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.
CUNA President Bill Cheney took time last week to answer questions in advance of this week’s Governmental Affairs Conference in Washington. Below are edited excerpts of the Q&A session.
If money really does talk, then CUNA and NAFCU have been doing the financial equivalent of vocal exercises. The political action committees of both groups each ended last year with six-figure amounts in their coffers, as they gear up for an election year that features a large number of competitive races...
CUNA, NAFCU spread donations across parties, chambers.
Listen to an audio file of CUNA's political strategists discussing the results of the elections and the role their trade association's political action committee played in helping credit union supporters on the campaign trail.
CUNA and NAFCU's PACs supported more winners than losers in the midterm elections, yet CUs still lost some key allies.
Credit unions lost a close ally when Congressman Paul Kanjorski conceded the race to Hazelton Mayor Lou Barletta.
Rep. Paul Kanjorski, who has been one of the strongest supporters of credit unions in Congress, was defeated after a 26-year career by Hazleton Mayor Lou Barletta.
In politics, the party that controls Congress usually gets the lion's share of the campaign money.