WASHINGTON—If Majority Leader Kevin McCarthy is named Speaker of the House, one of the most powerful positions in the U.S. government will be held by someone who understands the value of credit unions.
House Speaker John Boehner (R-OH) announced Friday that he will resign from Congress at the end of October. Early reports indicate that McCarthy (R-CA 23rd District) is the current favorite to replace Boehner, who on Friday said that McCarthy would be an “excellent Speaker.” Reports also indicate McCarthy could face a serious and credible challenge from a conservative.
At many speaking engagements—including the 2014 CUNA Governmental Affairs Conference in Washington—McCarthy has told the story about how credit unions helped give him a start in life, providing financial guidance and loans.
“He has told that story a number of times,” said CUNA Chief Advocacy Officer Ryan Donovan, who added that CUNA has supported McCarthy. “He talks about how he took student loans from Kern Schools FCU (Bakersfield, Calif.) to finance junior college. And the credit union helped him refinance his debt when he won some money in the state lottery and wanted to by a deli.”
What really stood out to Donovan from McCarthy’s GAC address is that the congressman said he never would have made it to Majority Whip if he did not belong to a credit union.
“That speaks to a number of things,” said Donovan. “Number one, he understands the important role credit unions play in the lives of their members. Number two, throughout his time in public service, that understanding has translated into an openness and willingness from Mr. McCarthy to engage with credit unions on critical issues . . . Kevin McCarthy is a good credit union member and a good public servant.”
Jillian Pevo, NAFCU director of legislative affairs, also indicated that McCarthy recognizes the value of CUs.
“With a background serving on the Financial Services Committee, Leader McCarthy understands credit unions and the positive impact credit unions have on local communities,” said Pevo. “NAFCU has a close working relationship with Leader McCarthy’s office and expects that relationship to continue as the Republican Conference selects a leadership team.”