Home Credit union Credit unions bow blue, banks bow red for Congress

Credit unions bow blue, banks bow red for Congress

0
Source: Shutterstock

CUNA and NAFCU gave Democrats a bit more, while two major banking groups tipped Republican, but the difference between credit unions isn’t as wide as some might think.

CUNA, NAFCU, the American Bankers Association (ABA), and the Independent Community Bankers Association (ICBA) together donated to 767 candidates for the United States House and United States Senate in the 2022 election cycle.

Of these 767 applicants, 576, or 75% of applicants, received donations from at least one credit union group and at least one banking group.

The data comes from OpenSecrets.org, a Washington, DC-based 501(c)(3) tax-exempt charity that provides campaign donation data to the public, most of it for free.

For these 576 candidates, CUNA and NAFCU gave 76% of their donations and the banks gave 88%. This group was made up of 240 Democrats and 336 Republicans.

Democrats received $886,500 from credit union groups and $799,000 from banks. The Republicans received $1.1 million from CUNA and NAFCU and $1.4 million from the banks.

Two examples of consensus were in Nevada and Florida.

U.S. Sen. Marco Rubio (R-Fla.) received $7,500 from CUNA, $2,000 from NAFCU and $14,000 from banking groups. He is running for re-election against U.S. Rep. Val Demings (D-Fla.) D’Orlando. She received $5,000 from CUNA, but none from the banking groups.

U.S. Sen. Catherine Cortez Masto (D-Nev.) received reelection donations from credit unions and banking groups. CUNA gave him $10,000, NAFCU $1,000 and banking groups $6,000. She is in a tight race with her Republican challenger Adam Laxalt, who received no donations from banking groups or credit unions.

Trey Hawkin Trey Hawkin

Trey Hawkins, CUNA’s Deputy Advocacy Director for Political Action, named Cortez Masto as one of the races that CUNA was heavily invested in during CUNA’s call with the media on Monday.

Hawkins said the CUNA and state and regional leagues have paid more than $6.6 million to pro-coop candidates in the current election cycle.

That included 398 congressional candidates on the ballot Tuesday who received at least some support from CUNA’s federal political action committee: 367 U.S. House candidates and 31 Senate candidates.

“Most importantly, it includes 61 open seats, 56 in the House and five in the Senate,” Hawkins said. “We believe these are particularly important opportunities for credit unions to enter the ground floor with a potential future champion.”

OpenSecrets data showed that 128 applicants had received money from CUNA or NAFCU, but not from banking groups. Credit union groups gave $510,000 to 105 Democrats and $113,500 to 23 Republicans.

They included:

  • Tim Ryan, the Democratic candidate for the open Senate seat from Ohio, who received $5,000 from CUNA. His opponent, Republican JD Vance, received no donations from the credit union or banking groups.
  • S.Sen. Raphael Warnock (D-Ga.), who received $5,000 from CUNA for his close re-election bid against Republican Herschel Walker, who received no donations from the credit union or banking groups.
  • S.Rep. Liz Cheney (R-Wyo.), who received $10,000 from CUNA in her unsuccessful attempt to retain her House seat in the Republican primary. The banking groups did not contribute to any candidate in the race.

There were 63 applicants who received donations from banking groups, but not from credit union groups. The banks gave only $24,500 to five Democrats, but $274,000 to 58 Republicans. Two examples were:

  • Arizona Democratic challenger Mark Kelly, who received $5,000 from banking groups but none from credit union groups in his bid to unseat U.S. Senator Martha McSally (R-Arizona). The former astronaut and husband of former Arizona congresswoman Gabrielle Giffords leads McSally in most polls. McSally, who received no support from banking groups or credit unions, was nominated to her seat in 2019 and is running for the remainder of John McCain’s unfinished term.
  • U.S. Sen. Ron Johnson (R-Wis.), who received a combined $15,000 from the ABA and ICBA in his re-election bid. He is running against Mandela Barnes, a Democrat who is Lieutenant Governor of Wisconsin. Barnes received no support from banking groups or credit unions.

Of the 767 congressional candidates receiving donations from at least one of the four groups, the 350 Democrats received $1.4 million from credit union groups, accounting for 54% of their donations, and $823,500 from banking groups. , representing 32% of their donations. .

The 417 Republicans received $1.2 million from credit union groups, representing 46% of their donations, and $1.7 million from banking groups, representing 67% of their donations.