Lobbying

Following similar decisions by big banks, the Consumer Bankers Association and Mortgage Bankers Association said they will halt all political contributions to elected officials as some lawmakers face harsh criticism for comments that incited the storming of the U.S. Capitol.

Several members of Congress challenging the result of the 2020 presidential contest received financial support from trade groups that could find themselves in hot water with some constituents.

Banking trade organizations are usually cautious about making endorsements. But with Democrats winning the White House and control of Congress on the line in the two races, some groups are pouring in cash for the GOP candidates.

The league has altered its formula for calculating member dues, a move expected to save credit unions nearly $800,000 next year.

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.

The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate.

A look at how credit unions and the industry at large have intersected with the 2020 election.

Industry groups have launched new programs that are expected to carry over into 2021, while others are raising new calls for Congress to tackle data security.

The industry supports candidates on both sides of the aisle but has tilted toward Democrats during this cycle. Experts say that's partly a reflection of the current makeup of Congress.

New research reveals the financial services industry both prefers and predicts an incumbent win in November.