It has been said that credit unions cannot afford to not take an active interest in the upcoming November elections. Considering what has taken place over the last eight years, resulting in what some have called excessive or over-reaching regulation, if credit unions fail to exercise their political strength now, they can count on more of the same.
In past elections credit unions have relied on their participation being limited to the contributions made through their federal or state political action committees (PACS). They were of the belief that it was enough to contribute to a candidate to ensure their interests were protected, and they could rely on the support of that individual if needed.
History has shown that although candidates readily accept contributions, it requires additional individual involvement in those campaigns to solidify their support and their vote on issues that impact the financial services industry.
Individuals running for the House or Senate have a tendency to promise a lot and deliver very little. Everyone has seen at least one elected official do a complete reversal on an issue after elected, develop a case of amnesia when reminded of a promise made, acquire double talk as their first language or just outright lie. It is no wonder this year we have heard primary voters say enough is enough. They want change and result,s and they want it now.
Credit unions are in a unique position. With millions of members across the country and a brick-and-mortar presence in every state, they represent thousands of potential PACs amongst themselves. Through their officers, directors and committee members they can influence—by word of mouth and walking the pavement—the masses of credit union members who can change the course of history by working and voting for the right candidates.
Yes, politicians, aka our elected officials, react to contributions. They also react when told that individuals will knock on doors to tell others that perhaps there is a better choice. That is the type of participation credit unions must commit to if they are going to make a difference in this election.
As important as the election of a president is, equally important are the election of the people sent to Congress. That is why the focus must be not only on the White House but the two Washington chambers as well.
If the election does not produce results favorable to credit unions, it will continue to be a difficult task going forward to provide the services needed to their members. But if credit unions do not totally engage in this election process, the loss will be even greater. Credit unions will have missed the opportunity to do their part in making a difference. That is a missed opportunity they cannot afford.
Michael Fryzel is a former NCUA Board chairman and is currently an attorney in Chicago.
