While President Obama won a resounding victory in his re-election quest, credit union trade groups celebrated their successes in the congressional races and turned their attention to the Congress’s lame duck session.
A roundup of Nov. 6 results from the credit union industry perspective.
CUNA’s political team harnessed the power of nice and the credit union member vote in two key races, spending nearly half a million PAC dollars on positive partisan communications that the trade association’s leaders say is the wave of the future.
Credit Union PACs went three for four in the House.
Credit unions and their PACs were winners in the 2012 elections.
Credit union trade associations have entered the 2012 election homestretch, with both CUNA and NAFCU confirming PAC spending figures reported by the Federal Election Commission and website OpenSecrets.org.
About $600,000 in independent expenditures have been spent on four close congressional races.
A bill that would allow privately insured credit unions access to the Federal Home Loan Bank system has been introduced in the House.
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.”
Despite the threat of a new banker Super PAC, CUNA says it has no plans to create a similar campaign fundraising mechanism for credit unions.