Credit union supporter Rep. Maxine Waters (D-Calif.), who survived a three-year ethics investigation that ended in September, was named Minority Leader of the House Financial Services Committee earlier this week.

She will replace the retiring Rep. Barney Frank (D-Mass.)

Other leadership changes for the 2013 committee include Rep. Jeb Hensarling (R-Texas), who will replace Rep. Spencer Bachus (R-Ala.) as Chairman.

CUNA President/CEO Bill Cheney congratulated the two on their new roles and said he looks forward to working with them in the new Congress.

“Chairman Hensarling has been a fierce supporter of reducing regulatory burden for financial institutions, including credit unions, and we look forward to working with him to achieve that end,” Cheney said.

He added, “Representative Waters has been a strong supporter of credit unions throughout her career; she knows the credit unions in her district very well and understand the important role they place in the lives of their members.”

NAFCU's Jillian Pevo, senior associate director of legislative affairs, said despite the public perception that Hensarling and Waters are polar opposites, regulatory relief for community financial institutions could be one issue they would agree upon.

Pevo also pointed out that both were speakers at NAFCU's Congressional Caucus in September.

House Republicans have also named Representatives-elect Andy Barr of Kentucky, Tom Cotton of Arkansas, Robert Pittenger of North Carolina and Ann Wagner of Missouri to the Financial Services Committee. They join incumbents Randy Hultgren of Illinois, Mick Mulvaney of South Carolina, Dennis Ross of Florida and Marlin Stutzman of Indiana.

The House Ways & Means Committee will be closely watched by credit unions in 2013 as the House is expected to take up tax reform. CUNA is reporting that so far, congressmen and women named to that committee include Democrats Allyson Schwartz of Pennsylvania, Danny Davis of Illinois and Linda Sanchez of California, and Republicans Tim Griffin of Arkansas, Mike Kelly of Pennsylvania, Tim Scott of South Carolina and Todd Young of Indiana.

Instant Insights /

House Republicans Name Financial Committee Assignments

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