2014 Election Results: What does this mean for credit unions?

by: Lindsey Richardson

I think the Rolling Stones captured the feeling of the 2014 election results best in their song from 1969: “You can’t always get what you want, but if you try sometimes, well you might find, you get what you need.”

Due in large part to the advocacy efforts of credit union supporters, 25 out of 29 pro-credit union Senate candidates were victorious on Tuesday.  In addition, credit union-supported candidates had a 92% success rate in House elections, with 336 of the 367 candidates coming out on top.  By and large, the midterm elections resulted in a credit union-friendly majority in Congress.

So what does this mean for credit unions?  Advocates from CUNA and state leagues are taking the initiative to get to know the incoming senators and representatives, including those who were elected without credit union support, in order to foster those relationships.  In the meantime, the current Congress has one more session scheduled, traditionally known as the “lame duck” session.  History has shown that when there are changes in control of Congress, there is generally a last-minute rush of legislative activity, which may mean that some credit union-friendly bills could be passed before the end of the session.

While the election results were generally positive for credit unions, there is much work that still must be done.  Regulatory relief and preserving credit union’s tax status will continue to be hot-button issues in the coming years.  Credit union advocates are encouraged to speak up on these and other issues, as the window of opportunity for the incoming Congress to act will be coming to an end with the 2016 elections.

continue reading »