Meanwhile, Kaine’s Republican opponent, former Gov. George Allen, won the endorsement of the Virginia Fraternal Order of Police.
“Decisions made in Washington have a direct impact on credit unions’ ability to provide affordable financial services to their member-owners,” said Rick Pillow, president of the Virginia Credit Union League. “Gov. Kaine will be an effective partner and understands the difficulty of the legislative and regulatory environment. He is the best choice to help stimulate our economy and get our country back on track.”
Credit unions were embraced by Americans during the Great Depression with passage of the Federal Credit Union Act in 1934. Virginia’s 184 not-for-profit credit unions have about 3 million members. Credit unions are similar to banks, providing checking and savings accounts, personal loans, credit cards, auto loans and other services to their members.
“I have great respect for credit unions and their ‘people helping people’ philosophy,” said Gov. Kaine in accepting the League’s endorsement. “The economy and the creation of jobs is the central focus of my campaign, and credit unions and other community-based financial institutions will help drive the economic recovery. Washington needs to ensure the nation’s ‘Main Street’ financial institutions can remain strong, innovative and vibrant for the good of working Americans and our communities.”
Although credit unions played no role in the financial crisis that shook America’s financial system, they have been saddled with regulations meant to rein in the excesses of the nation’s largest banks, Pillow noted. Pillow’s announcement credited Kaine with “supporting credit unions and community banks in the call for fair and balanced regulation that maintains the safety and soundness of the nation’s financial system, without unduly burdening the nation’s small community-based financial institutions.”
“Gov. Kaine is a proven leader and credit unions respect his balanced approach in crafting policy,” said Pillow. “Tim Kaine has the experience, principles and focus to help guide
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