NAFCU Fined By FEC For Campaign Reporting
The Federal Election Commission said it fined NAFCU $1,000 for failing to report a large portion of funds raised at the end of the last elections.
The FEC noted that the post-election report that NAFCU submitted after the 2004 congressional elections disclosed just $255 in donations collected from members but failed to disclose $56,600 in donations raised in the month following the elections.
Murray Chanow, political director for NAFCU, said the misreporting was an oversight that NAFCU corrected on its own but the FEC believed they should be cited.
"Because the mistake was so big, compared to the whole report, they fined us $1,000," he said.
Meantime, Chanow said NAFCUPAC had its best year ever in 2005.
The PAC raised $206,482, a new high (about $300 more than in 2003), and disbursed more than $192,000, most of its in campaign contributions.
Of that amount, $107,000, or 56%, was contributed to Republican candidates, and $85,000, or 44%, to Democrats.
The PAC had about $185,000 of cash on hand at the beginning of 2006, the important second year of the two-year election cycle.