April 29, 2025
Dear Credit Union Leaders,
It’s starting to feel like summer might just be around the corner! And let’s go Tigers! As we enter May, here are the updates you need.
Advocacy
In Lansing, the pace at the state legislature continues to move slowly. Work has begun on the FY2025-26 State Budget. As mentioned in the last edition, the process may become more drawn out this year. Our priorities remain advocating for continued funding for CDFIs along with creation of a more permanently structured state fund, as well as renewed funding for the Michigan Saves loan loss reserve. Our team did receive a tip that state-level interchange legislation may indeed be on the horizon in Michigan, but at the moment, nothing yet appears imminent. MCUL Advocacy will be watching vigilantly for any such efforts.
In Washington D.C., our entire industry’s focus continues to be squarely on the “Don’t Tax My Credit Union” campaign. As mentioned in prior editions, we know that our status will be under at least technical consideration as a “pay for” for any tax cuts, and the banks continue to push taxation of “large” credit unions – those with $1 billion or more in assets. As mentioned previously, the U.S. House Ways and Means Committee has begun the drafting process, and has taken it largely behind closed doors. As this process continues, our primary mission as this unfolds remains ensuring from the beginning that any bill that is drafted does not include credit unions of any size. A sign-on letter was sent to the Ways and Means Committee last week from many of their peers in Congress urging them to leave credit unions untouched in this process – the list of 20 Republicans and 16 Democrats included our own U.S. Reps. John Moolenaar, Jack Bergman and Rashida Tlaib. President Trump had called for delivery of the tax cut reauthorization bill to his desk by early May, but it appears leadership in Congress is extending that expectation out to July 4.
If you have not yet, we strongly encourage you to make use of ACU’s Grassroots Action Center to send an email communication to our delegation voicing support for protecting credit unions’ tax status. You can access a template email at:
Grassroots Action Center | America's Credit Unions – Click on “Tell Congress: Don’t Tax My Credit Union – It’s A Tax On Me.”
There are a pair of possible templates that can be used, and you can add to it to create your own unique note. Please share this link with your employees and volunteers and encourage them to communicate as well. For those credit unions that are willing, the link can also be shared with members; and our team would be happy to assist with any pointers on making that communication. THE TIME TO ACT IS NOW!!
Legislation to roll back the CFPB’s rule capping overdraft fees for institutions $10 billion or larger in assets has been passed by both chambers of Congress. Congress also passed a measure to undo the agency’s rule related to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications.” For a full update on state and federal regulatory action, please see the RegCorner update in this edition of MI League Minute.
Grassroots and Advocacy Funding
Registration is still open for MCUL’s State GAC! Please act now if you plan to attend. Our preferred hotel rate at the DoubleTree has been extended to May 2! You can access registration and hotel information at MCUL GAC - Michigan Credit Union League. Stay tuned for information on the event on our website, and please direct any questions to DaeSean (DaeSean.Ashby@mcul.org) or Kieran (Kieran.Marion@mcul.org).
As mentioned in our prior editions, with regard to federal PAC permission agreements, please continue to keep an eye out for communications about renewal if you are still currently expired for 2025. We still need agreements from a handful of credit unions! Thank you to everyone that has already completed theirs and sent it in! Completing and submitting these forms is not an agreement to participate in any particular programs, and we will not solicit your members or employees without the permission of your credit union. This is purely a compliance requirement on our end. Please feel free to contact Todd (Todd.Jorns@mcul.org) or any member of our team with any questions.
Elections
There is still no news on any special election in the state Senate to replace former state Sen. Kristen MacDonald-Rivet, who won election to Michigan’s 8th Congressional District seat last November.
State Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens have now all announced they will seek the Democrat nomination for U.S. Senator next year. Former U.S. Rep. Mike Rogers, who lost last November to U.S. Sen. Elissa Slotkin, will run for the Republican nomination, and other potential names are swirling. As mentioned previously, Lt. Gov. Garlin Gilchrist II, Secretary of State Jocelyn Benson, and Genesee County Sheriff Chris Swanson have all announced they will seek the Democrat nomination for Governor next year, along with Detroit Mayor Mike Duggan seeking the office as an Independent. Former Attorney General Mike Cox, U.S. Rep. John James, and state Senate Minority Leader Aric Nesbitt have announced they will seek the Republican nomination. As additional candidates for these seats formally announce (or depart a given race before the filing deadline), we will continue to include them going forward.
As always, thank you for all that you do for Michigan’s credit unions!
Sincerely,
Patty Corkery and the MCUL Advocacy Team
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