WASHINGTON – It turns out that the favorite bank in the Senate is a credit union.
Almost one-third of the members of the U.S. Senate, 32, 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, such as 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); or, Teacher FCU (Minnesota’s Amy Klobuchar).
“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 long has 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 told The Credit Union Journal yesterday.
Some of the 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.
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 an active member of Navy FCU.
Sen. Barack Obama, the Democratic nominee, is not an active credit union member.
