The Virginia Credit Union League announced its endorsement of Lt. Gov. Ralph Northam for governor today.
The league said Northam, a Democrat running against Republican Ed Gillespie, had an excellent track record of supporting credit unions and a deep understanding of CU-related issues. The league also endorsed Northam four years ago in a lieutenant governor race for the same reasons, Lewis Wood, VP of public relations and communication, told the Credit Union Journal.
Northam has advocated for credit unions to receive relief from regulations designed for Wall Street banks and expressed support for CUs’ bid to provide more loans to small businesses.
“Ralph has proven repeatedly that he is a friend to Virginia-based credit unions and the millions of Virginians who depend on our consumer-friendly products and services," Rick Pillow, president of the Virginia Credit Union League, said in a press release. “We also have a shared commitment to helping grow Virginia’s economy and we appreciate Ralph’s support of community financial institutions and the role we play in providing credit to members and Main Street businesses.”
The decision was based on interviews between the Democratic and Republican gubernatorial candidates with representatives of the league’s board and Governmental Affairs Committee. The candidates also completed a questionnaire covering a variety of CU-related issues, including tax reform, financial literacy and member business lending.
"I'm proud to receive the endorsement of the Virginia Credit Union League, a champion for member-owned credit unions and Main Street businesses,” Northam said in the release. “I pledge to fight alongside them to ensure that community financial institutions are supported so that Virginia's economy can continue to grow and business can thrive in the commonwealth."
With more than 10% of all loans held by the nation’s 5,800 credit unions, Virginia-based CUs serve 11.2 million members worldwide.
