When Congress returns, credit unions can expect fewer consumer bills, tweaking the financial overhaul bill and new leaders of House and Senate committees that oversee credit unions.
CUNA and NAFCU's PACs supported more winners than losers in the midterm elections, yet CUs still lost some key allies.
Rep. Ed Royce, a strong supporter of credit union causes such as raising the cap on member business lending, announced last night that he will seek the chairmanship of the House Financial Services Committee.
Credit union stalwart Rep. Paul Kanjorski (D-Pa.) saw his 26-year congressional career end, yet Senate Majority Leader Harry Reid (D-Nev.) survived yesterday's election which gave the Republicans large gains in both chambers.
CNN, Fox and MSNBC have all projected that the GOP will win a majority of seats in the House, thus ending the Democrats' four-year control of that chamber.
GOP Rep. Roy Blunt, on whose behalf CUNA's PAC spent $152,500 in independent expenditures, won an open U.S. Senate seat in Missouri. CUNA's PAC also gave Blunt's campaign $10,000 and NAFCU's PAC gave it $1,000.
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.
Political newcomer Rand Paul, a favorite of credit unions and the tea party movement, has won the U.S. Senate seat in Kentucky, according to Associated Press projections.
Credit Union Times and a panel of special guests take listeners through how key legislative officials are polling, how the Dems and GOP will fare in the House and Senate and more.
The Republicans will gain 55 seats in the House - recapturing the majority and bring down several key credit union supporters, according to an analysis released today by political scientist Larry Sabato.