LYNCHBURG, Va. (9/20/13)--The Virginia Credit Union League Thursday announced its endorsements of two candidates for state governor and lieutenant governor, both of whom support preserving credit unions' tax status.
The league endorsed Terry McAuliffe for governor and state Sen. Ralph Northam as lieutenant governor, based on interviews with representatives of the league's Board of Directors and Governmental Affairs Committee and on candidates' written responses to a questionnaire about issues of importance to credit unions and their members in the state, said the league. The issues include tax reform, public deposits, financial literacy and member business lending.
McAuliffe expressed his support for preserving credit unions' tax exemption on corporate income tax. As part of his focus on job creation and ensuring small businesses have access to capital, McAuliffe noted his backing for changes in federal law that would allow credit unions to make more loans to small businesses, the league said in a press release.
McAuliffe "understands the unique role of not-for-profit credit unions in the marketplace and appreciates that some three million Virginians count on us as their financial services partner," said league President Rick Pillow. "Credit unions face a host of challenges at both the state and federal levels, and Terry's commitment to support us in Richmond and in Washington proved he truly is a friend to credit unions and the hard-working Virginians that depend on us."
Northan "expressed his unqualified support for credit unions' position on both the state and federal issues of greatest importance to us," said Pillow. He added the senator supports the preservation of credit unions' tax status and expressed strong support for ensuring state-chartered credit unions are afforded the same opportunities to succeed in the marketplace as their federally chartered peers, including credit unions' bid to provide more loans to small businesses.
The league also endorsed 11 incumbent candidates seeking seats in the Virginia House of Delegates.