Credit Union Allies Rake In the CU Largesse
Credit union executives and trade groups have come forward to support their most loyal lawmakers, as well as those in positions of power. Federal Election Commission data reviewed by The Credit Union Journal shows that Rep. Ed Royce, the California Republican who helped draft the CU Regulatory Improvement Act, or CURIA, is the biggest recipient of credit union campaign contributions, receiving a total of $45,000, $25,000 of it from credit union executives and $20,000 from political action committees for credit unions.
Tied for second with $20,500 in credit union contributions, are Rep. Brad Sherman (D-CA), who is leading efforts to allow credit unions to raise secondary capital, and Ohio Rep. Michael Oxley (R-OH), the chairman of the House Financial Services Committee. Next is Rep. Paul Kanjorski (D-PA), the chief sponsor of HR 1151 ($19,500); then Spencer Bachus (R-AL), the chairman of the Financial Service's Subcommittee on Financial Institutions ($18,000).