News Feed

On the Campaign Trail and over at the NCUA

Mon, Jul 6, 2015

Columbia, Maryland

On the campaign trail: As the primary race to replace Rep. Chris Van Hollen in the 8th Congressional district heats up, the Advocacy Team will keep members and stakeholders updated both on what is being publicly reported, some of the intel we are hearing from local campaign sources as well as current and former DCCC (Democratic Congressional Campaign Committee) staff.  Here’s a quick ‘cheat sheet’ based on our most recent conversations:

  • Things have begun to solidify in terms of the field.  Dels. Ariana Kelly and Jeff Waldstreicher both initially expressed interest in running, but several days ago both announced they had decided not to run.
  • Former Montgomery Co. Councilmember Valerie Ervin declared her candidacy last week.  She is seen by several sources as a potentially formidable candidate in the field who could “punch above her weight” according to one source. It’s also possible given her record that she could gain the endorsement of a key D constituency, the SEIU (Service Employees International Union).
  • Multiple sources view Sen Jamie Raskin and anchorwoman Kathleen Matthews as in the first tier.  They both are viewed as having moved ahead in terms of organization and endorsements. That said, Dels. Kumar Barve and Ana Sol Gutierrez are both serious contenders, working to generate additional party activist buzz.  Barve, who served as House Majority Leader and Speaker Michael Busch’s second-in-command from 2003 to earlier this year— recently received endorsements from Speaker Busch and 18 other state delegates.
  • One wild card may be businessman Josh Rales.  Rales ran for Senate against Ben Cardin in 2006 and spent approximately $5 million of his own money (receiving about 5% of the vote).  There has been some speculation that he may jump into the race.  If so, he might be able to rapidly position himself in a crowded field given his resources. 
  • In the Senate race, Rep. Donna Edwards reported raising more than $590,000 in the past three months for her Senate bid, her campaign announced on July 3.  That’s far more than she raised in the first quarter 2015, but far less than her primary opponent, Rep. Chris Van Hollen, is expected to have raised. Van Hollen will release his second-quarter numbers this week, but according to his campaign, he has at least $3.5 million in cash on hand. He raised more than a million dollars in the first three months of the year, when Edwards raised less than a third of that amount.

At the NCUA: We are hearing from sources that the Board will vote to finalize the ‘Fixed Asset’ rule at the July 23 Board Meeting. The Fixed Asset rule was issued as a proposed rule in March, and the comment period ended April 29.  While we have heard there are not ‘wholesale changes’ contemplated, we will of course need to wait until July 23 to be sure.   There were only 16 comment letters filed, Montgomery County Employees FCU being one of them.

On another front, the NCUA Board of course had previously proposed to amend its Member Business Loans (MBL) rule to provide federally insured CUs with greater flexibility and autonomy in providing commercial and business loans as part of its ‘Regulatory Modernization Initiative.’

The MBL proposed rule was published last week just prior to the holiday in the Federal Register, meaning the public comment period has now commenced and will end August 31.  CLICK HERE to view the rule. 

For additional information: Glen Cooney, VP, Advocacy & Legislative Affairs, 443-325-0775, gcooney@mddccua.org.