WASHINGTON—Credit unions will be watching how control of Congress may affect various committees’ leadership, but no one is expecting whatever outcome occurs to have much affect on credit union-backed priorities.
In the next Congress credit unions will continue to press for legislation to allow for supplemental capital and to raise the Member Business Loan cap—the latter a priority for more than a dozen years and six Congresses, never reaching the point of getting a vote.
Credit unions have poured record amounts of money into races this year, with CUNA reporting its Credit Union Legislative Action Council (CULAC) spending approximately $5.6 million this year. Of that, approximately $3 million has been spent on direct PAC contributions, $1.2 million on independent expenditures and $1.4 million on partisan communications.
Credit unions will be paying special attention to the race for California’s 31st congressional district, where Pete Aguilar is seeking to win the seat. Aguilar is the Mayor of Redlands, Calif., but more importantly to CUs, is a former employee of Arrowhead Credit Union.
CUNA spent $197,189 in an independent expenditure in support of Aguilar.
CUToday.info will provide complete coverage of the elections and the implications for credit unions.
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