Credit unions will lose a friend on Capitol Hill with Rep. Eric Cantor's Republican primary loss Tuesday. "Rep. Cantor has been a friend to the Commonwealth's credit unions stretching back to his service in the Virginia General Assembly," said David Miles, senior vice president of the Virginia Credit Union League.
"The Congressman's campaigns have always been able to count on the dedicated support of credit union volunteers. We were surprised by the results of the primary, but now look forward to meeting with the Republican and Democratic candidates for the 7th District seat to educate them about credit unions and our issues."
Credit Union National Association Executive Vice President of Government Affairs John Magill noted: "Cantor had a veritable open-door policy for credit unions and our issues during his 13 years in the House. He addressed CUNA's Governmental Affairs Conference in 2009, 2010, 2013 and again this year and often noted credit unions' important role in helping their communities."
Cantor said he will step down as Majority Leader on July 31, but jockeying for his position has already begun. A handful of prominent lawmakers have been named as possible contenders for the No. 2 spot in the House, including Majority Whip Kevin McCarthy, R-Calif., Rep. Pete Sessions, R-Texas, and Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee.