By Frank J. Diekmann
When it comes to credit unions’ involvement in politics and advocacy, two interesting statements were made almost simultaneously that should really cause the whole CU community to pause and think for a moment.
Actually, I should really say cause all Americans to stop and think for a moment, not that for all our achievements stopping and thinking has ever been one of America’s strongest traits.
The first statement was the announcement by CUNA that in the current election cycle its political action committee had set a record by raising some $5.6 million. Those funds went to candidates, including several very large independent expenditures, who both won and lost races.
At the same time CUNA was crowing about the money raised, in a small conference room at a Marriott in downtown Los Angeles, Rep. Brad Sherman, one of credit unions’ strongest proponents in Congress, made a statement of his own that should have folks wondering what’s the point of raising all that money.
When it comes to legislation that would allow supplemental capital or raise the cap on MBLs, Sherman poured some ice water on credit unions, and this time not as part of any challenge. Credit unions, said Sherman, keep acting and talking like their favorite bills in Congress are “on the three-yard line.” In other words, about to score with passage. That’s not the case, cautioned Sherman bluntly. “You’re not even in the red zone.”
Ouch. If record amounts of PAC funding can’t get credit unions within field goal distance, why raise any money at all? Yes, yes, we all know the rote answers about the seat at the table in Washington with the banking industry (which isn’t getting much of anything it wants, either, if you don’t mind that ginormous bailout thingy), and about how it isn’t all about what legislation did pass, it’s also all about ensuring negative legislation doesn’t pass.
So everyone’s paying for nothing. Talk about lousy ROI. The only winners seem to be the folks with the 90%-plus re-election rates, the ones everyone keeps ranting and complaining about and yet the very same ones who keep getting all the PAC money donations. Credit unions are as guilty of perpetuating the (election) “cycle” as anyone.
It all sounds like the plot of some Oliver Stone movie. Good thing that’s just the movies.
* Speaking of politics… If you’re still sick and tired of the negative campaigning and advertising of the just-concluded midterms, CUNA’s senior vice president of legislative affairs, Ryan Donovan, offered this depressing reminder during a recent conference call with the media: “The 2016 elections are on the horizon.”
* At a recent credit union conference a female emcee was introducing a male keynote speaker and she made numerous references to how attractive she found the speaker to be. At one point, she even urged the “ladies to get your cameras out” so they could get a photo of the hunky presenter.
No one seemed to take umbrage, most especially, I assume, the speaker back stage. But can you imagine for a moment any male emcee introducing a female speaker in similar fashion, calling on the men to “grab your cameras, fellas, ’cause you’re not going to believe the hottie who’s about to come out on stage.” I will tell you who wouldn’t be coming back out to that stage: that emcee.
Frank J. Diekmann is Cooperator in Chief with CUToday.info and can be reached at Frank@CUToday.info.