Frank applauds CU leaders coming to Washington

WASHINGTON-In a speech to attendees of NAFCU’s Congressional Caucus, House Financial Services second Ranking Member Barney Frank (D-Mass.) commended credit unions’ grassroots work, as well as their everyday efforts to serve the masses. Frank is expected to become the ranking member of the committee, or possibly the chairman as the Democrats take back the House, once current Ranking Member John LaFalce retires after this session. “While money has an impact, votes will beat money any day,” Frank said. He pointed out that while credit unions may not have much to give in PAC contributions, they more than make up for it when lawmakers hear the individual views of their constituents. “You speak for a great bulk of the people who work for a living,” he added. Frank noted credit unions’ success in lobbying on important issues as evidence of their effectiveness. “No one’s going to restrict your powers. No one’s going to tax you,” he stated, which was met with great applause. He added that instead of discussing one type of institution versus another, Congress and lobbyists should be discussing how to better serve consumers. Looking to the future, he said that if he becomes one of the leaders of the Financial Services Committee, he will “pursue a policy of increasing our ability to make the market work well.” Frank said credit unions do this by serving members at every end of the financial spectrum. [email protected]