WASHINGTON (6/16/14)--House Majority Whip Kevin McCarthy (R-Calif.), who announced his bid for the House majority leader position, has had positive experiences with credit unions, especially the one that gave him loans for his education and his business.
House Majority Whip Kevin McCarthy (R-Calif.), who is in line to be elected as House majority leader this week, has spoken to the Credit Union National Association's Governmental Affairs Conference a number of times. (CUNA photo)
McCarthy's bid comes on the heels of House Majority Leader Eric Cantor's (R-Va.) resignation from the leadership position after losing in last week's primary to Dave Brat, an economics professor at Randolph-Macon College in Ashland, Va.
"Mr. McCarthy is well-respected, and well-liked, among his colleagues, and his door is open to credit unions for our views," said John Magill, executive vice president of government affairs for the Credit Union National Association. "We look forward to working with him in the future under any circumstances, and certainly if he becomes majority leader."
As a member of the House Financial Services Committee, McCarthy has spoken at CUNA's Governmental Affairs Conference, including this year during which he shared his concern about the growing regulatory burden.
"Credit unions are a symbol of free enterprise, risk and upward mobility," McCarthy told the 2014 GAC audience (News Now Feb. 26), expressing concerns that regulations are hindering the not-for-profit institutions.
He also recalled how credit unions played a key role in his own life. To attend junior college, he took out a loan from Kern Schools FCU, Bakersfield, Calif., now with $1.2 billion in assets.
McCarthy said that he received another line of credit after he decided to start selling cars, and that Kern Schools allowed him to refinance his debt after he won a modest-by-today's standards $5,000 in the California lottery. He then invested in a local sandwich chain, which he sold to put himself through college.
"I'd never make it to majority whip if I didn't belong to a credit union," McCarthy stated.
McCarthy was first elected to the House in 2006. He was previously an aide to former Rep. Bill Thomas, R-Calif., for a decade, and he succeeded Thomas when the congressman retired.
After the 2010 midterm elections, McCarthy was elected to serve as majority whip of the U.S. House.