April 30, 2024
Dear Credit Union Leaders,
MCUL GAC is here! As we enter May, here are the updates you need.
Announcements
We still need help raising funds for this year’s Silent and Live Auction, and we still 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, the two newest members of the state House of Representatives should be sworn in this week, as the final canvass of the two special elections has occurred. The focus will continue on completion of the FY 2025 state budget, with the full House Appropriations Committee convening this Wednesday for a marathon session to push remaining budget bills out. Our team was pleased to see funding for the Michigan Saves loan loss reserve included in early versions out of both chambers, with $5 million in the House proposed as one-time funding and $4 million proposed by the Senate alternatively as ongoing funding. Our team is also monitoring efforts to include additional funding for the state CDFI Fund. We continue to closely monitor legislation purporting to reform Michigan’s garnishment and collections system, as our top defensive issue for this spring. In addition, fairly simple legislation to introduce a “public defender-style” counsel initiative for eviction defendants appears to be morphing into broader legislation that includes mortgage and tax foreclosure, with the ability to set aside judgment if defendants are not represented. A first hearing was held on the bill with its proposed substitute, and we will be watching carefully for any reappearance. Similarly, a first hearing was held in the House on Senate-originated legislation to cap the APR on payday loans at 36%.
As mentioned in the last edition, 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. 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), and the industry is focused now on upcoming comments due to the Federal Reserve on their Reg II debit interchange proposal.
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 here! We are pleased to welcome nearly 200 credit union advocates and system partners in Lansing this week. 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. Registration for the GAC event is now closed.
Elections
The filing deadline for state and federal candidates has now passed, as has the withdrawal deadline for candidates that have reconsidered their runs. At the state level, a small number of State Representatives have opted not to run again this cycle – either moving on to different opportunities, or having done the math to allow themselves to fit into the upcoming state Senate cycle in 2026. Most surprising, House Majority Floor Leader and state Rep. Abe Aiyash opted to forego running this year, presumably for the latter reason. At the federal level, there were no surprises with the U.S. Senate race; however, former U.S. Rep. Peter Meijer did withdraw his name from the Republican field after filing. For the open 7th District U.S. House seat, as expected this will be a November contest between former state Sens. Curtis Hertel Jr. and Tom Barrett. In the 8th District U.S. House seat, Flint Mayor Sheldon Neeley withdrew his candidacy after filing, leaving a field of three Democrats and four Republicans. Both the 7th and 8th will be hotly contested battles and closely watched seats in the calculus for control of the U.S. House.
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.
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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