WASHINGTON—What appears to be strong wins by Republicans in races across the country means changes in the chairmanship of some of the congressional committees that have oversight over credit unions and tax-related issues.
Whether the GOP majority in Congress will mean any change to the gridlock that has plagued that institution, and how that might affect legislation being sought by credit unions remains unknown.
Meanwhile, in the four races CUNA said it was watching most closely, it appears credit unions won two and lost two, with votes still being counted in at least one of those races.
The election results, combined with retirements by a number of members of Congress, especially in the House, will change the face of numerous powerful committees, including the House Financial Services Committee and the Senate Banking Committee. Among those who have retired is Gary Miller (R-CA), who had been the lead sponsor of the “Regulatory Relief for Credit Unions Act” in the House.
Rep. Shelley Moore Capito (R-WV), who is chairman of the Financial Institutions and Consumer Credit Subcommittee, is leaving the House after winning her race for senator, becoming the first female senator elected in West Virginia.
Sen. Mitch McConnell (R-KY)
In these most recent elections CUNA said its Credit Union Legislative Action Committee (CULAC) had spent a record $5.6 million, including $3 million on direct PAC contributions, $1.2 million on independent expenditures, and $1.4 million on partisan communications. The four races where CUNA said it was most vested included:
- The re-election of Sen. Mitch McConnell (R-KY), who won his race. CULAC made a $300,000 independent expenditure on behalf of McConnell, a strong credit union supporter who is most likely to become the Senate Majority Leader.
- The re-election of Sen. Mark Udall (D-CO), who lost his race to Rep. Cory Gardner (R-CO). Udall, described by CUNA as a “credit union champion,” was backed by what the trade group called the “largest partisan campaign in its history,” including 120,000 direct mails to credit union voters in Colorado.
- The election of Democrat Bruce Braley, who lost to Republican Joni Ernst for the Iowa Senate seat of the retiring Sen. Tom Harkin. CUNA had backed eight mailings to 60,000 people in support of Braley, in addition to providing PAC donations.
- The election of Democrat Pete Aguilar to represent California’s 31st congressional district. Aguilar, the mayor of Redlands, Calif., is a employee of Redlands, Calif. who received $197,189 in the form of an independent expenditure by CUNA. With 52% of the votes counted, Aguilar had a slight lead over his Republican opponent.
Other races in which CUNA also was involved:
- The South Dakota Senate race, in which CUNA provided last minute support for Republican Mike Rounds. Rounds won his race.
- In Illinois, Rep. Cheri Bustos (D) has won re-election. CUNA conducted seven mailings to 25,000 people in support of Bustos.
- Also in Illinois, Rep. Rodney Davis (R) won re-election. CUNA had done four mailings to 16,000 people in support of Davis.
Overall, 15 candidates were recipients of independent expenditures or partisan communications by CUNA in this most recent election.