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.