Clinton Running Mate Good for Credit Unions, VCUL Says
Democratic Vice Presidential Nominee Sen. Tim Kaine (D-Va.), has supported regulatory relief for credit unions and has received financial support from credit union trade groups throughout his political career.
"Sen. Kaine has been good for Virginia credit unions. His door has always been open for us," said Rick Pillow, president of the Virginia Credit Union League, following the announcement that presumptive Democratic presidential nominee Hillary Clinton had chosen Kaine as her running mate.
In addition to serving in the Senate, Kaine also served as his state’s lieutenant governor, governor and mayor of Richmond.
Recently, Kaine was among 70 senators who sent a letter to the CFPB asking the agency to tailor its rules to take into account their impact on small financial institutions—including credit unions.
Earlier this Congress, Kaine was among a group of senators that sent a letter to regulators—including the NCUA—calling for an investigation into possible violations of fair housing laws by financial institutions that neglected the maintenance of foreclosed houses based on racial makeup of the communities in which they are located.
As governor, Kaine signed legislation that had been offered on behalf of state-chartered credit unions. One bill provided parity with federal credit unions by removing a cap on late fees.
The Virginia league endorsed Kaine in his run for the Senate. At the time, Pillow said a league task force had met with Kaine and his opponent, former Sen. George Allen. Though both candidates were considered friendly to credit unions, Pillow said Kaine hit the ball out of the park with his responses.
And Kaine’s support has been rewarded by credit unions. In his Senate run in 2012, CUNA’s political action committee, CULAC, contributed $5,000 to his campaign.
In his previous campaigns, the Virginia league contributed $7,000 for Kaine’s inaugurations as governor and lieutenant governor, $5,000 to a Kaine PAC and $1,000 to his gubernatorial campaign, according to the Virginia Access Project, a private group that compiles state political contributions.
Republican vice presidential nominee, Indiana Gov. Mike Pence, also has supported legislation favored by his state’s credit unions and has received financial support for his campaigns.