WASHINGTON — If people of different backgrounds and beliefs can come together to serve effectively on the board of a credit union, then members of both parties in Congress should be able to do the same.
That's been a guiding tenet for U.S. Sen. Tim Scott (R-S.C.), a former board member at $487 million Heritage Trust FCU in Summerville, S.C. Scott, a former member of the House, was appointed by South Carolina Gov. Nikki Haley to replace Sen. Jim DeMint, who resigned from the Senate in January 2013. Should Scott win in November, he will serve the remaining two years of DeMint's term before facing another election for the Senate seat in 2016.
"The work being done by credit unions helps people in places all over the country, regardless of their political leanings," Scott said in an e-mail to Credit Union Journal. "Having served on a credit union board and seeing firsthand what important work you all do, I believe that Congress can and should come together to find solutions."
The freshman senator cited the CU tax exemption as the biggest issue for credit unions in the upcoming legislative cycle, chiefly because of how it might play into the discussion on possible tax reforms. He predicted that the next Congress will likely see the return of legislation introduced in 2013 that would raise the MBL cap and more.
"I think we will also see more being done in terms of working through new requirements, especially after the January 2014 NCUA increase in capital requirements for credit unions that have at least $50 million in assets," he said.
Whatever happens, Scott pointed to a history of working with legislators from across the aisle on multiple issues — including education, national defense and more — and said he planned to do the same in the next session to address issues of importance to credit unions.
Scott said he still meets at least once a year with representatives from South Carolina's network of credit unions, and said his biggest takeaway from years of working with CUs — both as a board member and during his time as a senator — is their strong commitment to giving back.
"The biggest thing I have taken away from the experience is the power that people have to create positive change when they work together," he said. "A credit union exists to serve its members, and most people choose to serve on boards because they have a genuine interest in doing good and helping people get ahead."
