The 2016 campaign season has finally come to an end, and what a year it has been. Donald Trump is the now the 45th President of the United States, and Republicans maintain control of both houses of Congress. Here are a few updates and projections relating to credit unions:
- The LSCU & Affiliates and CUNA have built strong relationships at the national level and will continue to work as advocates, making sure that regulatory reform is a top priority and that credit unions have strong representation during any comprehensive tax reform conversations. It is our expectation that with this new administration, there will be an excellent chance for continued regulatory reform and improvements made for credit unions going forward. The League will also be monitoring the new president’s appointment to the NCUA Board. While the nomination of John Herrera is still pending, it is very possible the President-elect may put forth his own nominee. Additionally, Indiana Gov. Mike Pence, Trump’s running mate and now Vice President-elect has received heavy credit union support throughout his political career.
- In Alabama, there have been no changes to our House Delegation, and thus we expect to continue our strong relationships. While the Florida Senators will remain the same, significant change is coming to Florida’s representation in Congress. Retirements, redistricting and competitive races swept away roughly a third of the 27-member delegation. Going into the night, the Republicans had a 17 to 10 advantage in Florida’s Congressional Districts and as of today, that advantage remains. We have been involved with many of these new members while they were candidates and will be working diligently to further these relationships so that they can continue to understand the credit union difference. We expect that our relationships will remain strong with the members of the House and we will work to continue the momentum that we have gained through national and state advocacy.
- With Republicans remaining in control of the Senate, Sen. Richard Shelby (R-AL) will remain as Chairman of the Committee on Banking, Housing and Urban Affairs. The LSCU has built a great relationship with Sen. Shelby, and we are excited to continue working with him. In Florida, Sen. Marco Rubio (R-FL) was re-elected. The LSCU endorsed both Sen. Shelby and Sen. Rubio in 2016.
CUNA will host a post-election conference call to provide a comprehensive breakdown of how the newly elected president and Congress will reshape the credit union advocacy landscape. The call will be held Nov. 10 at 4 p.m. ET and is open to all credit unions. The meeting will close with a Q & A Session. To register, click here.