The Alabama Credit Union Association, an affiliate of the League of Southeastern Credit Unions, said Tuesday it endorsed Republican incumbent Richard Shelby (pictured) of Alabama for the United States Senate.
The endorsement comes after a vote by the League of Southeastern Credit Union board of directors.
Shelby, a five-term senator, chairs the Senate Banking Committee.
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"Sen. Shelby has long recognized the important role credit unions play within their communities," Patrick La Pine, president/CEO of the Southeastern league, said. "His stance on regulatory relief, particularly for community based financial institutions like credit unions, shows his understanding of the compliance burden facing our industry. Credit unions are spending more time working on compliance which takes away from helping their members achieve financial success."
As a strong advocate for regulatory relief for financial institutions, Sen. Shelby authored a package that included several items credit unions advocated for in recent years, including NCUA budget process transparency, financial institution examination fairness and raising the examination threshold by the CFPB to exempt more institutions of smaller asset size, according to the Southeastern league.
Sen. Shelby's primary election will be held March 1.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
