January 20, 2026

Dear Credit Union Leaders,

We hope everyone is staying warm this January, it’s cold out there! As Lions fans decide whether to support the L.A. Rams (Matthew Stafford) or the Seattle Seahawks (Kenneth Walker III – Go Green!) in the playoffs, here are the updates you need.

Advocacy

In Lansing, the state legislature has convened for the second session of its biennium. They have begun work slowly, and all eyes continue to watch the courts as litigation continues over a little-used procedure to negate “work project status” ongoing appropriations. Attorney General Dana Nessel issued a formal opinion that the procedure, used by the House to negate over $600 million in funding for projects around the state, was unconstitutional but the trial court disagreed and issued an injunction on departments from releasing the funds in question. The next step, if taken, will be the state Court of Appeals.

There has been no word yet on movement on legislation to expand investment options for public entities to include certain federal entities. The sponsor has indicated his willingness to fix an inequity issue accidentally disfavoring credit unions, and will continue to work with stakeholders on the overarching policy concerns as the new session begins. We are progressing closer on targeted operational MCUA updates for credit unions, and we continue watching carefully for signs of state-level interchange legislation. Legislation is almost ready to modernize the state’s Uniform Commercial Code for updates addressing emerging technologies like digital assets, providing legal clarity for transactions involving virtual currencies and other digital assets, and other modernizations related to wire transfers and electronic signatures. A lead sponsor has been secured, and our team is working with their office and leadership to add sponsors for the voluminous package of necessary trailer bills.   

The biggest news coming out of Washington, D.C. for financial institutions was President Trump’s call for a 10% cap on credit card interest. This prompted immediate pushback from the financial and economic sectors, and even Republican members of Congress. U.S. Sens. Roger Marshall (R-) and Dick Durbin (D-IL), sponsors of the Credit Card Competition Act (CCCA), promptly endorsed the call and reintroduced their 2026 version of the CCCA. Their support was reciprocated, with President Trump endorsing the CCCA and bringing that bill back into a more dangerous state of play in Congress. As of today, no actual proposal on the rate cap has emerged, and the pathway to achieve any such cap remains murky. MCUL is working hand-in-hand with America’s Credit Unions and our fellow leagues to explain the negative impact of any such cap.  We continue to work with our partners and our credit unions here at home to ensure that Michigan’s Congressional Delegation continues to support our position by opposing any movement on the CCCA or inclusion in other legislation by amendment.  America’s Credit Unions, the MCUL, and the various Leagues strongly oppose arbitrary product price caps that will restrict access to affordable credit, and continue to strongly oppose the CCCA.

As we start the year, the following priorities are noteworthy:

Congress’ top priority as we enter the new year will be funding the portions of the federal government where continuing resolutions are set to expire on January 30.  The U.S. Food and Drug Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs, military construction, and Congressional operations are currently funded through September 30, the end of this fiscal year.

The National Defense Authorization Act, passed in bipartisan fashion, was signed into law prior to the holidays. The final version of the $900 billion measure unfortunately did not include League- and America’s Credit Union-supported amendments to provide enhancements to the NCUA’s Central Liquidity Facility, and enhance support for the CDFI Fund. However, as expected, the measure also did not include any harmful provisions related to interchange. 

Please see “Reg Corner” for recent insights on credit union regulatory priorities!

Grassroots and Advocacy Funding

America’s Credit Unions GAC is approaching fast, from March 1-5 in Washington, D.C. As we do every year, we will host a pair of “Know Before You Go” calls on February 25 at 10:00am and February 26 at 3:00pm. Stay tuned for more details about events during the conference! For questions, please contact Todd Jorns (Todd.Jorns@mcul.org). 

The 2026 Lapel Pin Program to benefit MCULAF, our state PAC, is underway and thank you to everyone that has purchased a pin so far! Thank you as well to all of our institutions that are helping us by shifting to a payroll deduction system.  This program is absolutely critical for our state advocacy efforts, but as we noted in the last edition, shipping costs have risen sharply over the past year or two and that trend will likely continue. Please contact Laura (Laura.Osminski@mcul.org) or DaeSean (DaeSean.Ashby@mcul.org) with any questions.  

Thank you as well to all of our credit unions that have filled out renewed federal permission agreements. For those remaining credit unions that are expired and have not yet renewed, we will be in touch and we appreciate your help with this. Signing the permission agreement does not mean a credit union has agreed to participate in or run any fundraising programs – it is simply a compliance step related to MCUL’s ability to communicate about our programs. If you have any questions, please contact Todd or Laura.

Elections

Lt. Gov. Garlin Gilchrist II announced he is dropping out of the race for Governor, and instead will run for the Democratic nomination for Secretary of State. Secretary of State Jocelyn Benson and Genesee County Sheriff Chris Swanson remain in the Democratic Primary race for Governor. Detroit Mayor Mike Duggan still seeks the office as an Independent.  Announced candidates for the Republican nomination include former Attorney General Mike Cox, U.S. Rep. John James, state Senate Minority Leader Aric Nesbitt, former state House Speaker Tom Leonard, Rev. Ralph Rebandt, and Karla Wagner.  

The race for the Republican nod for U.S. Senate next year includes former U.S. Rep. Mike Rogers, former Michigan Republican Party Co-Chair Bernadette Smith, Republican activist Geneieve Scott, and dentist Kent Benham. In the Democrat’s primary race for the U.S. Senate seat, state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, U.S. Rep. Haley Stevens, and clinical researcher and Rachel Howard are seeking to represent their party in November. 

The Special Primary Election in state Senate District 35 covering portions of Bay, Midland, and Saginaw Counties will take place on February 3, and the Special General Election on May 5. Democrats filed include Brandell Adams, Martin Blank, Chedrick Greene, Serenity Hope Salak, William Morrone, and Pamela Pugh. Republicans filed for the seat include Jason Tunney, Chadwick Twillman, Christian Velasquez and Andrew Carlos Wendt.

As always, thank you for all that you do for Michigan’s credit unions! 

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