June 17, 2025
Dear Credit Union Leaders,
It was wonderful to see so many of you at ACE25 in Grand Rapids! As we enter summer, here are the latest updates you need.
Advocacy
The U.S. Senate has released its initial drafts of the budget reconciliation and tax cuts reauthorization bill. As the bill takes this next step, we are encouraged to see that the bill continues to make no reference to credit unions. Along with America’s Credit Unions and our fellow leagues, our Advocacy Team continues to monitor the progress of this bill. Individual Senators continue to express concerns over parts of the initiative, in particular related to a significant increase proposed by the U.S. House in the “State and Local Tax (SALT)” deduction, and we expect to see changes made before it is passed back to that chamber. Our movement will continue to press and make credit union voices heard until the final bill is sent to the President’s desk without implicating the credit union tax status.
The U.S. Senate is also expected to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act this week, legislation to create a federal regulatory framework for stablecoin. U.S. Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) have once again attempted to attach credit interchange reform legislation in the form of an amendment to this bill, but at this juncture, it appears those efforts have been rebuffed. We continue to monitor these efforts, and future efforts in upcoming legislation such as the National Defense Authorization Act (NDAA).
Lansing still remains relatively quiet as budget negotiations escalate between the two chambers. As mentioned in prior editions, he state Senate passed their versions of the FY26 spending plan, including $2 million in additional funding for CDFIs, and a total of $4.5 million in programming related to Michigan Saves. The House continues to move at a slower pace, although they have moved on slimmed down versions of the K-12 Education and Higher Education budgets. The Senate Finance, Insurance and Consumer Protection Committee has heard and acted on legislation related to telephone solicitations, as well as several pieces of legislation that credit unions opposed in the last session, including potentially harmful “consumer protection” reforms and data privacy measures. It is not expected that the House will take any action on these in the near term, but our team will remain in communication with key policymakers on the various proposals.
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
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.
Thank you to everyone that has already registered for the 2025 ASFM Golf Outing on July 9! We still have room for golfers, and for sponsorships for this important event. 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. You can register yourself or your foursome here, and you can use this link: ASFM Contribution Form - Michigan Credit Union League to make a sponsorship contribution by credit card. If you need further information about sponsorships, or ACH information, please contact Kieran (Kieran.Marion@mcul.org).
Elections
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 are building 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. 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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