WASHINGTON - When he speaks to credit union groups, House Financial Services Committee Chair Barney Frank, likes to tout the benefits of the CU masses, as opposed to campaign largesse, as the main reason Congress likes credit unions–but the Massachusetts Democrat and his colleagues also know that credit unions have grown into one of the most avid contributors to congressional campaigns.
In the last three elections CUNA has spent more than $10 million on its political operations, most of that in campaign contributions, making it one of the most active campaign organizations in Washington, according to Federal Election Commission records.
Every election cycle CUNA can be counted on for as much as $2 million in campaign contributions, another $200,000 to the various campaign organizations for both the Democrats and Republicans, and can even spend a quarter million dollars in a week’s time to help save a key congressional ally, as it did in 2005 for Sen. Joe Lieberman.
The American Bankers Association is every bit as fertile for campaign funds. Through the first 15 months of the 2007-2008 election cycle, ABA’s PAC has contributed almost $1.3 million to House and Senate candidates, making it the leading trade association PAC in the Capitol. CUNA wasn’t too far behind, with more than $1 million in contributions, with both groups expected to spend at least as much through the rest of the elections.
While CUNA is by far the biggest source of campaign contributions for credit unions, the ABA’s BancPac is supplemented by some of the best funded PACs in Washington run by the biggest banks, like JP Morgan Chase, Citigroup, Bank of America, Wells Fargo and Wachovia.
