WASHINGTON–CUNA said it and the state league system will spend a record $7-million during the 2020 election cycle to support congressional candidates on both sides of the aisle.
That’s after the Credit Union Legislative Action Council (CULAC), the federal political action committee (PAC) for CUNA, reported a fundraising total in excess of $2.8 million for 2019. The amount raised was a record high in the four-decade-plus history of CULAC, according to CUNA.
“This record figure is a testament to the fact that credit union members have a vested interest in the political process,” said Trey Hawkins, CUNA deputy chief advocacy officer for political action, in a statement. “The CUNA/league system stands apart from others in the political space because not only is CULAC generating grassroots funds, we’re supporting candidates who back the structure and mission of credit unions. Since the 1970’s our work has ensured that congressional candidates on both sides of the aisle champion credit unions.”
CUNA said CULAC’s average annual donor contributes $84 annually, and more than 60% of all receipts are from donors giving less than $200 a year.
The ‘True Measure’
Thus far for the 2020 election cycle, more than $1.8 million in contributions have been seeded to 355 candidates for the United States House of Representatives and Senate.
“Going into 2020, the true measure of our success will not only be the amount of money we raise, but the impact these investments will have on helping credit union champions win come November,” said Hawkins.
CUNA pointed to an analysis from the Center for Responsive Politics that found CULAC remains among the most bipartisan national PACs, with support going almost equally to credit union-friendly candidates from both Republican and Democratic parties. CUNA said CULAC takes a politically strategic approach to campaign contributions, supporting those candidates who demonstrate an understanding of the credit union difference.
“Credit union members are invested in the financial services marketplace and pride themselves on being involved in the political process,” said CUNA President/CEO Jim Nussle. “We are grateful to have so many advocates willing to support pro-credit union candidates. The record setting nature of the funds raised underscores the priority that our community places on engaging in the political process. We have an interest in the process and a point of view to share,” Nussle added. “Our contributions support both parties across all aspects of the federal government and we are proud to bring our community’s voice to the table in a meaningful way.”
91% Success Rate
CUNA reported that during the 2018 election cycle more than 380 credit union candidates received CULAC backing and were elected to the 116th Congress. This marked a 91% success rate on midterm election investments. CUNA added its analysis shows 44% of registered voters belong to a credit union.