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June 12, 2014 – House Republican Leader Eric Cantor's loss in Tuesday's primary is already shaking up the House leadership and holds implications for key committees, including the panel that drives legislation affecting credit unions.

Cantor, R-Va., lost to challenger David Brat Tuesday and will vacate his House when his term ends in January. He announced he will give up his post as House majority leader by the end of July.

Republican leadership could hold elections to replace Cantor as early as next week.

Hill reports had Majority Whip Kevin McCarthy, R-Calif., House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Rep. Pete Sessions, R-Texas, on the list of likely candidates to succeed Cantor as majority leader, and Rep. Frank Lucas, R-Okla., was quoted saying he would pursue the House Financial Services chairmanship if Hensarling moves on.

Lucas currently chairs the Agriculture Committee and has seniority over all other potential candidates except Rep. Ed Royce, R-Calif., who chairs the Foreign Affairs Committee. Both are on House Financial Services. Reps. Scott Garrett, R-N.J., Ed Royce, R-Calif., Patrick McHenry, R-N.C. and Randy Neugebauer, R-Texas, were also reportedly on the list of possible replacements for committee chairman.

Credit unions will also see changes next year in the House Ways and Means Committee and Senate Banking Committee. House Ways and Means Chairman Dave Camp, R-Mich., who decided to keep credit unions out of his tax reform discussion draft this year, is leaving in January. So is Sen. Tim Johnson, D-S.D., who has been a longtime supporter of credit unions.

Other credit union friends won in this week's primaries and have good odds in the general election; read more.