Pandemic Has Not Slowed Credit Union PACs

The coronavirus pandemic has slowed down much of Washington. The halls of the Capitol appear empty. Charlie Palmer Steak, a restaurant that usually serves power lunches to the well-connected, is temporarily shuttered. Lobbyists are meeting on Zoom and other similar platforms. But the political fundraising machine grinds on. The political action committees operated by the nation’s two largest credit union trade groups, the Credit Union National Association and the National Association of Federally Insured Credit Unions, continue to fuel that machine with millions of dollars in campaign contributions to House and Senate candidates across the country. By the end of

Four Banking Committee Members Among Ten ‘Most Vulnerable’ Senators: Roll Call

Four members of the Senate Banking Committee are among the ten most “vulnerable” senators running for reelection this year, according to an analysis by Roll Call, a Capitol Hill newspaper. Roll Call keeps track of the most politically vulnerable House and Senate members each election cycle. Its latest list of ten most vulnerable senators include Banking Committee members: Sen. Doug Jones of Alabama, the only Democrat among the Banking Committee’s vulnerable members. Jones is running against Republican Tommy Tuberville, the former Auburn University football coach, who defeated former Sen. Jeff Sessions for the GOP bid. Roll Call reported that this

Banking Super PAC Narrows Its Favorites List

A banking super political action committee that independently supports two House or Senate candidates every two years has narrowed its support down to ten candidates.

While Friends of Traditional Banking is an avowed opponent of credit unions, several of the candidates it is supporting also have received campaign contributions from credit union PACs. The Credit Union National Association, which operates a much larger PAC than the National Association of Federally-Insured Credit Unions does, has made larger contributions to several of the candidates.

And according to personal finance reports filed by members of Congress, some even have personal accounts at credit unions.

Democratic Draft Platform: Renew Glass-Steagall, Explore Postal Banking

A draft of the 2020 national Democratic platform calls for an “up-dated and modernized version” of the Glass-Steagall Act and for an examination of postal banking.

The draft document, which the Democratic National Committee is scheduled to consider on Monday, said the party will push for “a new economic contract that provides access for all to reliable and affordable banking and financial services.”

It also calls for beefing up the Consumer Financial Protection Bureau and doubling funding for the Community Development Financial Institutions program.