WORCESTER, Mass. – The Massachusetts CU League this afternoon officially endorsed consumer advocate and Democratic candidate Elizabeth Warren, a sometimes foe, for the U.S. Senate.
Dan Egan, president of the league, said Warren, who helped create the Consumer Financial Protection Bureau, will be a strong advocate to promote a level playing field for credit unions.
“Elizabeth Warren has been a strong and vocal proponent of the benefits that credit unions provide to working families across the Commonwealth and around the country,” Egan said of Warren, who opposed the credit union-backed bankruptcy bill for a decade, but has come out in favor of the cooperative credit union model as she fought Wall Street banks during the financial crisis.
The Massachusetts league is the oldest credit union trade association in the country and represents 200 credit unions with more than 2.5 million members.
Warren helped set up the new consumer agency for the Obama administration and left last year to return to Massachusetts, where she worked as a Harvard law professor. Warren has always maintained the new consumer agency, which was opposed by credit unions, is targeted at regulating the giant banks and unregulated entities, like check cashers and payday lenders.
Polls show Warren running neck-and-neck with incumbent Republic Scott Brown for the Massachusetts Senate seat held by the late Ted Kennedy for five decades.