Here’s how the new Congress will impact America’s credit unions
WASHINGTON, DC (November 9, 2018) — Credit Union National Association (CUNA) released a whitepaper highlighting the 2018 midterm elections impact on credit unions. The in-depth analysis provides details on credit union involvement in the election, what the results mean for Main Street institutions and CUNA’s advocacy plans for the 116th Congress. Despite the divided Congress, credit unions are confident in their ability to operate in a challenging legislative environment.
“We look forward to educating newly elected Members of Congress on the credit union difference and ensure credit unions are part of their economic agendas,” CUNA President/CEO Jim Nussle said. “Credit unions need friends and champions in their corner who understand their cooperative nature. The fight for common sense regulation continues as we strive to provide unmatched financial services to families of diverse socioeconomic backgrounds.”
The trade association, representing America’s 110 million credit union members, has a proven track record of breaking through during a time of political gridlock. And despite the suspected tension across party lines in the House Financial Services Committe, CUNA believes credit unions will present a strong case among new leadership. Finding support where there is common ground will be an essential tool for long-term success.
“Our well-connected and bipartisan team takes a 360-degree approach to advocacy. With credit unions at the center, CUNA works hard to engage key stakeholders from the legislative, regulatory and legal level,” Nussle added. “As we head into 2019 with a new Congress it is essential that we attack credit union issues from all directions in order to advance our policy priorities.”
CUNA, leagues and credit unions invested nearly $7 million in 388 House and Senate races this year, winning 349 of them, as of Thursday afternoon.
Read the whitepaper in full here.
Top highlights include:
- How CUNA investments in credit union champions helped make a difference in tight races, including those of Sens. Joe Manchin (D-W.V.), Jon Tester (D-Mont.) and Cindy Hyde-Smith (R-Miss.), and Reps. Steve Chabot (R-Ohio), Rodney Davis (R-Ill.), Mike Bost (R-Ill.), Tom O’Halleran (D-Ariz.) and Ted Budd (R-N.C.);
- How CUNA support for candidates vying for open Congressional seats led to at least 45 victories, as of Thursday afternoon;
- What leadership elections in the House look like after the party switch, including on the Financial Services, Ways and Mean, Energy and Commerce, Appropriations and Judiciary Committees;
- What the increased Republican majority in the Senate means for the 116th Congress, and the 2020 election, as well as leadership in the Banking, Finance, Commerce, Judiciary and Appropriations Committees;
- What could happen between now and the end of the year in the “lame duck” session;
- The election’s impact on NCUA and the Bureau of Consumer Financial Protection.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.