Analysis: Here’s How the New Congress Could Impact America’s Credit Unions
FOR IMMEDIATE RELEASE
November 9, 2020
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.
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.