Presidential candidates Trump and Harris are unlikely to engage in any dialogue that directly address credit union issues.
Nonetheless, one’s voting preference from a purely credit union perspective may be influenced by reference to more generic policy positions such as regulatory burdens, affordable housing plans or even commitments to community development.
At this point I know of only one datapoint from either candidate that may be relevant.
In his new book, Community Capital Race, Equity, and the Credit Union Movement author Clifford Rosenthal tells of the decades of efforts to secure political support and government funding for community development institutions. In 1980 he joined the National Federation of Community Development Credit unions. It is the cause to which he has dedicated the rest of his professional life.
He would later spend two years at the CFPB trying to supporting these instituions. His successor in 2012 was Cathie Mahon who in 2019 would rename the organization as Inclusiv and expand to an even more ambitious role funding community development efforts.
In the final chapter of his book, Rosenthal brings the government’s funding up to the recent covid driven programs in the Biden administration. On page 249 he describes inaugural grants totaling $1.73 billion from the US Treasury’s CDFI Fund for the Equitable Recovery Program (ERP).
Vice President Harris in the April 23, 2023 Treasury press announcement is quoted as follows:
“When we invest in community lenders, we help build a future where all people—no matter who they are or where they start—have the resources they need not only to succeed but to thrive.
“These grants—representing the largest CDFI grant program in history – will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.”
The press release lists the number of grants and total dollars by CDFI sector. The 203 credit unions recipients were awarded a total $590.3 million, or 34% of all funding.
This is the only specific reference I can find at this point from either side. Obviously much bigger issues are at stake in this campaign about America’s future. However, I would welcome any further examples readers may discover about candidates’ awareness of credit union topics.
As for Cliff Rosenthal, to honor his pioneering role in supporting community development as a policy priority, on October 3 he will be inducted into the Cooperative Hall of Fame in Washington D.C.