Bacino Urged CUs to Back Reid
Former NCUA Board Member Geoff Bacino urged credit union officials and members to back Senate Majority Leader Harry Reid (D-Nev.) in what is expected to be a difficult re-election race this year.
He cited Reid's co-sponsorship of a bill that would raise the cap on member business loans from 12.25% of assets to 25%.
"Senator Reid is in a tough fight and as a former boxer, he knows how to win a fight," Bacino said during a speech in Las Vegas, at a conference sponsored by the accounting/consulting firm Moss Adams. "His efforts on behalf of credit unions, such as supporting S. 2919, the Member Business Lending bill cannot be overlooked. It is rare for a Majority Leader to co-sponsor legislation and to his credit, the Senator was willing to sign onto this bill. Credit unions have to remember the friends that they have and the actions that they take."
Reid, who has led the Senate Democrats since 2005 and been in the Senate since 1986, is considered to be one of the most vulnerable incumbents this year, though the Republicans haven't selected their nominee.
The political action committees of CUNA and NAFCU have both contributed to Reid's campaign.
CUNA's PAC, the Credit Union Legislative Action Council, has given $10,000 during the current campaign cycle. It also gave $5,000 to Reid's leadership political action committee.
NAFCU's PAC, the National Association of Federal Credit Unions Political Action Committee, has given $5,000 during the current cycle.