WASHINGTON — When Rep. Barney Frank (D-Mass.) retires after this current Congressional session, credit unions will gain "the best friend they've ever had" in the House.
That's because Rep. Maxine Waters (D-Calif.) will take over as the ranking Democrat on the House Financial Services Committee, and the congresswoman pledged her support to credit unions during GAC's general session audience on Tuesday.
Waters praised Manhattan Beach, Calif.-based Kinecta Federal Credit Union, which has several branches in her district, including many locations co-branded with Nix Check Cashing, which the $3.2 billion Kinecta purchased in 2007.
Kinecta has a strong presence in low-income communities, and the credit union's lobbying in favor of lifting the business lending cap made an impression upon the influential congresswoman.
"You've heard about a lot of ways to help small business in Congress," Waters said. "But you don't need to look any further than credit unions."
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