Contact – Glenn Ray, MCUL Director of Public Affairs
800-262-6285 ext. 246
Sara Sendek, Team Hoekstra
Congressman’s support for small business lending and local financial institutions garners endorsement from bi-partisan, community-oriented credit union movement
Lansing, Mich., May 21, 2010 – The Michigan Credit Union League today formally announced its support for U.S. Rep. Pete Hoekstra’s bid for governor. Calling the endorsement a vote for small business and for consumers, MCUL President /CEO David Adams applauded Hoekstra’s track record and leadership.
“Credit unions are not-for-profit cooperatives, focused on serving their member-owners, both consumers and small businesses,” said Adams. “Congressman Hoekstra has been a champion for small business interests and for policies that help the consumer. These values align with those of the credit union movement that is built on local ownership and commitment to serving middle-class America. These values are what Michigan needs as it rebuilds its economic strength and strengthens the vital financial interests of its citizens.”
Congressman Hoekstra called the credit union endorsement a momentum builder.
“Credit unions are about as ‘mainstream America’ as you can get. The league’s endorsement shows confidence in my track record of strengthening Main Street by supporting locally-owned credit unions and their 95 million members across the country,” said Hoekstra. “The diverse and bi-partisan nature of credit unions makes them a great partner for my campaign. This endorsement proves that both my track record of support for Main Street financial issues and my vision for Michigan are resonating with the middle class.”
The MCUL’s endorsement decision was based on numerous examples of the congressman’s positions and votes on legislation that has allowed credit unions to expand their fields of membership and their ability to expand their small business lending.
Hoekstra has served nine consecutive terms in the House of Representatives since winning his first election to the Congress from Michigan’s 2nd District in 1992.
In the U.S. House, Hoekstra has served on numerous committees, including Education and Labor, Budget, and the Permanent Select Committee on Intelligence.
Michigan’s credit unions, as not-for-profit cooperatives, are organized around occupational and community fields of membership. This structure has positioned them as the sole sector of the financial services industry that continued to lend during the recent financial crisis brought on by Wall Street abuses. In 2009, credit unions’ small business lending in Michigan was up 18 percent, while banks decreased business lending.
Credit union membership has been growing at a record pace, with some 40,000 new members in 2009, as national and local media have touted the strength of credit unions, their ability to continue lending and their generally more favorable interest rates and lower fees.
Organized in 1934, the Michigan Credit Union League is a statewide trade association representing Michigan’s 335 credit unions. Based in Lansing, the MCUL offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information. For more information, visit www.mcul.org and follow us on Twitter at www.twitter.com/MICreditUnions.