CUNA experts examine what a Biden administration and 117^th Congress means for credit unions in “Beyond the Results: What the 2020 Election Means for Credit Unions,” a document released Monday. The CUNA-League system invested over $7 million in 419 House and Senate races this year, and as of Monday afternoon, 370 had won (a 97% success rate).

“We look forward to introducing newly elected members of Congress to the credit union difference and to ensure that credit unions are involved with navigating the path toward our country’s economic recovery,” CUNA President/CEO Jim Nussle said. “Thanks to our bipartisan support among policymakers, credit unions are well-positioned to work with the incoming Biden administration.”

CUNA investments aided in the election of a credit union majority, including the priority races of Sens. Susan Collins (R-Maine) Steve Daines (R-Mont.), Gary Peters (D-Mich.) and Tina Smith (D-Minn.); as well as Reps. Don Bacon (R-Neb.), Steve Chabot (R-Ohio), Rodney Davis (R-Ill.), Jared Golden (D-Maine), Andy Kim (D-N.J.) and Susie Lee (D-Nev.).

“Our advocacy efforts have continued to lead the industry and that is due to the strong relationships we have built across the aisle on behalf of credit unions,” Nussle added. “While gridlock is a real possibility in this political climate, we remain optimistic that lawmakers will work with credit unions to help chart our nation’s financial growth.” 

CUNA advocacy considerations for credit unions include: 

• Nomination of a new Consumer Financial Protection Bureau Director;
• Change in leadership at NCUA;
• Return to legislative activity with potential data security and privacy legislation;
• Viability of a GOP-controlled Senate and progressive House of Representatives;
• Opportunity for CARES Act provisions under latest stimulus package; and
• Potential alignment with Congress on equitable financial services.