Good news for CUs on Capitol Hill

From CUNA News Now, December 15, 2008

WASHINGTON (12/15/08)—Recent U.S. House committee seat assignments carry some good news for credit unions, John Magill noted last week. Magill is the senior vice president of legislative affairs for the Credit Union National Association (CUNA). The House GOP selected their ranking committee members and among them Rep. Dave Camp (R-Mich.) displaced Rep. Jim McCrery (R-La.) as ranking Republican on the important tax-policy committee, Ways and Means.

"Jim McCrery was not an advocate for credit unions," Magill said, adding that his replacement, Camp, is a co-sponsor of credit union legislation. In fact, Magill pointed out that the number two Republican member of Ways and Means, his old boss Rep. Wally Herger (R-Calif.), is also a co-sponsor of the Credit Union Regulatory Improvements Act (CURIA). "Credit unions can expect a friendly one-two punch on Ways and Means with Dave as ranking member and Wally as number two," Magill predicted.

Also on the House Republican front, Rep. Spencer Bachus of Alabama was elected to remain the ranking member of his party on the House Financial Services Committee.

Committee assignments will be finalized when the new Congress convenes in January.