DETROIT (5/20/13)--The Michigan Credit Union League & Affiliates endorsed U.S. Rep. Gary Peters (D-9) for the U.S. Senate, citing his legislative record of supporting common-sense financial measures that help middle-class families, small businesses and community-based financial institutions such as credit unions.
"Congressman Gary Peters has been a true champion for reasonable, bipartisan financial solutions that benefit local economies, and Michigan credit unions are confident that he will continue the fight to move our economy forward as our next U.S. senator," said MCUL CEO David Adams (Michigan Monitor May 17).
"[He] has a been a leader in supporting families on Main Street and helping small businesses get access to much-needed credit and capital that can help them grow and create jobs," Adams added.
Peters has demonstrated understanding and support for the critical role credit unions play in moving the state and the nation's economy forward, MCUL said. Since taking office in 2009, Peters co-sponsored and helped pass the Small Business Jobs Act of 2010, making it easier for small, community-based financial institutions to increase their capacity to lend. That resulted in billions of dollars in new loans to help small businesses, MCUL said.
"Peters has a record of strong championing of credit union issues, and the Credit Union National Association intends to work closely with the Michigan league to elect him to the U.S. Senate," Trey Hawkins, CUNA vice president of political affairs, told News Now. CUNA's Credit Union Legislative Action Council already has contributed to Peters the legal maximum of $10,000 for the 2014 election, Hawkins noted.
Peters also authored the Small Business Credit Initiative, which made available $79 million in federal funding for Michigan-specific lending programs, helping businesses create thousands of new Michigan jobs, MCUL said.
Three times Peters has co-sponsored legislation to raise the cap on credit union member business lending, a measure which would free up millions of dollars in capital for small businesses and create thousands of new jobs, without costing taxpayers a dime, MCUL said. CUNA has said raising the cap to 27.5% of a credit union's total assets from 12. 25% will generate $13 billion in new loans and create 140,000 jobs.