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MCUL & Affiliates Endorse Peters for Senate Seat   (Misc News: May 17, 2013)


DETROIT – MCUL & Affiliates endorsed Rep. Gary Peters for the U.S. Senate, praising his legislative record of supporting common-sense financial measures that help middle-class families, small businesses and community-based financial institutions such as credit unions.

“Congressman Gary Peters has been a true champion for reasonable, bipartisan financial solutions that benefit local economies and Michigan credit unions are confident that he will continue the fight to move our economy forward as our next U.S. senator,” MCUL & Affiliates CEO David Adams said. “Congressman Peters has a been a leader in supporting families on Main Street, and helping small businesses get access to much-needed credit and capital that can help them grow and create jobs. As a U.S. Senator, Peters will be an outstanding advocate for the kinds of changes that will create jobs and opportunity in Michigan and across the nation.”

Peters, a Democrat from Bloomfield Twp., is the keynote speaker at the MCUL & Affiliates Annual Convention and Exposition Saturday morning.

Since taking office in 2009, Peters has demonstrated his understanding and support for the critical role credit unions play in moving the state and the nation’s economy forward. Peters cosponsored and helped pass the Small Business Jobs Act of 2010, making it easier for small, community-based financial institutions to increase their capacity to lend. That resulted in billions of dollars in new loans to help small businesses. Peters also authored the Small Business Credit Initiative, which freed up $79 million in federal funding for Michigan-specific lending programs, helping businesses create thousands of new Michigan jobs.

In addition, Peters has three times cosponsored legislation to raise the cap on credit union member business lending, a measure which would free up millions of dollars in capital for small businesses and create thousands of new jobs, without costing taxpayers a dime.

Adams said that Michigan needs a senator who understands the important role local lenders such as credit unions play in strengthening the economy by making credit available to consumers and small businesses. Peters also understands that this needs to be done without unnecessary government regulations and policies that would serve to further restrict access to credit by adding to lenders’ costs and restricting their ability to grow their loans and deposits.

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