CU PAC Funds Are Again Reaching New Peaks
Credit unions have raised their political fundraising to a new level in the current two-year election cycle, giving them more money than ever before to help favored candidates.
Federal Election Commission records show that political action committees affiliated with credit unions have accumulated almost $1.5 million in cash, about $1 million of it in PACs affiliated with CUNA or one of its state league affiliates, in preparation for the elections. The amounts are a new high. While this still pales in comparison to bank PACs, the cash horde will help the credit union lobby support congressional allies, especially in the two dozen or so races up for grabs in the House and Senate.
The largest credit union warchests heading towards the elections are: CUNA ($576,000), NAFCU ($175,000), and the Michigan CU League ($113,000). But several individual credit unions have also formed their own PACs in preparation for aiding credit union allies this fall and they are also sitting on warchests: Philadelphia FCU ($48,000); Truliant FCU ($43,000); Coastal FCU ($23,000); Affinity FCU ($21,000); U.S. Central CU ($19,000) and Security Service FCU ($18,000).