNCHBURG, Va.-The Virginia Credit Union League, the state trade association for the Commonwealth's 172 member-owned credit unions, today announced its endorsement of Terry McAuliffe for governor and state Sen. Ralph Northam for lieutenant governor.
The League is the leading advocate for the state's credit unions and offers a wide range of products and services that support credit unions in their mission to serve members.
The endorsements for governor and lieutenant governor are based upon interviews with representatives of the League’s Board of Directors and Governmental Affairs Committee and the candidates’ written responses to a questionnaire furnished to each candidate pertaining to a variety of issues of importance to credit unions and their members throughout the Commonwealth, including tax reform, public deposits, financial literacy, and member business lending.
"Terry McAuliffe understands the unique role of not-for-profit credit unions in the marketplace and appreciates that some 3 million Virginians count on us as their financial services partner," said Rick Pillow, president of the Virginia Credit Union League. "Credit unions face a host of challenges at both the state and federal levels, and Terry's commitment to support us in Richmond and in Washington proved he truly is a friend to credit unions and the hard-working Virginians that depend on us."
McAuliffe expressed his support for preserving the credit union tax exemption, which enables credit unions to better serve the needs of working families by offering better rates and fewer fees. As part of his focus on job creation and ensuring small businesses have access to capital, McAuliffe noted his backing for changes in federal law that would allow credit unions to make more loans to small businesses.
"We also appreciate Sen. Northam’s forthright answers to our questionnaire. Virginia’s credit unions have had an excellent working relationship with him and we proudly endorse his candidacy for lieutenant governor," said Pillow. "Following the recession and financial crisis, Virginians have increasingly turned to credit unions as a financial services partner that puts their needs first. Ralph expressed his unqualified support for credit unions' position on both the state and federal issues of greatest importance to us."
Sen. Northam supports the preservation of the credit union tax exemption. He expressed strong support for ensuring state-chartered credit unions are afforded the same opportunities to succeed in the marketplace as their federally chartered peers and he supports credit unions' bid to provide more loans to small businesses.
About Virginia's Credit Union System
Virginia-based credit unions serve 8 million members worldwide and hold more than $96.5 billion in combined assets, roughly 9 percent of all the assets held by the U.S. credit union movement. As of June 30, 2013, Virginia-based credit unions held $65.9 billion in loans, more than 10 percent of all the loans held by the nation's 6,800 credit unions.
About the Virginia Credit Union League
The Virginia Credit Union League is the state trade association for the Commonwealth's 172 member-owned, not-for-profit credit unions. For almost 80 years, the League has provided training and education services, lobbied lawmakers on behalf of credit unions, and served as an information and operations resource. For more information about the League, visit www.vacul.org.