Republicans maintained control of Capitol Hill on Tuesday, with several credit union supporters winning, but comprehensive legislation to overhaul the financial regulatory process still is likely to face significant problems.
“Even with control of both chambers and the White House, Republicans will have a difficult time getting reluctant Senate Democrats to go along with a total repeal, but the realm of the possible on regulatory burden [and] Dodd-Frank just got a lot bigger,” said John McKechnie, senior partner with Total Spectrum and former CUNA director of political affairs.
Republicans maintained control of the Senate, but will not have the 60 votes needed to enact much legislation and many nominations. Those 60 votes are needed because opponents of legislation and nominations routinely threaten filibusters. That requires a 60-vote majority to pass legislation.
In Alabama, Senate Banking Chairman Richard Shelby, first elected in 1986, won another term. However, Shelby has reached the maximum number of terms he can serve as chair.
The new chair is likely to be Sen. Mike Crapo (R-Id.), who coasted to victory Tuesday night.
“With Senator Crapo moving into the Chairman’s role on the Senate Banking Committee, there may be a more measured approach to legislation,” said former NCUA Chairman Geoff Bacino. “His style is less confrontational than outgoing Chairman Richard Shelby.”
CUNA’s political action committee CULAC independently spent $500,000 on the re-election effort of Sen. Roy Blunt (R-Mo), who appears to have won another term in the Senate, although the vote count is not completed.
In two other Senate races closely watched by credit union officials, Sens. Pat Toomey (R-Pa.) and Rob Portman (R-Ohio) also were re-elected.
Republicans also maintained control of the House, but a few credit union-supported candidates were defeated.
CULAC spent almost $500,000 on the re-election effort of David Valadao (R-Calif.), who Tuesday defeated Democrat Emilio Huerta, a former credit union board member.
On Tuesday, several other House incumbent that credit union officials said were important to their cause also won. In California, Democratic Rep. Ami Bera, a former credit union board member was reelected.
In Maine, Republican Rep. Bruce Poliquin, a cosponsor of House Banking Chairman Jeb Hensarling’s (R-Texas) Dodd-Frank overhaul also was reelected.
In Nebraska, Democratic Rep. Brad Ashford, was defeated for his re-election bid in a district that both parties identified as a high priority. CULAC spent almost $350,000 in advertising for Ashford, who was defeated by Don Bacon, a retired United States Air Force Brigadier General.
Republican Rep. Frank Guinta (R-N.H.) was defeated by former Rep. Carol Shea-Porter, a Democrat. Guinta has sponsored legislation that would extend the exam cycle for certain credit unions. Guinta was hampered by his admission that he received campaign contributions from his parents that exceeded contribution limits.
CULAC independently spent more than $299,000 on independent advertising on behalf of Democrat Kim Myers, who was running for the seat of retiring Republican Rep. Richard Hanna. Myers was defeated by Republican Claudia Tenney.
Finally, veteran Rep. John Mica (R-Fla.) the brother of former CUNA President/CEO Dan Mica, was defeated for re-election by Democrat Stephanie Murphy.
