Why get involved?

  • Banking, one of the most regulated industries, is directly impacted by governmental activities:
    • It is essential to support candidates who understand bankers’ concerns.
    • These candidates appreciate your needs when it comes to opposing or supporting industry-related bills.
  • ABA’s Government Relations team keeps you informed on public policy issues that affect your profession.
  • The choice to support BankPAC is yours alone; it’s completely voluntary and every individual employee has the right to refuse to contribute without reprisal.

How can I give?

  • A one-time contribution or a pledged amount
  • Accepted payment forms:
    • Cash
    • Check
    • Payroll Deduction

Federal

Q.What is the authorization/prior approval form and why is it required by the FEC?

A. The FEC requires the federal PAC of a trade association with corporate members to receive permission from member organizations before their employees are asked for PAC contributions. A senior executive at the bank (who is a main contact between the company and the trade association) must sign the prior approval form on behalf of the company. A corporation may only sign one prior approval form per year, which prevents employees from being inundated with PAC contribution requests. Here is a copy of ABA BankPAC’s authorization form.


Q. Who may be solicited for BankPAC contributions?

A. Once a bank has signed an authorization form, the bank CEO or the state association’s federal PAC may solicit contributions to the PAC from exempt employees (salaried), the bank’s Board of Directors, and the spouses of both groups.  Except under very particular circumstances, federal PACs are not allowed to raise money from hourly-wage employees.


Q. How much can individuals contribute to BankPAC?

A. The annual limit is $5,000.  


Q. Can a bank make a corporate contribution to ABA BankPAC?

A. No. They can, however, participate in ABA BankPAC events as a sponsor.


Q. Can a bank holding company make a corporate contribution to ABA’s State BankPAC?

A. Yes.


Q. Can a company or employer reimburse someone for a federal PAC contribution?

A. No. The reimbursement of a federal PAC contribution is illegal and is a violation of FEC rules and regulations.


Q. Are political contributions tax deductible?

A. No. Contributions to a federal PAC are not tax deductible for federal income tax purposes.


Q. How much can BankPAC contribute to a federal candidate?

A. BankPAC may contribute $5,000 per election per cycle to a federal candidate.  For example, if Candidate A is running for Congress, BankPAC may contribute up to $5,000 to the Primary and $5,000 to the General election.  If there is a run-off, BankPAC may contribute up to an additional $5,000.


ABA BankPAC Dos:

  • Use payroll deduction for contributions.
  • Complete the contribution form to make your personal investment in the future of the Arkansas banking industry.
  • Set a fundraising goal for your bank, either a dollar amount or a participation percentage.
  • Recognize your employees, bank directors, and stockholders who contribute to ABA BankPAC.
  • Call 501-978-3606 or email ava.roberts@arkbankers.org if you have any questions.



ABA BankPAC Don'ts:

  • Send a bank check to make a contribution to federal candidates.
  • Use your bank postage to send your personal contribution.
  • Reimburse employees who contribute to ABA BankPAC.
  • Coerce.


State

Q. Can Corporations contribute to the ABA State PAC?

A. Yes. Note: Corporations may not contribute directly to state elections nor may corporations contribute to ABA's Federal PAC.


Q. Are there limits to the amount contributed?

A. Contributions are limited to $5,000 per calendar year

The views reflected above are not intended to substitute for individual legal or consulting advice nor serve as an indicator of agency action. As each institution is unique and the risks presented vary, we encourage you to consult with your legal advisors and others in order to make an informed determination as to your course of action concerning the issues raised. No member will be favored, disadvantaged, or retaliated against based on his or her decision whether to contribute to ABA BankPAC. For more information, contact ABA’s Government Relations Division.