15 Races for Credit Unions to Watch

If the presidential battle is considered to be the main event this year, the undercard could go a long way in determining future financial services policy in our nation’s capital.

Most election analysts have considered it highly likely that Democrats will maintain control of the House of Representatives. But those same analysts said that majority control of the Senate is up for grabs, with close races in many states.

As in past years, CUNA and NAFCU have been active in congressional races – giving to both Democrats and Republicans. CUNA has said it expects to spend $7 million on the congressional elections this year; NAFCU operates a much smaller Political Action Committee.

CUNA also has made digital ads and sent out direct mail on behalf of four House members and four senators.

Both trade associations’ political giving are decidedly bipartisan. The Center for Responsive Politics reported that as of the beginning of October, CUNA has spent 55% of its money on Democrats and 45% on Republicans. And NAFCU has given 53% of its money to Democrats and 47% to Republicans.

Credit union PACs are much more bipartisan than ­banking committees. The Center for Responsive Politics reported that the PAC run by the American Bankers Association has contributed 31% of its money to Democrats and 69% to Republicans.

As Election Day creeps closer, here are some of the hottest races to watch, which could have a tremendous impact on credit union policy in the next Congress.

Senate Races to Watch

Sen. Martha McSally (R-Ariz.): McSally, a member of the Senate Banking Committee, is running for reelection against retired astronaut Mark Kelly, a Democrat, in a high-profile contest. The most recent polls showed Kelly with a sizeable lead for the seat once held by Sen. John McCain (R-Ariz.).

McSally was appointed to complete McCain’s Senate term shortly after she was defeated by Democrat Krysten Sinema for Arizona’s other Senate seat.

Sen. Cory Gardner (R-Colo.): Gardner is running for reelection against former Democratic Gov. John Hickenlooper. Gardner may be best known in the credit union community for being the main Senate sponsor of legislation that would provide a safe harbor for financial institutions that provide financial services to marijuana-related companies in states where cannabis is legal.

Some political analysts have said Gardner’s political fortunes would improve if Senate Majority Leader Mitch McConnell (R-Ky.) allowed that legislation to come to the Senate floor. The legislation has passed the House, but it remains bottled up in the Senate.

Sen. Joni Ernst (R-Iowa): The vice chairwoman of the Senate Republican Conference, Ernst is running against Democrat Theresa Greenfield. Ernst has tied her fortune closely to President Trump.1

Ernst is a member of the Senate Judiciary Committee and her participation in the confirmation hearings for Amy Coney Barrett likely will raise the senator’s visibility just weeks before Election Day.

Sen. Susan Collins (R-Maine): Collins is one of four senators for whom CUNA has made ads independent of the candidate’s campaign. Collins is running against Democrat Sara Gideon, speaker of the Maine House.

Polls have shown Gideon with a lead and Collins is considered one of the Senate’s most endangered Republicans.

Sen. Gary Peters (D-Mich.): Trump carried Michigan in 2016 and Peters is running for a second term against Republican John James. CUNA has created digital video ads and direct mail on behalf of the senator. One video ad applauded Peters for having taken COVID-19 seriously very early and having supported efforts to protect people from it. NAFCU has contributed directly to Peters’ campaign as well.

Sen. Tina Smith (D-Minn.): Smith was appointed to the Senate in 2018 to complete the term of Sen. Al Franken (D-Minn.), who resigned. Smith is a member of the Senate Banking Committee. Her opponent is Republican Jason Lewis.

CUNA identified this race as a high-profile contest, has made digital ads and is sending out direct mail on behalf of the Democrat’s campaign. NAFCU also has supported Smith.

Sen. Steve Daines (R-Mt.): Daines is running in one of the marquee events this year since he is locked in a close contest with the state’s Governor, Steve Bullock. Daines has been a staunch conservative and outspoken in his support of Trump’s reelection effort.

CUNA has paid for direct mail and digital ads touting the senator’s campaign. One of the digital ads noted Daines’ support of the Paycheck Protection Program.

Sen. Thom Tillis (R-N.C.): Tillis’ campaign may have been dealt a setback when he was diagnosed with COVID-19 around the same time President Trump was diagnosed with the coronavirus.

Tillis is a member of the Senate Banking Committee and is running for another term against Democrat Cal Cunningham.

Sen. Lindsey Graham (R-S.C.): Graham’s race against Democrat Jaime Harrison has emerged as one of the closely watched Senate races in the nation – a surprising development in deeply red South Carolina.

As chairman of the Senate Judiciary Committee, Graham will be at the center of the panel’s confirmation hearings for Coney Barrett in the closing weeks before Election Day.

House Races to Watch

Rep. Rodney Davis (R-Ill.): The campaign arms of House Republicans and House Democrats are targeting this race since Davis defeated Democrat Betsy Londrigan by a 0.8% margin in 2018. She is Davis’ opponent again this year. CUNA has been spending independently on Davis’ behalf.

Rep. Ann Wagner (R-Mo.): A member of the House Financial Services Committee, Wagner is running for reelection against Democrat Jill Schupp.

The Democratic Congressional Campaign Committee targeted this race – adding it to its “Red to Blue” effort to flip congressional districts. Noted campaign analyst Charlie Cook rated this race as a “toss-up.”

Rep. Don Bacon (R-Neb.): Bacon is running against Democrat Kara Eastman, who was his opponent in 2018. In that race, Bacon received 51% of the vote, while Eastman received 49%.

CUNA is sending out direct mail and running digital video ads on behalf of Bacon. NAFCU also is supporting Bacon’s reelection.

Rep. Andy Kim (D-N.J.): CUNA is sending out direct mail and using digital video ads in support of Kim’s reelection. Kim defeated two-term incumbent Rep. Tom MacArthur in 2018. His opponent this year is Republican David Richter.

Rep. Xochitl Torres Small (D-N.M.): Torres Small was elected in 2018, when Republican incumbent Steve Pearce decided to run for governor. Her opponent is Yvette Herrell, who also ran against her in 2018. CUNA is sending direct mail and producing digital ads on her behalf.

Rep. Ben McAdams (D-Utah): McAdams is a member of the House Financial Services Committee, having defeated Republican Rep. Mia Love in 2018.

His Republican opponent is former National Football League player Burgess Owens, an outspoken supporter of President Trump.