Biden Dropping Out Doesn't Change Much for CU Industry Leaders

When President Joe Biden announced on Sunday he was exiting the campaign and would not seek a second term, credit union leaders were quick to release statements about the news. The message from leaders was fairly simple: Changes happen, but the focus on credit unions does not.

Soon after Biden’s announcement, America’s Credit Unions President/CEO Jim Nussle and the Defense Credit Union Council (DCUC) President/CEO Anthony Hernandez each released statements to the media.

“America’s Credit Unions is committed to our advocacy efforts on behalf of credit unions and the members they serve,” Nussle said. “As the general election cycle unfolds and changes emerge, our engagement with elected officials and candidates will continue to ensure focus on empowering credit unions to better meet the needs of Main Street America.”

Hernandez stated, “DCUC appreciates President Biden’s lifetime of public service and looks forward to working with his administration through the remaining days of his administration. It is important for credit unions and their members to participate in our elections to ensure the best outcome for our country and our industry.”

During calls with reporters on Monday morning, officials with DCUC and America’s Credit Unions echoed those statements while adding their jobs must function in a way that allows them to work with both Republicans and Democrats at all times.

“We are and have been engaged aggressively with the administration prior to this on issues that are not Republican or not Democrat, but are important to credit unions and our members and, most importantly, and to the members all across this country and will remain so all the way through inauguration; and if we have a new administration, we will continue that as well,” DCUC Chief Advocacy Officer Jason Stverak said.

He added, “Our statement this weekend was obviously to thank the President for his over 50 years of service and to continually encourage credit union members to get involved in the process to make sure their voice is heard no matter where it sits on the political landscape. I’ve been reaching out this morning to contacts both in the administration in the executive branch and on the Democrat side of the aisle up on Capitol Hill to get more information and to be ready there in case there is an opportunity for us to move forward to advance the priorities that will benefit our members as they try to serve millions of their members all across this country.”

America’s Credit Unions SVP of Advocacy Greg Mesak said his organization will be attending the upcoming Democratic National Convention in Chicago next month and the fact that Biden is out of the race doesn’t change their focus.

“The strategy hasn’t changed,” Mesak said. “The strategy, the reason for going, is to make sure the credit union voice is heard through the policy-making process and to build that awareness and brand with legislators and key policy makers. We will continue to do that regardless of who the candidate is.”