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Reg Relief For CUs On Majority Whip's Mind

WASHINGTON (2/27/13)--House Majority Whip Kevin McCarthy (R-Calif.) praised credit unions for helping him start his business

Click to view larger image House Majority Whip Kevin McCarthy (R-Calif.) says that the way to solve the current financial problems is for both political parties to work together and cut spending.  (CUNA photo)

and promised to work hard to provide regulatory relief for the industry.

McCarthy, who once owned a delicatessen in Bakersfield, Calif., said he would use his influence to fight the growth of regulations that prevent credit unions from doing what they need to do, such as making more business loans.

He made his remarks during a speech at the Credit Union National Association's 2013 Governmental Affairs Conference.

McCarthy, the No. 3 member of the GOP leadership and a fourth-term lawmaker, reiterated his support for legislation that would improve the process for appealing decisions made by examiners for the National Credit Union Administration and other financial regulatory agencies.

He also urged GAC attendees to be vigilant in making their cases when meeting with lawmakers. Capitol Hill visits are a vital and integral part of the CUNA conference.

"Don't assume that members understand the history (of credit unions)--especially why you have your tax-exempt status,'' he said. CUNA and the state credit union associations recently unveiled an important members-only toolkit: It is designed to help credit unions connect with their members and educate the public about credit unions as banks intensify their state-level attacks against the credit union tax status. Use the link to access the resource.

McCarthy also said that the way to solve the current financial problems is for both political parties to work together and cut spending. He opined that Washington "doesn't have a revenue problem, but a spending problem.''

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