WASHINGTON - It’s been a transition for Alabama Congressman Spencer Bachus, now the senior Republican on the House Financial Services Committee.
Bachus was one of just six House members to vote against the landmark credit union bill, HR 1151, the CU Membership Access Act, in the 1998 vote of 411-8.
But now Bachus is a strong credit union supporter, he assured more than 3,000 credit union executives and directors at CUNA’s GAC last week.
The Eight-term House member said he will do what he can to get regulator relief for credit unions this year, whether it is in the credit union-specific CURIA, or part of a broader regulatory relief bill for banks and thrifts and credit unions.
And the Alabama Republican insisted it will not entail a Community Reinvestment Act for credit unions or repeal of the credit union tax exemption, no matter how hard the banks try.
“I am making every effort to support what I think will be a meaningful bill for you all,” Bachus said, adding he is working with republican colleagues to gain support for the initiative.
“I will work for both credit unions and the banks. Not against each other, but to better serve the American people,” he said.
