A post-election webinar hosted by the America’s Credit Unions advocacy team Thursday focused on a wide range of issues and opportunities for credit unions in both the lame duck and new Congress.  

Panelists included America’s Credit Unions’ Chief Advocacy Officer Carrie Hunt; Senior Vice President of Advocacy Greg Mesack; Head of Political Affairs Trey Hawkins; and Head of Legislative Advocacy Brad Thaler; and outside industry perspective from Zach Pfister, Brownstein; and Saat Alety, Federal Hall Policy Advisors.

Even with a few races still not called, the 119th Congress will be pro-credit union based on the election success of credit union-supported candidates. America’s Credit Unions, its PAC, and state Leagues invested more than $7 million in this year’s election cycle. Hawkins shared the latest election results as of Thursday afternoon, with credit union champions winning 347 out of 353 called races, a 98.3% win rate. The latest updated results are available at the Credit Union Elections Hub.

Election support in open seats resulted in 40 wins in 40 called races so far involving new members of Congress. America’s Credit Unions and Leagues worked with candidates and partner credit unions to choose open-seat candidates to support.

Credit unions also provided extra support to credit union champions facing tough races. This includes Rep. Zach Nunn, R-Iowa, was supported by America’s Credit Unions, its PAC, and the Iowa Credit Union League with digital ads and mailers sent to 58,000 credit union households.

“Despite trailing in polling as recently as the weekend before the election, Congressman Nunn prevailed by just under 16,000 votes,” Hawkins said. “Clearly we had an impact.”

Legislative opportunities in the final weeks of the 118th Congress could include moving small, bipartisan measures, said Thaler, and the organization is currently exploring those possibilities. There are only two must-pass items for Congress by year end – government funding and the National Defense Authorization Act.

Looking ahead to next year, which brings the expiration of several key Tax Cuts and Jobs Act provisions and the strong possibility of a tax battle, Mesack encouraged credit unions to stay pro-active and engaged.  Some key steps include:

• Participating in programs such as the Member Activation Program and Project ZIP Code;
• Connecting and communicating with members of Congress and staff in Washington, D.C., and home districts; and
• Ongoing efforts to share stories that illustrate how credit unions are different than banks, and how they support members and communities.

The panelists also explored what Republicans gaining control of the Senate means for leadership.  Sen. Tim Scott, R-S.C., is likely to be the new chair of the Senate Banking Committee. A strong credit union supporter—and former credit union board member—he has introduced numerous bipartisan credit union bills.

On the regulatory front, a new acting CFPB director is likely to be named by the new administration, with a new permanent director needing Senate confirmation. 

While the chairmanship will likely shift, composition of the NCUA board is unlikely to change, with Chairman Todd Harper serving through 2028, Vice Chairman Hauptman through August 2025, and Board Member Tanya Otsuka through August 2029.

Hunt reiterated America’s Credit Unions focus on proactive measures, and the importance of individual credit union advocates taking action and working with their newly elected members of Congress.

“The power dynamics of Congress and the White House influence regulators have a direct impact on you and your operating environment. America’s Credit Unions is here to serve you regardless of who holds the power – our bipartisan nature means we have champions on both sides of the aisle,” said Hunt. “Advocacy is job number one for us, and we will proactively fight for policies that allow you to better serve your members and defend against bad ones that hinder your ability to do so.”

The group also addressed a range of audience-submitted questions.