Former credit union lobbyist Marvin Umholtz said the industry shouldn't fear a new banker super PAC, saying the Friends of Traditional Banking PAC, will function "more like a scalpel than a battle axe."
According to its website, www.friendsoftraditionalbanking.com, the new bankers' PAC was organized by the Utah Bankers Association and includes representatives on its advisory council from 10 other state bankers associations that have historically been hostile to credit unions, like Kansas and New Jersey.
Umholtz, president/CEO of Umholtz Strategic Planning & Consulting Services, said he thinks the PAC has been mislabeled as a super PAC. The Friends PAC will only focus on one or two campaigns per election cycle in which it can influence the outcome. It will either support or oppose a candidate, and rather than collect money, it will direct individuals to have made pledges to the PAC to write checks directly to the candidate's campaign.
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