July 1, 2025
Dear Credit Union Leaders,
Happy Fourth of July!! As we enter the heart of summer, here are the updates you need!
Advocacy
The U.S. Senate has passed its version of the reconciliation bill, with a razor thin 50-50 vote and Vice President Vance breaking the tie. One more huge step closer, and the credit union tax exemption still remains untouched. The bill now returns to the U.S. House, where it may face a heavy lift on final passage, especially before Republicans’ self-imposed deadline of July 4. More moderate members are still expressing concerns over changes to Medicaid among other additions in the Senate, and conservatives are still insisting the bill doesn’t go far enough in spending cuts. Any further changes would have to go back to the U.S. Senate or ultimately be hashed out in conference. Recently, the U.S. Senate is also considered and passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to create a federal regulatory framework for stablecoin. U.S. Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) attempted to attach credit interchange reform legislation in the form of an amendment to this bill but failed to muster any significant support to do so. We continue to monitor these efforts, and future efforts in upcoming legislation such as the National Defense Authorization Act (NDAA).
In Lansing, the next round of budget negotiations is peaking again as the state Senate and House attempt to resolve differences over the K-12 School Aid budget before July 4. As mentioned in prior editions, the state Senate already passed their versions of the entire FY26 spending plan (including $2 million in additional funding for CDFIs, and a total of $4.5 million in programming related to Michigan Saves), and the House followed suit with an extremely slimmed down version of the K-12 school funding plan. Along with road funding, these measures will occupy the focus of the legislature as they hope to finish and move into summer recess. Related to recent enactments on paid sick leave and tipped wages, opponents of this year’s legislative fix have filed with the state Bureau of Elections to collect signatures on a possible ballot referendum on the tipped wage portion – our Advocacy Team will continue to monitor these efforts over the coming months.
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
Thank you to everyone that has already registered for the 2025 ASFM Golf Outing on July 9 – we look forward to seeing everyone next week! For those attending, a reminder to give yourself plenty of travel time – Lansing is surrounded on three sides by construction and routing changes frequently. As a reminder, Proceeds benefit the Michele Myrick Scholarship Fund within ASFM, which in turn assists credit union employees and volunteers in attending key events like America’s Credit Unions GAC and our MCUL Hike the Hill. If your credit union still needs to remit payment for a sponsorship, you can do so at: ASFM Contribution Form - Michigan Credit Union League. If you need further information about sponsorships, or ACH information, please contact Kieran (Kieran.Marion@mcul.org).
Elections
Several potential Democrat candidates from outside the 7th Congressional District have indicated intent or interest to challenge U.S. Rep. Tom Barrett in next year’s contest, which once again promises to be one of the closest and most expensive races in the country. There have been no recent additions into the U.S. Senate race beyond former state House Speaker Joe Tate, state Sen. Mallory McMorrow, Dr. Abdul El-Sayed, and U.S. Rep. Haley Stevens in the chase for the Democrat nomination next year. Former U.S. Rep. Mike Rogers remains the only formally announced candidate for the Republican nod, although rumors continue to swirl about other names. 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, and just this week, former state House Speaker Tom Leonard added his name to the field. Democrat and Oakland County Prosecutor Karen McDonald has announced she will seek her party’s nomination for state Attorney General. We will continue to update you as additional candidates for these seats and other key races formally announce or drop out of contention.
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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