The Democrat added he would like to see the president appoint someone with a credit union background to the Federal Reserve board.

The former executive from the $855 million Arrowhead Credit Union in San Bernardino, Calif., won a House seat in the midterm election last November previously held by Rep. Gary Miller (R-Calif.), who retired and did not run for re-election.

CULAC, CUNA's Political Action Committee, donated $10,000 directly to Aguilar's campaign. CULAC also spent slightly more than $197,000 on an independent expenditure, which consisted of digital ads, Pandora online radio ads, direct mail and a website aimed at likely voters.

NAFCU contributed $2,000 to Aguilar's campaign through its PAC.

CUT: How has your credit union background helped you as a member of Congress?

Aguilar: It's been tremendously helpful. Having a background and knowledge in the industry as well as some of the financial issues that have come and will continue to come before Congress is important in helping me lay a good foundation. I'm on the House Agriculture Committee and the Commodity Exchanges, Energy and Credit Subcommittee, so having knowledge of the financial services industry is very helpful.

With respect to the credit union legislative agenda, I think the fact that I have been to GAC and I've been in member's offices to talk about member business lending and supplemental capital gives me a good opportunity to weigh in on those issues as well.

CUT: You mentioned MBL and supplemental capital. As you know, legislation addressing those issues has been reintroduced in the current session of Congress.

Are you going to support the bill raising the member business lending cap and the supplemental capital bill?

Aguilar: I will be. I will be a co-sponsor of both bills by the end of the day. (Aguilar co-signed both bills March 4.) This is commonsense legislation that supports our credit unions, which play an essential role in our community.

Credit unions increase access to capital, support small business, and ultimately strengthen the middle class in the Inland Empire.

CUT: A bill has been introduced that would require the GAO to study the NCUA's budget.

Do you think the credit union industry would benefit from the study?

Aguilar: I have not seen that come across our desk. I'm happy to take a look. As a local government official before this, transparency has been important. Whether it's discussion on big issues like trade or the financial sector, I think you need to promote transparency.

CUT: Do you think stakeholders should be able to look at the NCUA budget and make comments on it publicly before it is voted on by the board?

Aguilar: Absolutely. I think increasing transparency, especially within the budget process, is important. Then, having the opportunity to hear from the industry, trade associations, individual credit unions, to provide public comments and written thoughts before (the NCUA) takes action – I think that is an important step for any public body. We should be doing what we can to promote that.

CUT: There was a provision in the Terrorism Risk Insurance Act that was recently reauthorized, which required the president to nominate a person with a community banking background to the Federal Reserve board.

Do you think someone with a credit union background should be on the Fed board as well?

Aguilar: I do. I think many governmental bodies would benefit from hearing different perspectives.

We've seen that within the California regulatory structure, the California Department of Financial Institutions had a deputy specifically related to credit unions.

I think institutionalizing that and making sure that you are hearing different perspective from an important industry is always a good thing.

CUT: You have said in the past that higher capital requirements for credit unions could be problematic. Do you still hold that position?

Aguilar: Yes, I do. I think the NCUA would benefit from additional discussions with Congress and the opportunity to hear from credit unions on what they feel is important.

At the end of the day, credit unions and us here on Capitol Hill, we want safety and soundness and we want the ability for local institutions to make loans and create jobs that support our local economy – that's all this is about.

I would look skeptically on proposals that would get in the way of that economic development and job growth.