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In an election that has been marked with surprises both during
the primary and general elections, the American public chose Donald J. Trump as
the 45th President of the United States.
To say the least, this was an unexpected outcome, and as a
result a great deal of uncertainty exists in the days and hours following the
election. This leaves many in a
situation in which the known-knowns are fewer than the known-unknowns and the
unknown-unknowns. This document tries to
begin to make some sense of what happened on election night and what its impact
on credit unions will be. We have
provided an analysis of the election not only on the overall results but also
the key races which credit unions participated and the new credit union
champions coming to Congress. In
addition, we take a look at what this means for us as we prepare to approach
the new Congress and the administration, focusing on the changes we expect in
key committees and the regulatory agenda of the incoming administration.
Here’s what we know we know:
When President-elect Trump is inaugurated on January 20, 2017, it will
make the first time in ten years that there is unified Republican government,
with the White House, House, and Senate all under Republican control. Further, based on our engagement with the
Trump campaign over the last several months, we have confidence that the
priorities of the incoming Trump Administration align pretty well with the
needs of the credit union system, particularly with respect to regulatory
burden. President-elect Trump has
indicated strong support for the repeal of the Dodd-Frank Act and the rolling
back of overly burdensome regulations. While
a complete repeal of Dodd-Frank may prove difficult, particularly given the
recent Wells Fargo scandal, we remain hopeful that the new Administration and
Congress will remove some of the more oppressive regulations negatively
impacting credit unions, and their members.
We will support and encourage these efforts as well as legislation to make
improvements to the structure of the CFPB.
CUNA will also work with the Trump Administration to educate
his team on the credit union difference and work to ensure that credit unions
are part of his economic agenda. We will
also endeavor to make sure he and his administration understand the importance
of nominating strong candidates for the National Credit Union Administration
Board. Credit unions deserve a world
class regulator led by NCUA board members who understand and are committed to
the credit union philosophy and the credit union difference.
Having friends and champions in Congress who understand the
credit union difference is important not only because so much is unknown about
the administration and its priorities, but because Congress can exercise
tremendous influence on credit unions’ regulatory environment. In the first months of the new administration,
the Senate will conduct countless confirmation hearings, including for
positions of significance to credit unions.
This is only one way that Congress influences the administration and its
regulatory priorities, but it is an important one. As the new administration staffs up, it will
promulgate new proposals, and our friends in Congress can help us favorably
influence the outcome. The good news is
that credit union supporters in Congress did quite well on election night. In fact, voters returned a credit union
majority to Congress, thanks to our combined efforts.
Through the Credit Union Legislative Action Council (CULAC),
CUNA, and leagues, credit unions invested nearly $6 million in 364 House and
Senate races this year, winning an incredible 96% of them. Champions like Senators Rand Paul (R-KY), Roy
Blunt (R-MO) and Pat Toomey (R-PA) and Representatives Ed Royce (R-CA), Brad
Sherman (D-CA), Peter King (R-NY), Steve Stivers (R-OH), and Denny Heck (D-WA)
will all return to Congress. And leaders
on credit union issues in tight races like Representatives Rick Nolan (D-MN)
and David Valadao (R-CA) won in part because of CUNA/League investments in
Our participation in these races – made possible through
generous contributions from credit union, league, CUNA staff, and credit union volunteers
– helps to position us well in what is unquestionably a challenging legislative
When we go into the voting booth, we may be Democrats,
Republicans, Libertarians, Greens or Independents. But when we advocate for credit unions, we
are part of the credit union party. The
good news is that headed into the 115th Congress, there is a credit
union majority in Congress.
Read our full election analysis here.
Champion for the Credit Union Movement
Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
© 2017 Credit Union National Association
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