April 16, 2024
Dear Credit Union Leaders,
Apologies baseball fans, we may have jinxed the Tigers last time. As look to the end of April, here are the updates you need.
Announcements
We need help raising funds for this year’s Silent and Live Auction, and we need participants and donors for the CMN Fun Run at the AC&E! The funds we raise through these important events stay here in Michigan, supporting our four CMN hospitals. As a reminder, even if you’re not going to the AC&E, you can bid on Silent Auction items as well as register for, donate, and participate in the Fun Run virtually! If you or your credit union is interested in donating or participating, please contact Kieran for details. You can also find information on our site at HOME - 2024 Annual Convention & Exposition.
Advocacy
In Lansing, things are still moving slowly after the spring recess, with House having yet to hold any votes. The special elections to fill two vacancies will be occurring shortly, however, and we expect action to pick up quickly once the two new members have been sworn in. We expect much of the focus to be on the FY 2025 state budget but we continue to closely monitor legislation purporting to reform Michigan’s garnishment and collections system, as well as state-law bankruptcy exemption thresholds. As introduced, these bills are very concerning, and our team is working hard to secure needed changes. If the bills cannot be fixed, then we will be calling on credit unions to engage with their lawmakers this Spring.
In Washington, D.C., U.S. Sen. Tim Scott (R-SC), Ranking Member of the Senate Banking Committee, and U.S. Rep. Andy Barr (R-KY), Chairman of the HFSC Subcommittee on Financial Institutions and Monetary Policy, introduced resolutions of disapproval of the CFPB’s recent credit card late fee final rule. These resolutions S.J. Res. 70 and H.J. Res. 122, which receive expedited consideration pursuant to the Congressional Review Act, would repeal the final rule and prevent the CFPB from engaging in a substantively similar rulemaking. America’s Credit Unions also wrote jointly with other trade associations to the U.S. Senate Banking Committee and U.S. House Financial Services Committee to share concerns about the CFPB’s proposed data collection on auto lending. Our MCUL team along with America’s Credit Unions and our fellow leagues continue to watch vigilantly for efforts by proponents of credit card interchange reforms to attach their language to must-pass legislation (or any other legislation that appears to be moving).
For a full update on state and federal regulatory action, please see the “Reg Corner” update in this edition of MI League Minute.
Grassroots and Advocacy Funding
The 2024 MCUL State GAC is approaching rapidly on May 1. The event will take place at Heritage Hall in our State Capitol. Our team has built out a great lineup of speakers, panels, and discussions for the day. The night before, on April 30, we will be holding our 4th Annual “PAC the Pub!” event in support of our state political advocacy funding efforts as well. For more information on either event, please contact DaeSean, and registration information can be found at MCUL GAC - Michigan Credit Union League.
ng our 4th Annual “PAC the Pub!” event in support of our state political advocacy funding efforts as well. For more information on either event, please contact DaeSean (DaeSean.Ashby@mcul.org), and registration information can be found at MCUL GAC - Michigan Credit Union League.
Elections
The filing deadline is rapidly approaching at the end of April for all candidates for the state House and U.S. House, as well as the open U.S. Senate seat. Once the field of candidates has been set, we will be making candidate surveys available to the candidates to help us evaluate their philosophy and position on credit union values and issues. A fuller analysis of filings in “key races to watch” will be provided in our next installment! As per our normal practice during election cycles, a full list of endorsed state and federal candidates will continue to be included at the bottom of this update and will be updated onto our website once our new site is unveiled early next year.
As always, thank you for all that you do for Michigan’s credit unions!
Sincerely,
Patty Corkery and the MCUL Advocacy Team
2024 Election Endorsements:
U.S. Senate
U.S. Rep. Elissa Slotkin
MCULAF is a state-registered political action committee that makes campaign contributions to candidates for elective office in Michigan. Contributions to MCULAF are not tax deductible. Contributions to MCULAF are completely voluntary and will be used for political purposes. You have the right to refuse without any reprisal. Must be 18 years or age or older to participate. Must be a qualified employee (professional, supervisory, managerial and administrative non-clerical position) of the MCUL & Affiliates or a member or qualified employee of an affiliated Michigan credit union.
Contributions to MCULLAF are not considered charitable contributions or business expenses for income tax purposes. Contributions to MCULLAF are completely voluntary and will be used for political purposes. There shall be no reprisal for those who decide not to contribute. Must be a qualified member of a participating MCUL-affiliated credit union, U.S. citizen and 18-years of age or older to participate.
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