Credit unions well-positioned leading into 117th Congress

November 5, 2020

The 2020 election has positioned credit unions for success regardless of who wins the White House, CUNA Chief Advocacy Officer Ryan Donovan said Thursday during CUNA’s post-election webinar.

The CUNA-League system supported 406 candidates on the ballot Tuesday and as of Thursday afternoon 359 credit union supporters had won, a 97% success rate.

CUNA Deputy Chief Advocacy Officer for Political Action Trey Hawkins noted that this includes a 9-1 record in priority races (with one left to call) and 34 new members of Congress who were elected with credit union backing.

Donovan outlined several possibilities for credit unions under either a second term for President Donald Trump or a new administration under former Vice President Joe Biden. This includes the effects on potential pending actions from NCUA, the Consumer Financial Protection Bureau (CFPB).

“The key to our success it telling stories about how we improve members’ financial well-being and advance communities, and backing it up with data,” Donovan said.

CUNA Chief Political Officer Richard Gose gave a breakdown of results by state, including noting that Republicans picked up one governorship (Montana) and party control of one state legislature (New Hampshire).

He also detailed budget issues in several states next year that credit unions will be keeping a close eye on.

CUNA members can access a recording of the webinar for free here.