WASHINGTON - With results from a recently released, joint Republican-Democratic poll showing credit union members now make up 41% of the U.S. electorate and that 69% of the "active" half of this number favor candidates who support CU issues, CUNA is touting the 78-million member-strong CU community as a political force on a par with the American Association of Retired Persons (AARP) and perhaps as a pivotal factor in tight elections. The poll, commissioned by CUNA and conducted by Republican-leaning Voter/Consumer Research and Democratic-leaning Garin-Hart-Yang Research Group, surveyed 1,004 registered voters between February 1-5 and found that 87% of respondents believe bankruptcy filers should, if possible, pay off some of their debt and that 64% favor making it more difficult even to file for bankruptcy. In addition, survey results indicated that 73% of registered voters have a favorable opinion of credit unions; two-thirds approve of the CU tax exemption even when informed of the pros and cons (with 59% of nonmembers also agreeing); 56% agree that CUs should be able to share personal financial information with privacy-pledged subcontractors; 89% favor payoff disclosures by so-called payday lenders; 74% support limiting payday lender interest rates; and 63% say they rate CU advice on financial privacy over that of consumer groups. There are about 152 million registered voters-excluding Wisconsin and North Dakota, which don't keep registered voter records-in the U.S. as of November 1998, according to the Washington, D.C.-based Election Data Services, Inc.. "Credit unions pack a punch," said Voter/Consumer Research President Jan van Lohuizen at a February 15 press conference called over the results release. "As important as the finding that members draw equally from both parties is the finding that members care about issues affecting their credit union. This is true of the public at large, but even more true of active credit union members." "Credit unions have a very strong up-image in America," added Fred Yang, partner of Garin-Hart-Yang Research Group. "The one number that struck me was-on the feeling-thermometer scale-credit unions had a 73% favorable rating and only 9% unfavorable rating. If that were a candidate, that would be Colin Powell." "Over the past three or four years we have tried to transform our association, CUNA, on behalf of the 78-million credit union members, into a voice for credit unions and for consumers in Washington," said CUNA President Dan Mica. "The data suggest that they're a very, very powerful voice and that credit unions pack a very solid political punch-and that credit unions come to the table with credibility and trust from the American people at large." "As a not-for-profit entity we also become a benchmark in America for financial services," Mica continued. "It's what everyone looks at when they want to see what are really the better rates on loans, the best approach on checking and savings accounts...the best return you can get on interest, the lowest cost you can get on loans...." Mica tied CUs' newfound involvement and goodwill with the American public to CUNA's invigorated grassroots development, lobbying, and political action capabilities and suggested that the combination indicated that the CU lobby now wielded potential political power of unprecedented proportions-and might even decide elections in tight races where campaign issues could be segmented along CU issue lines. "We are now larger than AARP...," Mica said. "And from just a fund-raising base, we have a larger solicitable base than the AFL-CIO." Mica disclosed that CUNA planned to use the poll results in an ad scheduled to run in a Capitol Hill newspaper in late February-right around the time Congress begins to reconcile conflicting versions of bankruptcy reform bills. CUNA fully endorses only one version of these bills. Asked by a reporter how he otherwise planned to make use of the poll results, Mica responded, "Our team is starting to get this information to Capitol Hill; (it's) starting to say that not only do we say this is true, but legitimate outside pollsters (and) researchers...are saying `There's a new voice in America, and there's somebody that the people want to be listened to'-and that's us." Mica added that CUNA's upcoming Governmental Affairs Conference (GAC), February 27-March 1, would also be a perfect occasion to use the poll findings to motivate the 3,000 attendees toward increased political action. Mica also defended CUNA's claim to be a representative of consumers outside of the CU community by saying that the credit unionism's not-for-profit, democratic, volunteer ethic and educational outreach qualify it as an honest broker in consumer financial issues beyond parochial CU limits. "Our measure isn't how much money we make," Mica explained. "Our measure is how we serve people....In the macro sense, we are a voice of the people. That's what we're there for. You take other financial institution leaders, they're judged on the profit they make. And our credit union folks are judged on the service they provide. Big difference." Contacted for its take on the CU tax exemption poll findings, the main trade association for these "other financial institution leaders," the American Bankers Association (ABA), responded through spokesperson Charlotte Birch. "In good economic times," Birch said, "I don't know any American consumer who would say, `let's have some new taxes.'" Birch added, however, that the "taxpayer subsidy" to credit unions is growing yearly, and sooner or later a public outcry would emerge against the larger "conglomerate," tax-exempt credit unions. -
gmcorrigan@mindspring.com
