TALLAHASSEE, Fla., and BIRMINGHAM, Ala. (2/18/16)--The Alabama Credit Union Association, an affiliate of the League of Southeastern Credit Unions (LSCU), has endorsed Republican incumbent Richard Shelby for the U.S. Senate.
The endorsement comes after a vote by the LSCU board of directors.
Shelby is a five-term senator who is also the chairman of the Senate Banking Committee.
LSCU said Shelby has been a strong advocate for regulatory relief for financial institutions, authoring a package that included several items credit unions have advocated for in recent years. Chief among those items is calling for transparency in the National Credit Union Administration’s budget process, financial institution examination fairness, and raising the examination threshold by the Consumer Financial Protection Bureau to exempt more institutions of smaller asset size. Each of these regulatory relief items help credit unions spend less time on burdensome regulatory compliance and more on serving their membership, the league said.
“Sen. Shelby has long recognized the important role credit unions play within their communities,” said LSCU President/CEO Patrick La Pine. “His stance on regulatory relief, particularly for community based financial institutions like credit unions, shows his understanding of the compliance burden facing our industry. Credit unions are spending more time working on compliance, which takes away from helping their members achieve financial success.”
The Credit Union National Association does not endorse candidates. Credit unions back credit-union friendly candidates, in part, through the credit union-funded Credit Union Legislative Action Committee.