WASHINGTON–Both credit union trade groups have issued statements in response to Democrat Joe Biden’s victory in the presidential election.
“CUNA congratulates President-elect Joe Biden and Vice President-elect Kamala Harris for their victory,” said CUNA President Jim Nussle. “We look forward to working with Mr. Biden’s administration to advance the credit union mission and increase financial well-being of American consumers.”
CUNA noted it does not endorse presidential candidates and said it has a history of "working with administrations on both sides of the aisle to champion credit union priorities and advance consumer financial well-being."
Added NAFCU President and CEO Dan Berger, “We congratulate President-elect Biden on his election to become the 46th President of the United States of America. Today, Americans continue to grapple with the ill effects of the coronavirus pandemic and economic uncertainties. We encourage President-elect Biden to work with Congress to deliver meaningful, bipartisan reform, to put the needs of Americans ahead of partisanship, and to empower credit unions to serve and strengthen our economy.
“NAFCU looks forward to working with the Biden Administration and Congress in a unified manner to ensure credit unions remain a strong financial lifeline and community partner for the millions of Americans needing financial assistance during these uncertain times.”
As CUToday.info reported earlier, for credit unions the questions are of two types: the short term and the long term.
In the short term, the eye will be on the lame duck session of Congress that will convene shortly.
Stimulus Talks
Dominating the session will likely be discussion around new stimulus/relief legislation. As reported here, Senate Majority Leader Mitch McConnell (R-KY) has indicated he expects the issue will be addressed.
NAFCU’s Carrie Hunt had earlier said credit unions remains hopeful Congress will also consider legislation that has bipartisan support, such as BSA/AML legislation that is supported by credit unions.
Also Being Watched
Beyond the lame duck session and into the new Congress that will convene next year, other issues that could have a bearing on credit unions include:
- The future of the NCUA board
- CUNA expecting a new emphasis on the CU tax exemption
- Other related reporting can be found here and here