Trades Raise PAC Money at Steady Pace
CUNA's Credit Union Legislative Affairs Council had $708,714 in its coffers, according to a report filed in mid-September, which contains data through August. In August, CULAC raised $127,390 and so far this year has raised $926,077.
In August, CULAC gave $48,345 to federal candidates and committees and this year has given $735,845.
Among the recipients of its contributions were: Rep. Ron Paul (R-Texas), a former presidential candidate and a supporter of abolishing the Federal Reserve. He is the No. 6 Republican on the House Financial Services Committees and received $2,500 from CULAC; Rep. John Garamendi (D-Calif.) who won a special election for a seat in the San Francisco area and received $5,000 from CULAC; Rep. Jeb Hensarling (R-Texas). the ranking Republican on the House Financial Services subcommittee that oversees credit unions received $2,000; and CULAC contributed $5,000 to Rep. Kendrick Meek (D-Fla.), who is seeking his party's nomination for an open U.S. Senate seat.
By contrast, during the first eight months of 2007, CULAC had raised $920,800 and made $1.01 million in contributions. At the end of August 2007, it had $308,006 in its coffers.
NAFCU's National Association of Federal Credit Unions Political Action Committee had $144,566 in its coffers at the end of the August. It raised $9,160 in August and $81,735 during the first eight months of 2009. It made $87,322 worth of contributions during the first eight months of this year but made no donations in August.
Among the candidates who have received contributions from the PAC this year are: Meek, who also received $5,000; Florida Gov. Charlie Crist, who is seeking the GOP nomination for U.S. Senate; Senate Banking Committee Chairman Christopher Dodd (D-Conn.), who is likely to have a tough re-election race, received $5,000; and Rep. Roy Blunt (R-Mo.), the former No. 2 Republican leader who is now seeking an open U.S. Senate seat and received $1,000.
It is impossible to compare NAFCU's fund raising and spending with the same period in 2007 because at that time it only made quarterly reports to the FEC and did not offer a month-by-month breakdown.
According to data compiled by the Center for Responsive Politics, 17 political action committees tied to credit unions have donated $653,580 to federal candidates this year-61% to Democrats and 39% to Republicans-according to the center.
CUNA's and NAFCU's PACs were by far the largest givers , with the PACs of CUNA Mutual and Wescom Credit Union the third and fourth largest donors, giving $17,641 and $13,400, respectively, to federal candidates.