Trade PACs Reward Lawmakers
During the first five months of 2011, CUNA’s political action committee received $502,266 in contributions toward its efforts to influence the outcome of political campaigns, and NAFCU’s fundraising efforts netted $53,669, according to reports filed with the Federal Election Commission.
CUNA’s Credit Union Legislative Action Council raised $79,569 in May and NAFCU’s National Association of Federal Credit Unions Political Action Committee raised $4,646.
CULAC made $683,403 in contributions during the first five months of 2011 and $180,331 in May. The National Association of Federal Credit Unions Political Action Committee made $86,685 in contributions during the first five months of 2011 and $20,241 in May.
At the end of May, CUNA’s PAC had $293,585 in its coffers and NAFCU’s PAC had $202,512.
In May, both PACs gave money to the Freedom Project, the leadership PAC of House Speaker John Boehner (R-Ohio.) CUNA’s PAC gave $5,000 and NAFCU’s PAC gave $2,500. Both also contributed to the campaigns of Sen. Bob Corker (R-Tenn.), who sponsored legislation to delay the implementation of the Federal Reserve’s interchange rule. CULAC gave $3,500 and NAFCU’s PAC gave $1,000. The PACs also both gave to the campaign of Rep. Debbie Wasserman Schultz, who has been supportive of credit unions and was recently named chairman of the Democratic National Committee. The PACs gave her $10,000 and $1,000, respectively.
Among the other recipients of CULAC’s contributions were Rep. Carolyn McCarthy (D-N.Y.), who is sponsoring legislation to raise the cap on member business loans, $2,500; Sen. Jon Tester (D-Mont.), who led the interchange delay effort with Corker, $1,500; and Sen. Mark Udall (D-Colo.), who is sponsoring the Senate version of McCarthy’s legislation, $4,000.
Among the other recipients of the National Association of Federal Credit Unions Political Action Committee’s contributions were: Rep. James Clyburn (D-S.C.), the No. 3 member of his party’s leadership, $1,500; Rep. Ed Royce (R-Calif.), the other lead House sponsor of the member business lending bill, $3,000; and the Democratic Congressional Campaign Committee, which helps recruit and elect House candidates, $2,500.