President's Update

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November 8, 2022

Death and Rebirth

I have read everything I could about the key election races here in Virginia and across the country in the weeks leading up to today’s midterm elections.  We have a few key races that could see the unseating of incumbents.  In particular, Congresswoman Elaine Luria's (D-02) race, which is one of the tightest in the nation and may not be called by tomorrow.  CUNA has spent significant dollars in that race.  Rep. Luria, while new, has been with us on all our issues and fought for us against the President’s proposed increased IRS reporting requirements.  Her opponent is state Senator Jen Kiggins who represents Virginia’s 7th Senatorial District. We certainly know her and will work with her as well if she defeats Rep. Luria. Congresswomen Abigail Spanberger (D-07) and Jennifer Wexton (D-10) also have tight races with some big names campaigning both for and against them.  I think they will both be re-elected unless there is a huge red wave across the country tonight.  We will just have to wait and see.  You will note that I have not flooded your inbox with guesses on election results- from my perspective, we have to get out and vote for candidates that support our issues, but always be ready to pivot and push various parts of our agenda no matter what.  My to-do list over the next 48 hours:
  1. Monitor races late tonight to see if there is a big enough red wave to call whether the House or Senate flips.
  2. Continue to monitor races in the morning and see what happens over the next few days.
  3. See which credit union issues may be pushed during the lame duck session (the time between the election and the end of the Congressional session)- most likely the Safe Banking Act and the Credit Union Board Modernization.
  4. Send congratulatory letters to winners and thank losers for their continued support of credit unions.
  5. Get ready for the next Congress by retooling our agenda in discussion with our other leagues and national trade partners depending on the new political landscape. 
If you think of an election as a death and rebirth, with each new Congress or state legislative session, we get to reshape and re-think our priorities.  At the League, we do that each year under the direction of our board and recommendations from our members, committees, and staff.  For us, supporting an environment that allows credit unions to focus on their members serves credit unions in Virginia.

At a minimum, the Republicans are projected to take the U.S. House which means even more gridlock in 2023 than we saw in 2022.  For me the bigger questions will be how much energy will be spent on contesting election results and other distractions; with the economy being the biggest question of all.

We at the League try to focus on the issues and jump in the fray when appropriate.  For us, we still have a few events to end out the year including a module of our EMERGE Certification Program, and our Member Call-In/Look Ahead to 2023 on December 14th.  And we will continue our non-stop focus on advocacy.  I hope to talk to you soon and we will see what happens tomorrow! 

Carrie R. Hunt

P.S. How do you Credit Union? I would love to hear from you. Always feel free to shoot me a note or call.
Copyright © 2022 Virginia Credit Union League, All rights reserved.
President's Update. A publication of the Virginia Credit Union League.

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