The regulatory relief party may be over in Congress, but credit union trade groups do not seem terribly upset about the results of midterms.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association both expressed favorable views of the outcome, saying things like “it was a good night overall for friends of the industry” and that a “credit union friendly majority” was elected.
The NAFCU/PAC participated in more than 100 campaigns of candidates and members of Congress who support credit union issues. Of those NAFCU-supported candidates, about 88 percent of them won their elections.
“This figure is a testament to the accuracy of NAFCU’s government affairs team, who has time and time again shown the ability to accurately identify and engage with the right candidates for credit unions,” NAFCU Director of Political Affairs Chad Adams said in a statement.
Notable credit union-backed candidates that saw victories Tuesday, according to CUNA, include Sen. Jon Tester (D-Mont.), Sen. Joe Manchin (D-W.V.), Sen. Cindy Hyde-Smith (R-Miss) who advanced to a Nov. 27 runoff election, Rep. Tom O’Halleran (D-Ariz.), Rep. Ted Budd (R-N.C.), Rep. Steve Chabot (R-Ohio), Rep. Mike Bost (R-Ill.) and Rep. Rodney Davis, (R-Ill.).
“Credit unions invested a record $7 million into this election to help continue the positive momentum we’ve seen for credit union priorities in Congress,” CUNA President and CEO Jim Nussle said in a statement. “We’re pleased that we’ll have many friendly faces in the next Congress, and we’ll be working hard from now until then to connect with new members and engage with returning members to advance credit union priorities.”
There was some downside to Tuesday night, as Adams noted that credit union friends Sen. Heidi Heitkamp (D-N.D.), Joe Donnelly (D-Ind.) and Dean Heller (R-Nev.) were unsuccessful in their reelection bids.
Other credit union-backed candidates also lost, according to CUNA, including Sen. Claire McCaskill (D-Mo.), Rep. John Culberson (R-Texas), Rep. Peter Roskam (R-Ill.), Rep. Randy Hultgren (R-Ill.) and Rep. Pete Sessions (R-Texas).
Adams noted that split-party control of Congress and the executive branch can make it difficult to pass major legislation, but also will allow for more opportunities of bipartisanship.
“NAFCU’s legislative priorities in the next Congress will remain much the same as they are today, including protecting the tax exemption, enacting regulatory relief, and bringing about needed data security reforms to hold merchants accountable for breaches,” he said. “While our advocacy priorities remain, some of our focus may change. For example, regulatory relief efforts may become more targeted and specific – NAFCU will still work to ensure a legislative environment that will allow credit unions to grow and thrive.”
