WASHINGTON (1/8/16)--Republican presidential candidate Carly Fiorina praised credit union lending practices while lamenting the impact of regulatory burden Thursday.

During an appearance on MSNBC’s Morning Joe, Fiorina said, "Community banks and the credit union system give loans to whom? Small businesses and working families,” and added that burdens such as those imposed by the Dodd-Frank Act are causing problems for those smaller financial institutions.

Richard Gose, chief political officer of theCredit Union National Association (CUNA), said Fiorina’s remarks are appreciated.

“We’re glad Ms. Fiorina is shining a bright light on what CUNA has been saying for years--there is a regulatory crisis of creeping complexity--and Dodd-Frank is a prime example of a far-reaching law that has numerous adverse impacts,” he said. “Today, the number-one concern among our member credit unions is regulatory compliance."

CUNA cites that overall 20% of the credit unions that existed prior to the implementation of Dodd-Frank have merged out of existence and the pace of decline has accelerated noticeably since enactment of Dodd-Frank.

“It’s a shame that while CUs had no role in creating the financial crisis they are saddled with the same avalanche of new laws and regulations as the bad actors. Andthis at a time when consumers are increasingly saying they want less Wall Street and more local-control and community-based institutions,” Gose added.

Fiorina previously participated in an event that was part of CUNA’s non-partisan “Strong Credit Unions, Strong Middle Class” campaign, a town hall meeting of the Lowcountry Chapter of Credit Unions. The event, spearheaded by the Carolinas Credit Union League, saw Fiorina note the connection between community financial institutions and the middle class.

Democratic presidential candidate Bernie Sanders also praised credit unions during the Nov. 14 Democratic debate, calling them “the future of banking in America.”

CUNA’s Middle Class campaign was launched in October as part of its Member Activation Program. Its goal is to reinforce thatcredit unions are the smart consumer choice for middle class families.

The campaign also tracks 2016 presidential candidates’ statements about the middle class, and the social media phase of the campaign allows credit union members to tweet the candidates directly about the benefits of being a credit union member.