Although some races were extremely close, it appears that Republicans won enough elections Tuesday to control a slim majority in the Senate, 52 out of 100 seats. With the Republican gains, credit unions lost two strong Democratic supporters in the Senate.

Republican Rep. Cory Gardner defeated Sen. Mark Udall in Colorado. Both CUNA and NAFCU supported Udall and praised his dedication to lifting the member business lending cap. Udall had sponsored the MBL bill in the Senate.

CUNA spent $400,000 on direct mail to credit union members urging them to support Udall. NAFCU said it donated $7,500 to Udall through its PAC while CUNA donated $10,000.

Alaska Senator Mark Begich, the only senator who publicly supported the credit union tax exemption during discussions on tax reform in 2013, appears to have been narrowly defeated in his re-election bid. However, the Democrat had not yet conceded the race to Republican challenger Dan Sullivan as of Wednesday morning.

Senate Minority Leader Mitch McConnell (R-Ky.), who will likely now be named majority leader, was elected to a sixth term Tuesday. He defeated Kentucky Secretary of State Alison Lundergan Grimes (D-Ky.).

Both CUNA and NAFCU contributed $10,000 to McConnell's campaign through their PACs. CUNA also supported McConnell's re-election with a $300,000 independent expenditure, which included $274,000 on television advertisements for McConnell and $25,000 in radio ads.

“McConnell has supported credit unions since his election to Congress. He always sees us and listens to our concerns,” Wendell Lyons, president/CEO of the Kentucky Credit Union League and Affiliates, said.

Republican Iowa State Senator Joni Ernst defeated Democratic Rep. Bruce Braley, a member of the House Financial Services Committee, in the Iowa Senate race. The seat was vacated by retiring Democratic Sen. Tom Harkin.

Democrat Gary Peters, also a member of the House Financial Services Committee, won a Senate seat in Michigan. Peters (D-Mich.) and Braley (D-Iowa), both supported by the trades, co-sponsored legislation to raise the MBL cap in the last three Congresses.

Former South Dakota Governor Mike Rounds will also be joining the Senate. Rounds took the seat vacated by retiring Sen. Tim Johnson (D-S.D.), chairman of the Senate Banking Committee.

Democratic Sen. Kay Hagan, a member of the Senate Banking Committee who was backed by NAFCU and CUNA, lost her Senate seat in North Carolina to Republican challenger Thom Tillis, speaker of the North Carolina House of Representatives.

Republican Rep. Shelley Moore Capito, chairman of the House Subcommittee on Financial Institutions & Consumer Credit, won the open Senate seat in West Virginia, currently occupied by retiring Sen. Jay Rockefeller (D-W.V.). Both CUNA and NAFCU contributed to her campaign.

The Louisiana Senate race between Sen. Mary Landrieu (D-La.) and Rep. Bill Cassidy (R-La.) will go to a runoff since neither candidate received 50% of the vote.

CUNA supported Sen. Jeanne Shaheen in the New Hampshire Senate race, who defeated Republican challenger Scott Brown, former senator of Massachusetts.

In Arkansas, Democratic incumbent Mark Pryor lost to Republican Rep. Tom Cotton, a member of the House Financial Services Committee. NAFCU backed Cotton's campaign with a $1,000 contribution.

“NAFCU looks forward to working with the members of the 114th Congress on solutions to issues like regulatory relief and date security, that affect credit unions and their members,” Katie Marisic, NAFCU's vice president of political affairs, said.

The Virginia Senate race between incumbent Sen. Mark Warner, a Democrat and Senate Banking Committee member, and former Republican National Committee Chairman Ed Gillespie, was a tight one. Warner maintaned a slight lead as of early Wednesday morning.

Instant Insights /

Credit Union Supporters Udall, Begich Lose

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