WASHINGTON — Almost a third of the members of the U.S. Senate, 32 members, have one or more active accounts with Senate FCU, making the credit union the most popular bank for Congress' upper chamber. In a distant second is Bank of America, where 12 senators do their banking, according to financial disclosure reports issued by the Senate this week.
And 43 senators do their banking at one or more credit unions, like Congressional FCU across Capitol Hill, or Navy FCU, Pentagon FCU, or such far-flung credit unions as Coastway CU (R.I.'s Jack Reed); NuUnion CU (Michigan's Debbie Stabenow); Teacher FCU (Minnesota's Amy Klobuchar); of Honolulu FCU (Hawaii's Daniel Akaka).
"I'm not surprised, frankly," said John Magill, chief lobbyist. "The Senate and the House credit unions are the only financial institutions in the Senate and House office buildings. The banks have nothing." The former Congressional staffer has long banked at Congressional FCU, while his wife, a former Senate staffer, banks at Senate FCU. The CUNA lobbyist said the presence of the two highly-rated credit unions can help the credit union case in Congress. "I like the fact they can go in there and they can see our favorable rates and service," he said.
But, Magill cautioned that this doesn't necessarily mean that the credit union regulatory relief bills will have an easier time when they move over to the Senate. "I don't think it means they will necessarily vote for our bill, just that they may be more familiar with us and our issues," he said.
NAFCU President Fred Becker said the service at Capitol Hill's credit unions is often discussed when his lobbyists visit lawmakers and their staff. "In fact, when we visit senators and/or their staff, they almost always volunteer the fact to us that they are members of Senate FCU," said Becker. "With this personal connection, they have an immediate appreciation for the quality services and products federal credit unions offer the hard working public servants in the Senate."
Most of credit unions' best friends in the Senate are loyal members. Bernard Sanders of Vermont, is a member of North Country FCU, in Burlington, Vt., and has a mortgage on his condo with CU Mortgage Associates; Rhode Island's Reed has accounts with Coastway CU in his home state, as well as Senate FCU and Congressional FCU; Richard Durbin of Illinois is a member of Senate FCU and Congressional FCU, as well as Credit Union One in Lisle, Ill.; Byron Dorgan from North Dakota is a member of Senate FCU, Congressional FCU and Capital CU in Bismarck, N.D.
Connecticut's Christopher Dodd, the Democratic chairman of the Senate Banking Committee, has a joint account with his wife at Senate FCU. His Republican counterpart, Alabama's Richard Shelby, the GOP's ranking member on the committee, is also an active member of Senate FCU.
Pennsylvania's Arlen Specter, ranking Republican on the Judiciary Committee, is a member of Senate FCU. New York's Charles Schumer is an active member at Congressional FCU and Muncipal CU in New York City.
Sen. Ron Wyden of Oregon is a particularly active member of Senate FCU, with a savings and checking account, money market account, two Kids Club accounts and a Gold Savings Account.
Sen. John McCain, the Republican nominee for president, is a member of Navy FCU.
Sen. Barack Obama, the Democratic nominee, is not a credit union member.
(c) 2008
