WASHINGTON — CUNA and NAFCU's top lobbyists say that credit union membership does not necessarily determine whether a member of Congress is going to be helpful on credit union issues that come before them, but it does not hurt.
"We know that a number of Members of Congress have relationships with credit unions, either directly themselves or through their family members, and we also hear somewhat frequently how important these relationships have been to Members and their families in meeting their financial needs," CUNA Senior Vice President for Legislative Affairs John Magill commented. "So, in that sense, certainly a relationship with a credit union can be beneficial for both a Member, and for credit unions."
NAFCU Senior Vice President of Governmental Affairs Dan Berger agreed. "It never hurts to have members of Congress or congressional staff be members of a credit union because then they know firsthand the unique benefits they offer. However, the credit union community also has enormous congressional support from people who are not currently members of a credit union."
Recommended For You
Credit union membership certainly does not serve as "a litmus test" either, Magill added. "We appreciate support from any Member of Congress for credit unions and our issues."
So of the key members of Congress impacting credit union issues, who belongs and who does not? Here is a glimpse. Information is from the Center for Responsive Politics based on 2005 financial disclosures. oCongressman Paul Kanjorski (D-Pa.), co-author of CURIA, has an interest bearing account worth $50,001-$100,000 at Cross Valley Credit Union and another $1,001-$15,000 account at Wright Patman Congressional Federal Credit Union. oPrimary CURIA co-sponsor Congressman Ed Royce (R-Calif.) has a money market account valued between $50,001 and $100,000, and a savings account between $15,001 and $50,000 parked at Wright Patman Congressional FCU. oAnother original CURIA co-sponsor, Steven LaTourette (R-Ohio) had two interest bearing accounts at Wright Patman Congressional FCU worth between $200,002-$500,000. oOn the other hand, Carolyn Maloney (D-N.Y.), who had been very helpful to credit unions by co-sponsoring CURIA and is ranked 15th according to net worth among all 435 members of Congress, had no credit union accounts listed among her assets or liabilities in her 2005 personal financial disclosures. oSpeaker Nancy Pelosi (D-Calif.) ranks even higher at 9th in net worth and holds a noninterest bearing account at Wright Patman Congressional FCU valued under $1,000. oMinority Leader John Boehner (R-Ohio) has $100,001-$250,000 in an interest bearing account at Wright Patman Congressional FCU. oDemocratic Congressional Campaign Committee Chair Chris Van Hollen (D-Md.), who was outspoken about the mutual savings bank conversion attempt at Lafayette FCU, has between $50,001 and $100,000 in Wright Patman Congressional FCU.
oSmall Business Committee Chair Nydia Vel?zquez (D-N.Y.), who introduced the Credit Union Small Business Lending Act (H.R. 1849), has a charge account with Wright Patman Congress- ional FCU. oSenate Banking Committee Chair and presidential hopeful Chris Dodd (D-Conn.) has two deposit accounts and a credit card with U.S. Senate FCU. oSenator Bernie Sanders (I-Vt.) has a deposit account, mortgage, and credit card with cred- it unions. –[email protected]
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
