Commercial banks are leaning right so far this election cycle. According to data from the Center for Responsive Politics (CRP), commercial bank political action committees (PACs) have donated more than $5.7 million to Republican federal candidates compared to under $3.1 million to Democrats during the 2020 election cycle.

Earlier this month, Politico reported bankers were throwing their weight behind Democratic presidential candidate Joe Biden instead of President Trump, with individuals from the six biggest banks donating more than $907,000 to Biden and over $293,000 to Trump. The CRP data, meanwhile, suggest banks still favor federal Republican candidates outside of the presidential race.

In 2016, commercial bank PACs donated $9.6 million in total to federal Republican candidates and just over $3.5 million to Democrats.

Of all the PACs, the American Bankers Association (ABA) donated the most money in 2020, a total of nearly $1.8 million to federal candidates, of which more than $1.2 million went to Republicans and $551,000 to Democrats. The Independent Community Bankers of America, meanwhile, showed more balance, with just over $314,000 going to Democrats and just over $353,000 going to Republicans. PACs from big banks like Citigroup, Truist, Bank of America and Ally Financial all gave more to Republicans than to Democrats.

Credit unions, meanwhile, are leaning more toward Democrats. Credit union PACs donated almost $1.3 million in total to federal Democratic candidates, compared to under $1.1 million to Republicans. The Credit Union National Association donated more than $1.1 million to Democrats and $931,000 to Republicans. 

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The CRP is a nonpartisan nonprofit organization that tracks money in U.S. politics. Its website, OpenSecrets.org, tracks federal campaign contributions and lobbying data. Its 2020 numbers are based on data released by the Federal Election Commission on June 26. 

As for the presidential race, bankers may be balancing Trump’s economic agenda with his polarizing viewpoints. “There’s also the possibility that while bankers prefer Trump on matters affecting their industry, they may prefer Biden on most other things,” Ian Katz, Capital Alpha Partners director, told Politico. “If that’s the case, they could lean toward Biden because they prefer him on most matters, and while he may be less friendly than Trump is to banks, they don’t think he’ll be dangerously unfriendly. So when they take everything into account, they may lean toward Biden.”

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