WASHINGTON -- For the first time, more than $4 million has been raised in an election cycle by the Credit Union Legislative Action Committee (CULAC), the federal PAC of the Credit Union National Association.

According to CUNA President and CEO Dan Mica, “this is a significant milestone that places credit unions in the upper-tier,
elite echelon of political action across the nation – an achievement I believe should make credit unions proud and confident for their future.”

Mica pointed out there are about 4,000 PACs nationally, most of which focus on a small number of key congressional races. “But,
because of the hard work and generosity of credit unions and Leagues, we have the capability to be involved in nearly all races,
and still put to use important, proven tools such as independent expenditures.”

He added that less than 1 percent of all PACs nationwide that have this capability. “We are fortunate to be one of them,” he said.

Mica also noted that CULAC has always relied on grassroots, with an average contribution of just about $26.

Among the key points Mica said led to CULAC’s success during the 2007-08 election cycle, including the more than $4 million in funds raised:

• Fundraising continues to be driven by growth in payroll deduction, a program in place only since 2005. As of Oct. 31, 2008,
  more than 2,800 employees at 113 credit unions, 22 state leagues, and CUNA were contributing to CULAC.
• CULAC distributed more than $2.9 million in contributions this cycle to federal candidates and committees, and participated in 83 percent of the 470 U.S. House and Senate races on the November ballot.
• CULAC spent a record $528,000 in Independent Expenditures (IEs), or political advertising, spent independently in support of candidates in three races. Significantly, one of these resulted in the defeat of an anti-credit union incumbent by credit union friend and Kansas State Treasurer Lynn Jenkins (KS-02).
• More than 92 percent of CULAC-supported U.S. House and Senate candidates won election in the November elections.
• CULAC ranked 14th among all federal PACs in direct candidate contributions, and 6th among trade association PACs. The partisan breakdown (52 percent to Democrats and 48 percent to Republicans) was tied with only one other organization as the most bipartisan among the nation’s 20 largest PACs (source: Center for Responsive Politics).