Ruling To Boost Campaign Funding
The Federal Election Commission has given the go-ahead to political action committees to use automatic payroll deduction to help finance campaign activities, giving a potential boost to both CUNA and its rival banking groups.
"This will allow credit unions to do payroll deductions for CULAC (CUNA's PAC)," Richard Gose, political director of CUNA, who lobbied the FEC on the ruling, told The Credit Union Journal. "This will benefit a number of groups; anyone who has members who are corporate entities."
Gose said he sees credit union employees authorizing their credit unions to automatically send $2 or $3 each pay period to CULAC, to help campaign contributions on behalf of credit unions.
Ironically, the legal opinion was requested from the FEC by America's Community Bankers, one of a number of trade groups that are locked in constant battle with CUNA and the nation's credit unions.