NAFCU: Election night good for CU friends
Providing credit unions with an update from Tuesday's midterm elections, NAFCU Director of Political Affairs Chad Adams said it was a good night overall for friends of the industry. As returning and newly elected lawmakers soon begin a new Congress, NAFCU will continue its award-winning advocacy to further the needs of credit unions.
The NAFCU/PAC participated in more than 100 campaigns of candidates and members of Congress who support credit union issues. Of those NAFCU-supported candidates, about 88 percent of them won their elections. "This figure is a testament to the accuracy of NAFCU's government affairs team, who has time and time again shown the ability to accurately identify and engage with the right candidates for credit unions," Adams wrote.
Recapping the election results, Adams noted that the Senate will remain in Republican hands while the Democrats won control of the House. Despite a "split" Congress, he wrote, "NAFCU's lobbying team remains well positioned, as we were in 2018, for continued success on Capitol Hill and looks forward to welcoming, and working with, the many new members next Congress."
Senate Republicans picked up at least two seats, which is "likely to help ensure President Trump's regulatory nominees continue to move through the confirmation process in the next Congress," Adams wrote, while acknowledging the loss of credit unions allies including Sens. Heidi Heitkamp, D-N.D., Joe Donnelly, D-Ind., and Dean Heller, R-Nev. Credit unions also saw many victories and some losses of credit unions friends in the House.
Explaining what credit unions can expect from this new Congress, Adams noted that split-party control of Congress and the Executive Branch can make it difficult to pass major legislation, but also will allow for more opportunities of bipartisanship.
"NAFCU's legislative priorities in the next Congress will remain much the same as they are today, including protecting the tax exemption, enacting regulatory relief, and bringing about needed data security reforms to hold merchants accountable for breaches," Adams wrote. "While our advocacy priorities remain, some of our focus may change. For example, regulatory relief efforts may become more targeted and specific – NAFCU will still work to ensure a legislative environment that will allow credit unions to grow and thrive."
Congress returns for a lame duck session next week to complete some ongoing work. NAFCU urges credit unions to remain engaged with incumbent and newly elected lawmakers so industry-related measures can progress.
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