CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Analysis: Here’s How the New Congress Could Impact America’s Credit Unions
Press

Analysis: Here’s How the New Congress Could Impact America’s Credit Unions

November 9, 2020

FOR IMMEDIATE RELEASE
November 9, 2020
Washington, DC

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396      

 

Credit Union National Association (CUNA) today released a whitepaper highlighting the impact of the 2020 elections on credit unions. The analysis provides details on the CUNA-League involvement in the election, what the results mean for credit unions, and CUNA’s advocacy priorities for the 117th Congress.

“We look forward to introducing newly elected members of Congress to the credit union difference and to ensuring that credit unions are helping to navigate the path forward in 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 advocacy considerations for the new White House administration include: 

  • Nomination of a new Consumer Financial Protection Bureau (CFPB) Director,
  • Change in leadership at the National Credit Union Administration (NCUA),
  • Return to normal legislative session with potential data security and privacy legislation,
  • The likelihood a possible GOP-controlled Senate and a Democrat-led House of Representatives,
  • Opportunity for CARES Act provisions under latest stimulus package, and
  • Potential alignment with Congress on equitable financial services.

“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.”

Credit unions can also expect to see state and federal budget pressures as Congress provides financial relief to states strained by the pandemic. CUNA and its League partners are closely monitoring this issue to preserve the credit union tax status as these budget bills come due.

The CUNA-League system invested over $7 million in 419 House and Senate races this year. As of Monday afternoon, 370 CULAC-backed candidates have won. With a 97% success rate, CUNA investments helped many of our credit union champions win their races, including Sens. Susan Collins (R-ME), Steve Daines (R-MT), Gary Peters (D-MI), and Tina Smith (D-MN). In the House, Reps. Don Bacon (R-NE-2), Steve Chabot (R-OH-1), Rodney Davis (R-IL-13), Jared Golden (D-ME-2), Andy Kim (D-NJ-3), and Susie Lee (D-NV-3) all won re-election

Read the whitepaper in full here. 

  

##      

About CUNA:           
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 120 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.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us