Brown raked in more than $500,000 from the financial sector in June. Wall Street filling Brown's coffers

Wall Street never wanted to see Elizabeth Warren sworn into the Senate, and now it's flooding her opponent’s campaign coffers in the final stretch of one of the closest races in the country.

Scott Brown raked in more than $500,000 from employees and PACs in the financial sector in June, the most recent month of data available, a report compiled by the Center for Responsive Politics for POLITICO found. That’s more than he’s gotten from the industry in any month since the start of last year.


Brown has already received more than $3.3 million from the finance, insurance and real estate industries this cycle, according to CRP, more than any other member of Congress or congressional candidate.

The cash is more a testament to the industry’s anxiety about Warren than a preference for Brown. Warren — a Harvard Law professor and the Democratic architect of the Consumer Financial Protection Bureau — built her reputation as an anti-Wall Street crusader.

As Warren’s performance in the polls improved, pulling ahead by a few points in the last few weeks, the industry's support for Brown has intensified.

"Some people held their money back because they wanted to see what would happen," said Scott Talbott, the top lobbyist at the Financial Services Roundtable. Now, "you'll see an increase because the race is so tight. At that point, the contributions make a difference."

Brown is getting even more help from a pro-banking super PAC set up to send cash to the industry’s friends in Congress and to help defeat its foes.

"Business support has always pretty much been there," for Brown, but there has been a "wakeup call" lately as "more people are becoming aware that Elizabeth Warren could become a senator,” said a GOP financial services lobbyist.

Brown's campaign defended his Wall Street support, noting that Warren also received cash from the financial services sector.

“Scott Brown was the tie-breaking vote on the Wall Street reform bill," said campaign spokeswoman Alleigh Marre. "He’s an independent thinker who does what he thinks is in the best interest of the people he represents. Both Scott Brown and Elizabeth Warren accept financial industry donations, and in that respect their fundraising is the same.”

Warren had received about $560,000 from the industry, according to the most recent fundraising data compiled by the Center for Responsive Politics, but the group noted that detailed industry figures aren't available for Warren's campaign after March of this year.

In addition to possibly determining which party controls the Senate in 2013, the Massachusetts race could have specific policy and symbolic implications for the financial services sector. Warren is widely expected to seek a seat on the powerful Banking, Housing and Urban Affairs Committee if she wins the Senate seat, a platform she could use to push for stricter Wall Street regulations.

Industry sources said the sector is fretting not only about what Warren might do legislatively from a perch on the banking committee but also about potential efforts to block legislation they support. And their concerns about Warren have gotten stronger as she's gained steam in the polls and kept up her fiery rhetoric on the campaign trail.

"She seems so invested in creating a narrative about how terrible corporate America is; how bad banks are ... just listen to her at her convention speech,” said the industry lobbyist.

During her prime time speech at the Democratic National Convention in Charlotte, N.C., earlier this month, Warren had plenty of harsh words for the industry.

“Wall Street CEOs — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors, and acting like we should thank them,” she said.

She also lauded President Barack Obama for his efforts to “clean up Wall Street” and her own efforts to set up the new Consumer Financial Protection Bureau.

“The big banks sure didn't like it, and they marshaled one of the biggest lobbying forces on earth to destroy the agency before it ever saw the light of day,” she said.

Her rhetoric and her affinity for clamping down on banks aren’t sitting well with many in the financial services sector.

"She's made her sentiment very clear that it appears that she's never seen a regulation she didn't like and there is absolutely no concern for the cost or the toll on jobs,” said Dennis Koons, president and CEO of the Michigan Bankers Association and an adviser to the Friends of Traditional Banking super PAC.

Earlier this month, the super PAC announced it was endorsing GOP candidates in two races: Brown in Massachusetts and Sen. Dean Heller in Nevada. The group is encouraging those with allegiances to the banking industry to funnel their cash into those two races.

"Scott Brown has evidenced a desire to be a reasonable voice to bridge issues for their own merit,” Koons said. "That is the impression that we get, that he is a person who … will work the issue, address the issue and try to do what's right for the American people."

Of course, not everyone in the industry was thrilled about jumping on board to back Brown.

The Massachusetts Republican has cast several key votes since joining the Senate in 2010 that still have some industry insiders fuming.

He voted for the sweeping Dodd-Frank regulatory reform bill, and last year irked many in the industry when he cast a critical vote against postponing a rule to cap “swipe fees,” or the amount banks can charge retailers when debit cards are used.

But Wall Street has shown it’s ready to support him anyway if it means helping Republicans clinch the Senate majority and keep Warren away from Capitol Hill.

Matt Packard, CEO of Central Bank in Provo, Utah, and chairman of the Friends of Traditional Banking super PAC, said Brown represents the right candidate to “get this country and our economy back on the right track.”

“Even though Senator Brown has not supported our views on every issue, we have found him to be reasonable and willing to listen to all sides of an issue,” he said.

This article first appeared on POLITICO Pro at 5:21 a.m. on October 1, 2012.