WASHINGTON (11/6/14)--Tuesday night, voters across America elected a "credit union-friendly majority to Congress," said Credit Union National Association President/CEO Jim Nussle. This year's midterm election saw credit unions support nearly 400 candidates in Senate and House races.
"The results are overwhelmingly positive for us, despite a few very hard-fought losses. But credit unions have always stood by our friends in Congress, and this election cycle is no different," Nussle said. "I'm grateful for the leadership of leagues and the Credit Union Legislative Action Council, because together we were engaged in this year's midterm election like never before, and unlike any other financial services organization."
A total of $6 million was spent by CUNA and the Credit Union Legislative Action Council (CULAC) this election cycle, which included more than $3 million in direct contributions in 396 races, with only one candidate per race getting support.
Twenty-five out of 29 Senate candidates supported by credit unions were victorious Tuesday. Two candidates lost, and races in Virginia and Alaska are still up in the air. Four candidates were supported with a partisan communication or independent expenditure in addition to a campaign contribution, and two of those candidates won.
In Louisiana, neither credit union-supported Sen. Mary Landrieu (D) nor challenger Rep. Bill Cassidy (R) reached the required 50% of the vote, so they will head to a runoff election Dec. 6. Landrieu had the most votes Tuesday, getting 42.08% of the vote to Cassidy's 40.96%.
Credit union-supported candidates saw a 92% success rate in House elections, with 336 of the 367 candidates emerging victorious. Fifteen candidates lost, and a number of other races are still being decided.
CUNA is currently working on an effort, along with state leagues, to get to know the incoming freshman senators and representatives, as well as reaching out to those who were elected without credit union support.
"We believe we had a great night, but now our work turns to the issues facing Congress and our member credit unions, including much needed regulatory relief and preserving the credit unions' tax status," Nussle said. "As the current Congress prepares to get their work done before the next Congress starts, we have a lot of work to do."