LYNCHBURG, Va. (8/13/12)--Former Virginia Gov. Tim Kaine--now a candidate for the U.S. Senate--praised credit unions and their philosophy as he accepted the endorsement of his candidacy from the Virginia Credit Union League.
"I have great respect for credit unions and their 'people helping people' philosophy," said Kaine in accepting the league's endorsement.
"The economy and the creation of jobs is the central focus of my campaign, and credit unions and other community-based financial institutions will help drive the economic recovery," he said. 'Washington needs to ensure the nation's 'Main Street' financial institutions can remain strong, innovative and vibrant for the good of working Americans and our communities."
The league announced its endorsement Friday.
"Decisions made in Washington have a direct impact on credit unions' ability to provide affordable financial services to their member-owners," said Rick Pillow, league president. "Gov. Kaine will be an effective partner and understands the difficulty of the legislative and regulatory environment."
Kaine, who was governor from 2006 to 2010, "is a proven leader and credit unions respect his balanced approach in crafting policy," said Pillow.
Although credit unions played no role in the financial crisis that shook America's financial system, they have been saddled with regulations meant to rein in the excesses of the nation's largest banks, said the league.
Kaine supports credit unions and community banks in the call for fair and balanced regulation that maintains the safety and soundness of the nation's financial system, without unduly burdening the nation's small community-based financial institutions, the league added.