GRAND RAPIDS, Mich. (6/12/14)--U.S. Rep. Gary Peters (D-Bloomfield Hills), a longtime supporter of credit unions, dropped in for a meet-and-greet appearance at the Michigan Credit Union League's Annual Convention and Exhibition last week (Monitor June 10).
U.S. Senate candidate Gary Peters, center, talks to John Buckley, president/CEO of Gerber FCU, Fremont, left, and Michigan Credit Union League President/CEO David Adams. (Monitor photo)
Since working as a state legislator, Peters has championed the credit union movement, citing credit unions as being instrumental in seeing businesses through the recession by continuing to provide loans to small businesses.
Running for the U.S. Senate, Peters said that if elected later this year, he will fight to ease the regulatory burden that credit unions face.
"It's important that we understand that the mission of a credit union in serving the members and the local community, it's not about having an overly regulatory environment," Peters said. "If we do that, a small credit union simply isn't going to be able to hire the number of lawyers and compliance folks.
"And if credit unions go out of business, then we get even further concentration of the banking industry, which I think is not good for our country."